The six-nation joint climate change statement in full


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Joint statement from the foreign ministers of the UAE, Cape Verde, Costa Rica, Iceland, Singapore and Slovenia In view of the UN Conference on Climate Change in Copenhagen, the Foreign Ministers of Cape Verde, Costa Rica, Iceland, Singapore, Slovenia, and the United Arab Emirates have agreed to strengthen their commitments and call for renewed global action to address climate change. In the opening days of the UN Climate Change Conference in Copenhagen, humankind is confronted with the consequences of its past actions. Scientific evidence clearly shows that anthropogenic greenhouse gas emissions contribute significantly to global warming. The prospects are grim: rising temperatures will cause major crop declines in entire regions and significant changes in the availability of water resources. At the same time, as some areas experience major water shortages, rising sea levels will be threatening some of the world's largest cities and may even cause loss of territory and give rise to border disputes. Entire ecosystems, from glaciers to rain forests, could collapse, and many species would face extinction. Storms, droughts, forest fires and floods will cause irreversible environmental degradation and desertification, affecting the food security of millions and causing massive migration flows. Climate change will have the most severe impact on countries with scarce natural resources and a limited ability to adapt to these challenges. Small developing island states, in particular, are among the most vulnerable and face the existential threat from the rising sea level. As preventive adaptation measures are costly, not all developing island states are able to implement such measures on their own. In this regard, financial and technology support must be provided. Furthermore, climate change may also exacerbate political instability in some of the most volatile regions in the world, creating new geopolitical rivalries over scarce resources. The potential risks of unmitigated climate change are enormous. Therefore, a successful agreement in Copenhagen, with deep cuts in global emissions that limit global warming to 2°C, and taking into account the principle of common but differentiated responsibilities, respective resources and national circumstances, is of paramount importance. We should also look beyond Copenhagen. Addressing climate change presents a challenge to global governance. The existing network of international organisations is already under stress, due to the complexity of this issue and its repercussions on political and social stability, economic growth and development, as well as on environmental sustainability. Climate change has the potential to exacerbate conflict, but at the same time, it could also foster cooperation by underlining growing global interdependence in dealing with the changing environment and related security threats. Coping with climate change could be one of the bases for creating a more cooperative world. In this regard, the active participation of all relevant stakeholders, especially women, is essential. Apart from growing interdependence, climate change also blurs the distinction between foreign and domestic policy. Six foreign ministers from small countries representing different regions have decided to act collectively, committed to acting in favour of the environment and sustainable development. Our national policies include measures that address climate change and reflect the need for a concerted international effort in this endeavour. Each state acts as a small point of green reference within its own region, and all points are interconnected to establish an efficient global network. We are striving for political balance, particularly regarding energy and water. Our countries are promoting clean energy approaches, renewable energy and energy efficiency. Cape Verde is committed to weather-dependent wind power and solar energy. Costa Rica's "Peace with Nature" initiative strives for carbon neutrality through the sustainable use of all natural resources. Iceland has achieved an energy transformation with the successful use of renewables. Despite its constraints in using alternative energy sources, Singapore has taken various measures such as energy efficiency improvement and other policy measures to reduce its emissions. Slovenia will further develop its sustainable forest management and the qualitative use of biomass. Through the multi-faceted approach of the Masdar Initiative, The United Arab Emirates is committed to clean energy solutions, energy efficiency, carbon emissions reduction and human capacity building in the field of renewable energy and clean technologies. The synergetic effect of so many different approaches and visions will be enormous. Climate change will seriously affect existing water resources, making water a strategic asset of the future. Water is essential for satisfying basic human needs, ensuring social and economic development and preserving ecosystems. Today, the lack of water to meet daily needs is a reality for one in three people around the world. The efficiency of water usage can be increased through technological improvements, changes in human behaviour and better water management. We cannot afford to continue as we have done in the past. Our countries face different challenges in providing water security. Cape Verde is entirely dependent on rainfall and desalination. Costa Rica has abundant water resources and uses hydroelectric power for over 70% of its electricity production. Iceland meets 80% of its energy needs, generating almost 100% of its electricity with clean energy, and is among world leaders in harnessing geothermal resources for thermal and electricity production. Singapore has leveraged on membrane technology to add high-grade reclaimed water and desalinated water to its inventory of water supply. The United Arab Emirates focuses its efforts on reducing water consumption and improving the efficiency of water supply. With its diverse water resources, Slovenia has developed an efficient water management system. Again, our countries will make an effort to transfer knowledge, expertise and best practices to address the issue of water as one of the main global challenges. Our planet is a living being with great resilience and will undoubtedly survive without us. Yet, our environment demands that we rethink and reinvent ourselves in order to channel imagination, creativity, ingenuity and entrepreneurship into creating a sustainable world. Awareness of the scope of these environmental challenges is of vital importance in searching for sustainable responses. Climate change is changing our world in more ways than one. Decisions taken by individuals and groups at the local and global level should fully take into account scientific findings, be ambitious and based on the principles of interconnectivity and synergy. Strong commitment at governmental level is also required. For any responsible policy-maker, the challenges posed by climate change and the high risks involved if the issue is not dealt with leave us with no other option but to act together, in the most efficient and synergized way. Jose Brito, Minister of Foreign Affairs, Co-operation and Communities, Cape Verde Bruno Stagno Ugarte, Minister of Foreign Affairs and Religion, Costa Rica Össur Skarphéðinsson, Minister for Foreign Affairs and External Trade, Iceland George Yeo, Minister for Foreign Affairs, Singapore Samuel ?bogar, Minister of Foreign Affairs, Slovenia H H Sheikh Abdullah Bin Zayed Al Nahyan, Minister of Foreign Affairs, United Arab Emirates

UAE currency: the story behind the money in your pockets
PROFILE OF SWVL

Started: April 2017

Founders: Mostafa Kandil, Ahmed Sabbah and Mahmoud Nouh

Based: Cairo, Egypt

Sector: transport

Size: 450 employees

Investment: approximately $80 million

Investors include: Dubai’s Beco Capital, US’s Endeavor Catalyst, China’s MSA, Egypt’s Sawari Ventures, Sweden’s Vostok New Ventures, Property Finder CEO Michael Lahyani

Timeline

2012-2015

The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence 

December 2024

Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

May 2025

The High Court of England and Wales approves the company’s restructuring plan

July 2025

The Court of Appeal issues a judgment challenging parts of the restructuring plan

August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

November 2025

180 Petrofac employees laid off in the UAE

The President's Cake

Director: Hasan Hadi

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

Rating: 4/5

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The Buckingham Murders

Starring: Kareena Kapoor Khan, Ash Tandon, Prabhleen Sandhu

Director: Hansal Mehta

Rating: 4 / 5

Countries offering golden visas

UK
Innovator Founder Visa is aimed at those who can demonstrate relevant experience in business and sufficient investment funds to set up and scale up a new business in the UK. It offers permanent residence after three years.

Germany
Investing or establishing a business in Germany offers you a residence permit, which eventually leads to citizenship. The investment must meet an economic need and you have to have lived in Germany for five years to become a citizen.

Italy
The scheme is designed for foreign investors committed to making a significant contribution to the economy. Requires a minimum investment of €250,000 which can rise to €2 million.

Switzerland
Residence Programme offers residence to applicants and their families through economic contributions. The applicant must agree to pay an annual lump sum in tax.

Canada
Start-Up Visa Programme allows foreign entrepreneurs the opportunity to create a business in Canada and apply for permanent residence. 

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Teaching your child to save

Pre-school (three - five years)

You can’t yet talk about investing or borrowing, but introduce a “classic” money bank and start putting gifts and allowances away. When the child wants a specific toy, have them save for it and help them track their progress.

Early childhood (six - eight years)

Replace the money bank with three jars labelled ‘saving’, ‘spending’ and ‘sharing’. Have the child divide their allowance into the three jars each week and explain their choices in splitting their pocket money. A guide could be 25 per cent saving, 50 per cent spending, 25 per cent for charity and gift-giving.

Middle childhood (nine - 11 years)

Open a bank savings account and help your child establish a budget and set a savings goal. Introduce the notion of ‘paying yourself first’ by putting away savings as soon as your allowance is paid.

Young teens (12 - 14 years)

Change your child’s allowance from weekly to monthly and help them pinpoint long-range goals such as a trip, so they can start longer-term saving and find new ways to increase their saving.

Teenage (15 - 18 years)

Discuss mutual expectations about university costs and identify what they can help fund and set goals. Don’t pay for everything, so they can experience the pride of contributing.

Young adulthood (19 - 22 years)

Discuss post-graduation plans and future life goals, quantify expenses such as first apartment, work wardrobe, holidays and help them continue to save towards these goals.

* JP Morgan Private Bank 

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Quick facts on cancer
  • Cancer is the second-leading cause of death worldwide, after cardiovascular diseases 
  •  About one in five men and one in six women will develop cancer in their lifetime 
  • By 2040, global cancer cases are on track to reach 30 million 
  • 70 per cent of cancer deaths occur in low and middle-income countries 
  • This rate is expected to increase to 75 per cent by 2030 
  • At least one third of common cancers are preventable 
  • Genetic mutations play a role in 5 per cent to 10 per cent of cancers 
  • Up to 3.7 million lives could be saved annually by implementing the right health
    strategies 
  • The total annual economic cost of cancer is $1.16 trillion

   

Reputation

Taylor Swift

(Big Machine Records)

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Dust and sand storms compared

Sand storm

  • Particle size: Larger, heavier sand grains
  • Visibility: Often dramatic with thick "walls" of sand
  • Duration: Short-lived, typically localised
  • Travel distance: Limited 
  • Source: Open desert areas with strong winds

Dust storm

  • Particle size: Much finer, lightweight particles
  • Visibility: Hazy skies but less intense
  • Duration: Can linger for days
  • Travel distance: Long-range, up to thousands of kilometres
  • Source: Can be carried from distant regions
Gender pay parity on track in the UAE

The UAE has a good record on gender pay parity, according to Mercer's Total Remuneration Study.

"In some of the lower levels of jobs women tend to be paid more than men, primarily because men are employed in blue collar jobs and women tend to be employed in white collar jobs which pay better," said Ted Raffoul, career products leader, Mena at Mercer. "I am yet to see a company in the UAE – particularly when you are looking at a blue chip multinationals or some of the bigger local companies – that actively discriminates when it comes to gender on pay."

Mr Raffoul said most gender issues are actually due to the cultural class, as the population is dominated by Asian and Arab cultures where men are generally expected to work and earn whereas women are meant to start a family.

"For that reason, we see a different gender gap. There are less women in senior roles because women tend to focus less on this but that’s not due to any companies having a policy penalising women for any reasons – it’s a cultural thing," he said.

As a result, Mr Raffoul said many companies in the UAE are coming up with benefit package programmes to help working mothers and the career development of women in general. 

The specs
Engine: 3.0-litre twin-turbo flat-six

Power: 480hp at 6,500rpm

Torque: 570Nm from 2,300-5,000rpm

Transmission: 8-speed dual-clutch auto

Fuel consumption: 10.4L/100km

Price: from Dh547,600

On sale: now 

Tree of Hell

Starring: Raed Zeno, Hadi Awada, Dr Mohammad Abdalla

Director: Raed Zeno

Rating: 4/5

The specs

Engine: 8.0-litre, quad-turbo 16-cylinder

Transmission: 7-speed auto

0-100kmh 2.3 seconds

0-200kmh 5.5 seconds

0-300kmh 11.6 seconds

Power: 1500hp

Torque: 1600Nm

Price: Dh13,400,000

On sale: now

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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In numbers: PKK’s money network in Europe

Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010

Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille

Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm

Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year

Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”

Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners

TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013