Dubai will introduce a charge of 25 fils for single-use plastic bags from July 1.
The emirate's Executive Council said the charge would be applied in retail, clothing, restaurants and pharmacies, as well as on delivery orders and e-commerce orders.
The charge will be evaluated in stages before single-use plastic bags are banned completely in two years' time.
A tariff on such bags has been applied in more than 30 countries, and a partial or complete ban has been imposed in more than 90.
We intend to roll out a new marketing campaign to increase customer awareness
V Nandakumar,
Lulu Group
Awareness campaigns will be carried out in the coming weeks across all sectors, including in schools and universities. Shops will be encouraged to provide sustainable alternatives, such as reusable bags.
Natalie Hore, founder of Azraq, a marine conservation organisation in the UAE, was pleased to see Dubai taking steps to reduce plastic waste.
“Taxing single-use plastic is one option among many to reduce its circulation, and illustrates a commitment to the local environment,” she said.
“Removing single-use plastic items like bags from circulation will hopefully result in other single-use plastic items, like straws and packaging, being reconsidered also.
“[This move] complements the efforts of what some green-focused businesses and not-for-profits like Azraq have been doing through campaigns like #totesbetterthanplastic.”
V Nandakumar, communications director at Lulu Group, said the company was supportive of “moving away from single-use plastic bags” throughout its stores and online shopping.
“We have been very aggressively promoting reusable shopping bags for the last two years, with an aim of achieving our goal of zero single-use plastic bags by 2023,” he said.
“We also intend to roll out a new marketing campaign to increase customer awareness in this regard.”
Christian Jesty, who looks after environment and sustainability initiatives at Jumeirah's Saadiyat Island Resort in Abu Dhabi, welcomed the move.
"Everyone needs to play their part in reducing the scourge of plastic waste that blights our environment and oceans," he said.
"Evidence from implementing such tariffs indicates that charging for plastic bags, via tax or fee, is most effective at curbing usage and encourages people to switch to reusables, which ultimately keeps the environment and sea life from harm.
"We laud Dubai for their efforts and look forward to the ban being implemented in Abu Dhabi by the end of this year."
Retail giant Majid Al Futtaim Carrefour announced last year that it would stop providing single-use plastic bags at the checkout counters of two of its Dubai branches — Carrefour Hypermarket at Cityland Mall and Carrefour Market at Arabian Ranches 1.
A study last year found that hundreds of camels across the UAE have died because of plastic consumption over the past decade.
Of 30,000 camels analysed since 2008, in the field or in a laboratory by staff from Dubai’s Central Veterinary Research Laboratory, about 300 died because of polybezoars — lumps of indigestible material made of plastic.
It means about one in 100 camel deaths in the UAE is due to the consumption of plastic waste left behind by people camping or littering.
Worldwide, almost 300 million tonnes of plastic pollution are produced each year, the equivalent weight of the human race, according to figures released by the UN Environment Programme.
Only nine per cent of all plastic ever produced has been recycled, with the rest ending up in landfills, dumps or the natural environment.
The UN says that if current trends continue, the ocean could contain more weight of plastic than fish by the year 2050.
Alternatives to plastic bags — from canvas totes to keychain bags
Reusable plastic bags are thicker and more durable than single-use ones.
They are non-biodegradable but are made to be reused many times, making them a better option than the disposable ones.
Jute bags are one of the most durable options and are also naturally biodegradable.
These sustainable bags are slightly more expensive than reusable plastic ones but are much more environmentally friendly.
Canvas tote bags are another durable option similar to jute.
They may not be as environmentally friendly because these bags require more resources to produce and distribute but they can be reused many times.
Key ring tote bags are known for their ability to fold down and be stored in an attached carrying pouch about the size of an egg, which can then be stuffed in a pocket or attached to a key ring or backpack.
They are portable and can be cleaned in a washing machine.
While paper bags generate waste, they can be recycled so are a preferable alternative if you forget your reusable bag at home.
Personal shopping trolley bags are foldable and come with wheels. They are perfect for those walking home from the supermarket — or even those with a long trek back to the car through a large car park.
While previously relegated to the domain of “granny chic”, these carts are back in vogue.
Mesh bags/reusable plastic produce bags are used for produce, like fruits and veggies.
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
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Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
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Company profile
Name: Tratok Portal
Founded: 2017
Based: UAE
Sector: Travel & tourism
Size: 36 employees
Funding: Privately funded
FROM%20THE%20ASHES
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The bio
Studied up to grade 12 in Vatanappally, a village in India’s southern Thrissur district
Was a middle distance state athletics champion in school
Enjoys driving to Fujairah and Ras Al Khaimah with family
His dream is to continue working as a social worker and help people
Has seven diaries in which he has jotted down notes about his work and money he earned
Keeps the diaries in his car to remember his journey in the Emirates
The years Ramadan fell in May
The biog
Favourite food: Tabbouleh, greek salad and sushi
Favourite TV show: That 70s Show
Favourite animal: Ferrets, they are smart, sensitive, playful and loving
Favourite holiday destination: Seychelles, my resolution for 2020 is to visit as many spiritual retreats and animal shelters across the world as I can
Name of first pet: Eddy, a Persian cat that showed up at our home
Favourite dog breed: I love them all - if I had to pick Yorkshire terrier for small dogs and St Bernard's for big
The specs
Engine: 3.8-litre, twin-turbo V8
Transmission: eight-speed automatic
Power: 582bhp
Torque: 730Nm
Price: Dh649,000
On sale: now
Juventus v Napoli, Sunday, 10.45pm (UAE)
Match on Bein Sports
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COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
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UAE squad to face Ireland
Ahmed Raza (captain), Chirag Suri (vice-captain), Rohan Mustafa, Mohammed Usman, Mohammed Boota, Zahoor Khan, Junaid Siddique, Waheed Ahmad, Zawar Farid, CP Rizwaan, Aryan Lakra, Karthik Meiyappan, Alishan Sharafu, Basil Hameed, Kashif Daud, Adithya Shetty, Vriitya Aravind
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5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young