Category: Trading

ABU DHABI: The Abu Dhabi Department of Economic Development (ADDED) and Hub71, the Abu Dhabi’s global tech ecosystem, have joined forces to enhance the Emirate’s innovation ecosystem by further developing the regulatory environment for innovative products and services.

This strategic alliance will design and launch the Abu Dhabi regulatory sandbox programme, a collaborative platform that brings together companies in priority clusters such as Health Tech, Mobility, and AgriTech with regulatory authorities and policymakers.

The programme aims to foster a regulatory environment that accommodates emerging technologies and supports regulatory innovation by encouraging innovation, cooperation, and regulatory experimentation among participants.

Rashed Abdulkarim Al Blooshi, Undersecretary of ADDED, attended the announcement of the new partnership between the Competitiveness Office of Abu Dhabi (COAD), ADDED’s arm to increase the Emirate’s competitiveness, and Hub71 to support companies with untested innovations w
hich are close to market entry stage, attract companies to Abu Dhabi, guide companies to appropriate regulators, and provide them with the support needed to grow.

The regulatory framework for innovation sandbox provides space for innovative local and international companies within the priority clusters to test their innovations in a real environment. Such testing will further help these companies prepare for potential future launches within the Emirate.

To further enable innovators and entrepreneurs to turn their ideas into services and products, COAD will increase its level of efficiency and quality of service, which includes reducing the time taken to launch innovative solutions, from development stages to licencing. COAD will also implement a coordination programme in cooperation with various regulatory authorities to facilitate the product launch process.

The regulatory framework is an important step in strengthening Abu Dhabi’s position as a leading destination for innovation, supporting investment ac
tivities and fostering economic growth. In 2022, COAD launched ‘Abu Dhabi Innovates’, a general framework to enhance innovation in the Emirate.

The framework aimed to encourage and incentivise innovation and innovators; analyse and suggest pillars of innovation within the ecosystem in line with ADDED’s efforts to provide regulatory and institutional frameworks to support innovation and research and development (R and D) in vital economic sectors.

Hala Al Ameri, Executive Director of COAD, said, ‘Our partnership with Hub71 will boost efforts and initiatives serving the Abu Dhabi Regulatory Sandbox Programme, which provides the opportunity for innovative entrepreneurs to develop value-added solutions that will increase Abu Dhabi’s competitiveness. Leveraging Hub71’s global tech expertise will help in streamlining coordination among various stakeholders in the Emirate and simplifying the product launch process.’

‘Within an experimental environment, companies can test their products and services in an organise
d and controlled manner for a specific period. When the testing is successful, those companies are allowed to introduce their solutions to the market in accordance with the controls enacted by the regulatory authorities,’ Al Ameri added.

The launch of the Regulatory Sandbox Programme aims to motivate individuals to transform innovative ideas into tangible services and products, fostering a culture of innovation and entrepreneurship within Abu Dhabi. COAD’s Takamul Programme, having evaluated over 1,100 patent support applications, reflects the commitment to supporting inventors and consolidating a culture of innovation in the UAE.

Ahmad Ali Alwan, CEO of Hub71, said, ‘A progressive regulatory environment is essential for innovation to thrive. Through this partnership, Hub71 will work closely with COAD to enable startups to validate their solutions and establish product-market-fit. Abu Dhabi promotes founders to conduct business by leveraging the capital’s position as a leading global hub for tech and innova
tion. We look forward to collaborating with COAD and are confident that this partnership will positively impact the technology and innovation landscape.’

The signing of the MoU represents a significant milestone for Abu Dhabi, positioning itself as a hub for innovation and providing a supportive ecosystem for businesses to thrive and innovate.

Source: Emirates News Agency

KUWAIT: The price of Kuwaiti crude oil rose 20 cents to reach US$82.53 on Monday, compared with US$82.33 last Friday, according Kuwait Petroleum Corporation Tuesday.

In international markets, Brent crude futures rose nine cents to reach US$83.56 per barrel, while West Texas Intermediate crude futures rose 30 cents to reach US$79.49 pb, reported the Kuwait News Agency (KUNA).

Source: Emirates News Agency

BEIJING: China is moving away from traditionally energy-intensive industrial sectors toward green development across key sectors, in efforts to fulfill its goals of peaking carbon dioxide emissions by 2030 and achieving carbon neutrality by 2060, according to China Central Television.

In June 2023, the Hunan Valin Xiangtan Iron and Steel power plant in Xiangtan County, located in Hunan Province in central China, successfully integrated a 150-megawatt supercritical gas generator unit. This unit has the ability to harness and repurpose surplus heat produced during the steel making process, resulting in the generation of over 3.7 million kilowatt-hours of electricity daily for the power plant.

Officials from the Ministry of Industry and Information Technology (MIIT) said that a total of 78 steel enterprises completed the full-process ultra-low emission transformation of their production capacity in 2023, totaling 390 million metric tons of crude steel.

According to MIIT, by the end of 2023, a total of 5,095 g
reen factories had been established at national level, contributing to over 17 percent of the total output value of the manufacturing industry.

Meanwhile, the total output value of the environmental protection equipment manufacturing sector is expected to exceed 970 billion yuan (about US$134.75 billion).

Going forward, China plans to establish a green manufacturing and service system and nurture 1,000 national-level green factories by the end of this year. The country aims to accelerate the establishment of a waste recycling system and encourage regions with favorable conditions to create “zero-waste industrial parks” and “zero-waste enterprises.”

Source: Emirates News Agency

PARIS: Implementation of the UAE Consensus, the historic set of measures agreed on at COP28 to aim to keep the average global temperature rise below 1.5°C, will require ‘unprecedented action’ by global stakeholders, Minister of Industry and Advanced Technology and COP28 President Dr. Sultan Al Jaber said today during an event which took place at the Paris Headquarters of the International Energy Agency (IEA).

‘The UAE Consensus raised the bar and set a clear path to keep our north star of 1.5°C within reach,’ Dr. Al Jaber said during the event ‘Beyond COP28: Time to Unite, Act,

and Deliver the UAE Consensus’. The event was attended by ministers, ambassadors, industry executives and other leaders, including Fatih Birol, Executive Director of the IEA, Laurent Fabius, COP21 President and John Kerry, the United States Special Presidential Envoy for Climate.

Noting that at COP28 ‘solidarity overcame polarisation, inclusivity prevailed over finger-pointing and the spirit of partnership brought the best of humani
ty together’, which was key to achieving the UAE Consensus, Dr. Al Jaber asked attendees ‘to keep this spirit alive and build on the momentum achieved at COP28. The UAE Consensus set a new direction and a clear course correction. We must now turn an unprecedented agreement into unprecedented action. Now is the time for all stakeholders to step up’ he added.

“All Parties who signed the UAE Consensus must work on enhancing their Nationally Determined Contributions (NDCs), ahead of the next cycle in 2025. That work needs to start right now. They need to adopt comprehensive economy-wide emission reduction targets, that cover all greenhouse gases, are aligned with the science and keep 1.5°C in reach’ the COP28 President said.

All industries should leverage their technology, talent, and balance sheets to decarbonize at scale, Dr. Al Jaber said, as outlined in the UAE Consensus. COP28 also pushed the oil and gas industry to step up, with 40 percent of global oil production committing to zero methane emissions by 2
030 and net zero by or before 2050. While describing these targets as ‘a good start, Dr. Al Jaber said ‘it must be built on. I will continue to push for more.’

The UAE Consensus laid out a clear roadmap for keeping 1.5°C within reach and delivered a series of world firsts across the climate agenda, including the first-ever agreement to transition away from fossil fuels, a target to triple renewable energy capacity by 2030, and a commitment to end deforestation in the same period.

However, the COP28 President warned that the ‘energy transition will lead to energy turmoil, if we only address the supply side of the energy equation.’ Addressing the demand side will ‘require smart policy incentives to commercialize nascent-zero carbon alternatives for heavy industry, like hydrogen’ he said. ‘It will require massive investment in grid infrastructure to deliver renewable energy to the end user. And it will require governments and all relevant parties to be honest and transparent about the costs and trade-offs invo
lved,’ he added.

Finance is the key enabler for climate action, and every source of finance available – public, multilateral and private – needs to be activated, with ‘we need new models of blended finance, leveraging concessional, catalytic and investment funds to ensure that climate progress fully extends to the Global South,’ the COP28 President said. Adding that ‘COP28 mobilised $85 billion in new pledges and commitments and launched the world’s largest private investments vehicle for climate action – ALTÉRRA. This model can and should be replicated many times over’.

With the commitment by developed nations to mobilize US$100 billion a year in climate finance having finally been met, and the New Collective Quantified Goal (NCQG) on climate finance mandated to be agreed at COP29, ‘the world must raise the bar to address the challenges we face – mobilizing trillions rather than billions,’ Dr. Al Jaber said.

The UAE Consensus is now recognised as a landmark agreement reaffirming the UAE’s position as a gl
obal leader in the international climate and development agenda. Delivered against a complex geopolitical backdrop, the UAE Consensus underscored the value of partnership and highlighted the power of multilateralism. This unprecedented agreement must now be met with unprecedented action from all stakeholders.

The COP28 President concluded by calling on the industries and countries represented at the event to support in ‘driving the progressive agenda of the UAE Consensus forward’ and ‘COP28 created a moment of hope in challenging times. Let’s not waste it. Let’s harness this positive energy to drive breakthrough progress’.

The COP Presidencies Troika (the Troika) was a key achievement of the COP28 Presidency and mandated in the UAE Consensus. The Troika was formally launched last week to unite COP28 with the COP Presidencies of Azerbaijan and Brazil and will enhance international cooperation to stimulate ambition in the next round of NDCs.

‘The Troika will, for the first time, bridge the gap between COPs.
It will lock in continuity, maintain momentum, and help anchor implementation of the historic UAE Consensus. It will aim to turn the commitments made at COP28 into concrete results.’ Dr. Al Jaber said.

During his visit to Paris, Dr. Al Jaber also attended the second plenary meeting of the UAE-France High-Level Business Council, where he reiterated the importance of moving to implementation of The UAE Consensus. The Council was established in January 2023 to enhance bilateral business between the UAE and France, with a specific focus on delivering impactful joint projects on climate action which harness the power and investment of the private sector.

The COP28 President emphasised the role of the Council and its members to drive economic, social and climate progress, highlighting a triple win for the climate, economies and the planet.

‘Platforms like the UAE-France High Level Business Council can help turn an unprecedented agreement into unprecedented action, by building on the strength of the economic ties
between the UAE and France’ Dr. Al Jaber said.

He concluded the event highlighting the role French companies in driving forward the energy transition, including Total Energies and Engie, highlight their existing efforts and calling on them to accelerate them to meet the ambitions set out in the UAE Consensus.

Source: Emirates News Agency

DUBAI: Gulfood 2024, the largest annual global food and beverage sourcing event in the world, opened its doors for a second day at Dubai World Trade Centre (DWTC), with continuing huge footfall following a successful opening day.

Gulfood is bringing together food and beverage communities from over 190 countries in Dubai for the 29th year.

Across 24 halls, over 5,500 exhibitors including 125 country pavilions continued to make real business connections and conclude commercial deals and partnerships totalling billions of dollars.

Bryony Hilless, Australian Consul-General Dubai, and General Manager Middle East, Africa and Pakistan, commented, ‘Australia exports almost US$3.2 billion to the UAE and close to US$1.3 billion of that is actually comprised of food and agricultural exports. So it’s a really significant component of the two-way trade that we had between Australia and the UAE. Australia has been at Gulfood since the beginning, and have seen it grow from being a regional trade show into this global phe
nomenon. It is absolutely a global event when it comes to the food and beverage industry and it is where you have to be if you’ve got an amazing product.”

Greg Tyler, President and CEO of USA Poultry and Egg Export Council, added, ‘Last year during the show we recorded US$2.6 million in sales on the spot, with an additional US$7.5 million after the show, and made 160 new contacts. 2024 is going to be a much bigger show – I expect that we’re going to have some very good foot traffic for the remainder of the show.”

“Gulfood serves as a pivotal showcase, offering us a pioneering platform to engage with industry peers, unveil cutting-edge innovations and seize new business opportunities. Aligned with our core values, the exhibition’s global prominence fortifies our standing within the F and B industry, facilitating strategic partnerships and extending our footprint across varied markets’ said Rizwan Ahmed, Executive Director at IFFCO Group.

Abdul Karim Al-Hamdawi, General Manager of the promotional program f
or Tunisian canned olive oil, confirmed that participation in Gulfood is among their priorities due to its significant importance in the global food and beverage sector. He stated, ‘Tunisia’s participation in Gulfood 2024 aims to support exports of Tunisian canned olive oil to the Arab Gulf markets, which are considered promising markets. Gulfood 2024 will enhance the presence of Tunisian olive oil in global markets in general, and enable Tunisian olive oil companies to develop commercial relationships and enhance international cooperation in this field to gain access to new markets’.

For almost three decades, Gulfood has been at the cutting edge of the industry, a platform showcasing the latest innovations in the food industry. Gulfood is creating a platform for companies in the food industry to present their products, services, and solutions to influential buyers from across the globe, facilitating intercontinental business deals and serving as the ultimate focal point for the world of food and beverage so
urcing.

Source: Emirates News Agency