The UAE and US unveiled a joint initiative to drive rapid and transformative climate action in the agriculture sector at Cop26 on Tuesday, as they look to boost investment in science and innovation to ensure the sector contributes to solving the climate crisis.
The Agriculture Innovation Mission for Climate (AIM for Climate) has mobilised $4 billion of increased investment to enhance resilience to climate change, including a $1bn contribution from the UAE.
The UAE-US initiative is the first global agriculture and climate change coalition of its kind. AIM for Climate’s diverse list of supporters comprises more than 30 countries from six continents, including the recent addition of Azerbaijan, Canada, and the UK.
Other backers include prominent non-governmental agencies, such as the Bill and Melinda Gates Foundation, as well as the multilateral Food and Agriculture Organisation.
“AIM for Climate is focusing on a sector that has been previously overlooked in terms of the opportunities it offers for global climate action," said Dr Sultan Al Jaber, the UAE's Minister of Industry and Advanced Technology, and Special Envoy for Climate Change.
"This initiative demonstrates the UAE’s holistic and inclusive approach to climate action, which characterises our offer to host Cop28.
"The United Arab Emirates has already driven change in the energy sector through green innovation and growth, investing over $17bn in clean energy around the world. AIM for Climate is a smart extension of that investment strategy, and the UAE is pleased to pledge $1bn as part of the initiative.”
Agriculture is a major part of the climate change challenge facing the world because it contributes about 25 per cent of all greenhouse gas emissions. Food security is also at risk as the world’s growing population becomes increasingly dependent on climate-vulnerable food production.
Although the sector has been recognised as a major contributor to global warming, there has been limited investment to date.
The AIM Climate initiative was first previewed by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, and US President Joe Biden at his Leaders’ Summit on Climate in April. The initiative aims to help the agriculture industry meet the target set out in the Paris Agreement to limit global warming to 1.5°C above pre-industrial levels.
“The United States is proud to be launching the Agriculture Innovation Mission for Climate initiative alongside the United Arab Emirates and over 80 partners across the globe," said John Kerry, US special presidential envoy for climate.
"Investment in climate-smart agriculture innovation is critical to addressing the climate crisis. Innovation can reduce emissions, feed the world’s growing population, and help farmers and ranchers mitigate and adapt to climate change.
"AIM for Climate has an impressive start, garnering $4bn in increased investment in climate-smart agriculture and food systems innovation thus far.”
The initiative wants to unite participants and attract much-needed investment in climate-smart agriculture and food systems innovation that will address global hunger challenges and increase sustainable economic growth.
Greater investment in these areas can ensure agriculture becomes part of the solution to addressing climate change, according to AIM Climate, by helping to inform science-based, data-driven decision-making and policies.
In turn, this will help to achieve breakthroughs in technologies and approaches that adapt food production to the world’s harsher climate, with the UAE already proving to be a pioneer in the agritech field as it looks to meet more of its food requirement through locally grown produce.
The GCC imports between 80 per cent and 90 per cent of its food requirements, according to British think tank Chatham House, with better food security a top priority for the UAE, which is the second-biggest Arab economy.
Separately, the UAE was the first country in the GCC region to sign and ratify the Paris Agreement and the first country in the Mena region to commit to an economy-wide reduction in emissions.
The UAE's strategy to reduce carbon emissions by 2050 was unveiled last month, with Dh600bn ($163.37) invested in clean and renewable energy sources in the next three decades.
Sheikh Mohammed said the country would “play its global role in combatting climate change".
Mr Kerry said the US "is proud" to be pioneering the AIM Climate mission with the UAE.
By raising agriculture’s ability to cope with climate change, bolster food security and improve the livelihoods of farmers by improving the ecosystems they rely on – particularly for women, children and indigenous populations – the scheme can help generate higher economic returns and job creation in a sector that already employs more than two billion people.
The multi-stakeholder approach to co-operation already has 70 public and private partners committed to spur agricultural innovation through investments and knowledge-sharing.
Target areas for innovation include sustainable productivity improvements, ensuring water is used efficiently, developing resilient crop and livestock production, enhancing digital tools and creating equitable, sustainable and secure food systems.
“AIM for Climate is the kind of bold move towards accelerating the global food systems transformation that we need, to achieve the Sustainable Development Goal (SDG) 2 and eradicate world hunger by 2030," said Mariam Al Mheiri, the UAE's Minister of Climate Change and Environment, and Minister of State for Food Security.
"The initiative will go a long way in mobilising a global movement to strengthen food security, transform our food systems into more sustainable ones and mitigate climate change.”
This forward-thinking approach, already being adopted in the UAE, means the nation is now home to three of the largest and lowest-cost solar plants in the world – including Noor Abu Dhabi, the world’s largest stand-alone operational solar power plant.
The plant in Sweihan houses 3.2 million solar panels and produces 1.2 gigawatts of electricity.
This results in a carbon footprint reduction of one million tonnes a year, the equivalent of taking 200,000 petrol-powered cars off the roads.
ICC Women's T20 World Cup Asia Qualifier 2025, Thailand
UAE fixtures
May 9, v Malaysia
May 10, v Qatar
May 13, v Malaysia
May 15, v Qatar
May 18 and 19, semi-finals
May 20, final
Gothia Cup 2025
4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Difference between fractional ownership and timeshare
Although similar in its appearance, the concept of a fractional title deed is unlike that of a timeshare, which usually involves multiple investors buying “time” in a property whereby the owner has the right to occupation for a specified period of time in any year, as opposed to the actual real estate, said John Peacock, Head of Indirect Tax and Conveyancing, BSA Ahmad Bin Hezeem & Associates, a law firm.
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The EU imports 90 per cent of the natural gas used to generate electricity, heat homes and supply industry, with Russia supplying almost 40 per cent of EU gas and a quarter of its oil.
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Favourite parkour spot in Dubai: Residence towers in Jumeirah Beach Residence
What are the main cyber security threats?
Cyber crime - This includes fraud, impersonation, scams and deepfake technology, tactics that are increasingly targeting infrastructure and exploiting human vulnerabilities.
Cyber terrorism - Social media platforms are used to spread radical ideologies, misinformation and disinformation, often with the aim of disrupting critical infrastructure such as power grids.
Cyber warfare - Shaped by geopolitical tension, hostile actors seek to infiltrate and compromise national infrastructure, using one country’s systems as a springboard to launch attacks on others.
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
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Company name: baraka
Started: July 2020
Founders: Feras Jalbout and Kunal Taneja
Based: Dubai and Bahrain
Sector: FinTech
Initial investment: $150,000
Current staff: 12
Stage: Pre-seed capital raising of $1 million
Investors: Class 5 Global, FJ Labs, IMO Ventures, The Community Fund, VentureSouq, Fox Ventures, Dr Abdulla Elyas (private investment)
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The five pillars of Islam
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
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Defined Benefit Plan (DB)
A defined benefit plan is where the benefit is defined by a formula, typically length of service to and salary at date of leaving.
Defined Contribution Plan (DC)
A defined contribution plan is where the benefit depends on the amount of money put into the plan for an employee, and how much investment return is earned on those contributions.
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
Jewel of the Expo 2020
252 projectors installed on Al Wasl dome
13.6km of steel used in the structure that makes it equal in length to 16 Burj Khalifas
550 tonnes of moulded steel were raised last year to cap the dome
724,000 cubic metres is the space it encloses
Stands taller than the leaning tower of Pisa
Steel trellis dome is one of the largest single structures on site
The size of 16 tennis courts and weighs as much as 500 elephants
Al Wasl means connection in Arabic
World’s largest 360-degree projection surface
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.”
Starring: Jamie Foxx, Angela Bassett, Tina Fey
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Rating: 4 stars
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The Birkin bag is made by Hermès.
It is named after actress and singer Jane Birkin
Noone from Hermès will go on record to say how much a new Birkin costs, how long one would have to wait to get one, and how many bags are actually made each year.
World record transfers
1. Kylian Mbappe - to Real Madrid in 2017/18 - €180 million (Dh770.4m - if a deal goes through)
2. Paul Pogba - to Manchester United in 2016/17 - €105m
3. Gareth Bale - to Real Madrid in 2013/14 - €101m
4. Cristiano Ronaldo - to Real Madrid in 2009/10 - €94m
5. Gonzalo Higuain - to Juventus in 2016/17 - €90m
6. Neymar - to Barcelona in 2013/14 - €88.2m
7. Romelu Lukaku - to Manchester United in 2017/18 - €84.7m
8. Luis Suarez - to Barcelona in 2014/15 - €81.72m
9. Angel di Maria - to Manchester United in 2014/15 - €75m
10. James Rodriguez - to Real Madrid in 2014/15 - €75m
Zayed Sustainability Prize
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
500 People from Gaza enter France
115 Special programme for artists
25 Evacuation of injured and sick
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
Indoor cricket World Cup:
Insportz, Dubai, September 16-23
UAE fixtures:
Men
Saturday, September 16 – 1.45pm, v New Zealand
Sunday, September 17 – 10.30am, v Australia; 3.45pm, v South Africa
Monday, September 18 – 2pm, v England; 7.15pm, v India
Tuesday, September 19 – 12.15pm, v Singapore; 5.30pm, v Sri Lanka
Thursday, September 21 – 2pm v Malaysia
Friday, September 22 – 3.30pm, semi-final
Saturday, September 23 – 3pm, grand final
Women
Saturday, September 16 – 5.15pm, v Australia
Sunday, September 17 – 2pm, v South Africa; 7.15pm, v New Zealand
Monday, September 18 – 5.30pm, v England
Tuesday, September 19 – 10.30am, v New Zealand; 3.45pm, v South Africa
Thursday, September 21 – 12.15pm, v Australia
Friday, September 22 – 1.30pm, semi-final
Saturday, September 23 – 1pm, grand final
