President Sheikh Mohamed participated in the online Major Economies Forum on Energy and Climate hosted by US President Joe Biden. Photo: Ministry of Presidential Affairs
President Sheikh Mohamed participated in the online Major Economies Forum on Energy and Climate hosted by US President Joe Biden. Photo: Ministry of Presidential Affairs
President Sheikh Mohamed participated in the online Major Economies Forum on Energy and Climate hosted by US President Joe Biden. Photo: Ministry of Presidential Affairs
President Sheikh Mohamed participated in the online Major Economies Forum on Energy and Climate hosted by US President Joe Biden. Photo: Ministry of Presidential Affairs

President Sheikh Mohamed pledges $50 billion to tackle climate change at Biden meeting


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President Sheikh Mohamed has pledged $50 billion to address climate change across the world after taking part in a meeting hosted by US President Joe Biden.

Sheikh Mohamed said the UAE had invested more than $50bn in renewable energy projects across 40 countries, and it plans to double that over the next decade.

He joined heads of state from 17 economies accounting for 80 per cent of global GDP, population and greenhouse gas emissions at an online meeting on Friday.

“I was pleased to participate in the Major Economies Forum on Energy and Climate hosted by President Biden and to emphasise the ongoing importance of peace, unity and meaningful collaboration as enablers of sustainable social and economic development,” Sheikh Mohamed wrote on Twitter.

“The UAE continues to honour its commitments on climate action and is on track to submit its revised NDC.”

NDC, Nationally Determined Contribution, is an action plan to cut emissions and adapt to climate change effects.

“We look forward to hosting the world at Cop 28 and accelerating progress on climate action through an inclusive, practical and integrated approach,” Sheikh Mohamed said.

Mariam Al Mheiri, Minister of Climate Change and Environment, said the $50bn investment highlighted the country's commitment to addressing environmental concerns around the world.

“The UAE has joined the ranks of countries at the forefront of the fight against climate change,” said Ms Al Mheiri, who also serves as Minister of State for Food Security.

“We have issued environmental protection laws and strategies and rolled out relevant initiatives. We have also adopted a proactive approach to promoting clean energy solutions as the sustainable, alternative energy sources of tomorrow.”

The Emirates will host the 28th UN global climate talks in 2023.

Addressing leaders, Sheikh Mohamed acknowledged that climate change must be addressed by co-operation.

He said the UAE has long held the view that climate action is an opportunity to achieve new pathways for economic and social development, with a focus on practical solutions that can benefit all countries.

The UAE is stepping up its efforts to address climate change and speed up the global energy transition.

At the third virtual gathering of the Major Economies Forum under his presidency, Mr Biden urged countries to take collective action on climate, energy security and food security.

He also invited leaders to co-operate and ease these immediate effects by supporting initiatives that accelerate the clean energy transition and reduce the vulnerability of the food system to climate and supply-chain disruptions.

“His Highness Sheikh Mohamed bin Zayed's address to global leaders at MEF highlighted the need for unity, peace, stability and collaboration as key enablers for sustainable economic and social development, particularly as the world tackles global economic challenges, energy and food security, as well as resource scarcity,” Dr Sultan Al Jaber, Minister of Industry and Advanced Technology and special envoy for climate change, said after the meeting.

“His Highness’s statement highlighted the UAE’s long-standing history of and ongoing commitment to climate action, driven by the principles established by our Founding Father Sheikh Zayed.

“For more than 15 years, the UAE has demonstrated a proven track record in progressive climate action and multilateral co-operation, as well as playing a leading role in investing in renewable energy both domestically and internationally which have led to the UAE’s selection as the host country of Cop28 in 2023.”

The UAE was the first country in the region to sign and ratify the Paris Agreement and the first in the region to commit to an economywide reduction in emissions and announce a net zero by 2050 initiative.

The Emirates has also invested in renewable and clean energy, both domestically and internationally.

It is also the first in the region to use peaceful nuclear energy and is home to three of the largest and lowest-cost solar plants in the world.

UAE climate change initiatives — in pictures

  • The third phase of the Mohammed bin Rashid Al Maktoum Solar Park in Dubai. Photo: Masdar
    The third phase of the Mohammed bin Rashid Al Maktoum Solar Park in Dubai. Photo: Masdar
  • Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Ruler of Dubai, inaugurates Dubai Electricity and Water Authority’s Innovation Centre and the 800MW third phase of the Mohammed bin Rashid Al Maktoum Solar Park, the largest single-site solar park in the world. Wam
    Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Ruler of Dubai, inaugurates Dubai Electricity and Water Authority’s Innovation Centre and the 800MW third phase of the Mohammed bin Rashid Al Maktoum Solar Park, the largest single-site solar park in the world. Wam
  • Sheikh Mohammed at the Mohammed bin Rashid Al Maktoum Solar Park. Wam
    Sheikh Mohammed at the Mohammed bin Rashid Al Maktoum Solar Park. Wam
  • Mariam Al Mheiri, Minister for Food Security, speaks at the World Food Programme Stop the Waste campaign at Jumeirah Beach Hotel, Dubai. Leslie Pableo for The National
    Mariam Al Mheiri, Minister for Food Security, speaks at the World Food Programme Stop the Waste campaign at Jumeirah Beach Hotel, Dubai. Leslie Pableo for The National
  • Khaled bin Mohamed bin Zayed has launched a landmark clean energy partnership between Adnoc and EWEC that will see EWEC supply Adnoc’s grid power from nuclear and solar energy sources from January 2022. Photo: Abu Dhabi Government Media Office
    Khaled bin Mohamed bin Zayed has launched a landmark clean energy partnership between Adnoc and EWEC that will see EWEC supply Adnoc’s grid power from nuclear and solar energy sources from January 2022. Photo: Abu Dhabi Government Media Office
  • The UAE pavilion at the Cop26 summit in Scotland. Ashraf Helmi / The National
    The UAE pavilion at the Cop26 summit in Scotland. Ashraf Helmi / The National
  • Masdar City in Abu Dhabi. Andrew Henderson / The National
    Masdar City in Abu Dhabi. Andrew Henderson / The National
  • The Barakah Unit 2 grid connection delivers clean electricity. Photo: Emirates Nuclear Energy Corporation
    The Barakah Unit 2 grid connection delivers clean electricity. Photo: Emirates Nuclear Energy Corporation
  • An aerial view of the Qurum Walkway in Jubail Mangrove Park. The UAE is doing everything it can to tackle climate change, from limiting greenhouse gas emissions to planting more mangroves. Wam
    An aerial view of the Qurum Walkway in Jubail Mangrove Park. The UAE is doing everything it can to tackle climate change, from limiting greenhouse gas emissions to planting more mangroves. Wam
  • The Ministry of Climate Change and Environment is working to increase the amount of local produce grown by 5 to 10 per cent a year. Silvia Razgova / The National
    The Ministry of Climate Change and Environment is working to increase the amount of local produce grown by 5 to 10 per cent a year. Silvia Razgova / The National
  • The eco-green technologies research site at Sharjah Research Technology and Innovation Park. Chris Whiteoak / The National
    The eco-green technologies research site at Sharjah Research Technology and Innovation Park. Chris Whiteoak / The National
  • The Ministry of Climate Change and Environment has installed 300 artificial caves made of eco-friendly materials across 30 sites to enhance fish stocks in UAE waters.
    The Ministry of Climate Change and Environment has installed 300 artificial caves made of eco-friendly materials across 30 sites to enhance fish stocks in UAE waters.
  • The future of cycling in Al Hudayriat Island, Abu Dhabi, is commemorated by a community ride around the track. Victor Besa / The National
    The future of cycling in Al Hudayriat Island, Abu Dhabi, is commemorated by a community ride around the track. Victor Besa / The National
Western Region Asia Cup T20 Qualifier

Sun Feb 23 – Thu Feb 27, Al Amerat, Oman

The two finalists advance to the Asia qualifier in Malaysia in August

 

Group A

Bahrain, Maldives, Oman, Qatar

Group B

UAE, Iran, Kuwait, Saudi Arabia

 

UAE group fixtures

Sunday Feb 23, 9.30am, v Iran

Monday Feb 25, 1pm, v Kuwait

Tuesday Feb 26, 9.30am, v Saudi

 

UAE squad

Ahmed Raza, Rohan Mustafa, Alishan Sharafu, Ansh Tandon, Vriitya Aravind, Junaid Siddique, Waheed Ahmed, Karthik Meiyappan, Basil Hameed, Mohammed Usman, Mohammed Ayaz, Zahoor Khan, Chirag Suri, Sultan Ahmed

Timeline

1947
Ferrari’s road-car company is formed and its first badged car, the 125 S, rolls off the assembly line

1962
250 GTO is unveiled

1969
Fiat becomes a Ferrari shareholder, acquiring 50 per cent of the company

1972
The Fiorano circuit, Ferrari’s racetrack for development and testing, opens

1976
First automatic Ferrari, the 400 Automatic, is made

1987
F40 launched

1988
Enzo Ferrari dies; Fiat expands its stake in the company to 90 per cent

2002
The Enzo model is announced

2010
Ferrari World opens in Abu Dhabi

2011
First four-wheel drive Ferrari, the FF, is unveiled

2013
LaFerrari, the first Ferrari hybrid, arrives

2014
Fiat Chrysler announces the split of Ferrari from the parent company

2015
Ferrari launches on Wall Street

2017
812 Superfast unveiled; Ferrari celebrates its 70th anniversary

Global Fungi Facts

• Scientists estimate there could be as many as 3 million fungal species globally
• Only about 160,000 have been officially described leaving around 90% undiscovered
• Fungi account for roughly 90% of Earth's unknown biodiversity
• Forest fungi help tackle climate change, absorbing up to 36% of global fossil fuel emissions annually and storing around 5 billion tonnes of carbon in the planet's topsoil

GOLF’S RAHMBO

- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)

Company%C2%A0profile
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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.”

The President's Cake

Director: Hasan Hadi

Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem 

Rating: 4/5

UAE currency: the story behind the money in your pockets
The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

EA Sports FC 26

Publisher: EA Sports

Consoles: PC, PlayStation 4/5, Xbox Series X/S

Rating: 3/5

Profile of Hala Insurance

Date Started: September 2018

Founders: Walid and Karim Dib

Based: Abu Dhabi

Employees: Nine

Amount raised: $1.2 million

Funders: Oman Technology Fund, AB Accelerator, 500 Startups, private backers

 

RESULT

Bayern Munich 3 Chelsea 2
Bayern: Rafinha (6'), Muller (12', 27')
Chelsea: Alonso (45' 3), Batshuayi (85')

UAE SQUAD FOR ASIAN JIU-JITSU CHAMPIONSHIP

Men’s squad: Faisal Al Ketbi, Omar Al Fadhli, Zayed Al Kathiri, Thiab Al Nuaimi, Khaled Al Shehhi, Mohamed Ali Al Suwaidi, Farraj Khaled Al Awlaqi, Muhammad Al Ameri, Mahdi Al Awlaqi, Saeed Al Qubaisi, Abdullah Al Qubaisi and Hazaa Farhan

Women's squad: Hamda Al Shekheili, Shouq Al Dhanhani, Balqis Abdullah, Sharifa Al Namani, Asma Al Hosani, Maitha Sultan, Bashayer Al Matrooshi, Maha Al Hanaei, Shamma Al Kalbani, Haya Al Jahuri, Mahra Mahfouz, Marwa Al Hosani, Tasneem Al Jahoori and Maryam Al Amri

Moon Music

Artist: Coldplay

Label: Parlophone/Atlantic

Number of tracks: 10

Rating: 3/5

Sinopharm vaccine explained

The Sinopharm vaccine was created using techniques that have been around for decades. 

“This is an inactivated vaccine. Simply what it means is that the virus is taken, cultured and inactivated," said Dr Nawal Al Kaabi, chair of the UAE's National Covid-19 Clinical Management Committee.

"What is left is a skeleton of the virus so it looks like a virus, but it is not live."

This is then injected into the body.

"The body will recognise it and form antibodies but because it is inactive, we will need more than one dose. The body will not develop immunity with one dose," she said.

"You have to be exposed more than one time to what we call the antigen."

The vaccine should offer protection for at least months, but no one knows how long beyond that.

Dr Al Kaabi said early vaccine volunteers in China were given shots last spring and still have antibodies today.

“Since it is inactivated, it will not last forever," she said.

CONFIRMED%20LINE-UP
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Updated: June 18, 2022, 11:13 AM