Category: Trading

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

ABU DHABI: The Ministry of Economy and the Abu Dhabi Department of Economic Development (ADDED) have announced the Abu Dhabi Department of Tourism and Culture (DTC), the Integrated Transport Centre (ITC), ADNEC Services, Etihad Airways, and Etisalat (e and ) as their Strategic Partners for the hosting of the 13th Ministerial Conference (MC13) of the World Trade Organization, which takes place in Abu Dhabi between 26-29 February.

Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade and MC13 Chair, welcomed the agreements with the leading national economic players, underlining their role in the smooth delivery of such an important global meeting. ‘MC13 is an historic event that will bring together the world’s trade ministers to demonstrate their shared commitment to inclusive, sustainable supply chains. It is important that we are able to create a conducive environment for negotiations that will help advance the future of trade.’

‘Not only will the combined expertise and professionalism of, DTC
, ITC, ADNEC Services, Etihad and e and enable us to do so, but it will also underline Abu Dhabi’s status as a world-class destination to live, work and meet,’ Al Zeyoudi noted.

Ahmed Jasim Al Zaabi, Chairman of ADDED, said, ‘Hosting the 13th Ministerial Conference (MC13) of the World Trade Organization aligns with our strategic objectives to solidify the UAE’s status as a leading global hub for trade, business, and investment. We believe that having national champions on board as partners is essential to convening a successful global meeting. Their commitment to advancing the UAE’s economic diversification, fostering growth, and promoting international engagement is instrumental in shaping a prosperous future.’

Mohamed Khalifa Al Mubarak, Chairman, DCT-Abu Dhabi, said, ‘Our proud participation in hosting MC13 stems from our firm commitment to support all national efforts to promote the UAE’s status as a host city for global and regionally significant business events. DCT-Abu Dhabi is committed to the sust
ainable growth of Abu Dhabi’s culture and tourism sectors to advance economic progress and contribute to the realisation of the nation’s wider global endeavours.’

Mohamed Ali Al Shorafa, Chairman of ITC, said, ‘The strategic partnership underscores the authority’s efforts to support the UAE’s endeavours on the global stage. At DMT, we prioritise safety and sustainability as we develop our strategic plans, in line with the vision of our leaders through initiatives, projects and partnerships that meet the needs of the UAE. Being part of this prestigious event will highlight these efforts as Abu Dhabi hosts leading decision-makers from around the world.’

Humaid Matar Al Dhaheri, Managing Director and Group CEO, ADNEC Group stated: ‘We are honoured to support the hosting of this global meeting and play a key role in ensuring it success.’

“ADNEC Group is providing a one-stop-shop approach to facilitating the World Trade Organization through its various clusters to ensure the event is a success and lives up to t
he reputation of Abu Dhabi and the UAE overall. This event will exceed expectations, showcasing our commitment to excellence and our ability to deliver world-class experiences for our clients and visitors. We are proud to play a key role in this prestigious event and look forward to welcoming the world to Abu Dhabi,’ he concluded.

At Etihad, we are honoured to contribute to this historic moment as Abu Dhabi hosts this crucial global gathering amidst a pivotal juncture for world trade,’ said Antonoaldo Neves, Group Chief Executive Officer, Etihad. ‘As the national carrier and a key player in global aviation, we consider it a privilege to serve as a strategic partner for MC13. This event offers a unique platform for leading national economic entities, including Etihad, to spotlight the remarkable economic achievements of the UAE on the global stage.”

Hatem Dowidar, Group CEO of e and , believes the agreement will provide an unrivalled platform to demonstrate the company’s state-of-the-art technology on a glob
al stage. ‘We are proud to be part of this landmark event. The company has always been part of the UAE success story and, at MC13, we will have the opportunity to continue this legacy and contribute to the success of this global conference.’

The Ministerial Conference is the uppermost decision-making body of the WTO. Ministers and senior officials representing 164 countries and trading blocs will gather in the UAE capital to review and address issues that face the global trading system. These will include expanding the WTO’s membership and facilitating increased investment in trade technologies to enable more sustainable and resilient supply chains.

Source: Emirates News Agency

SHARJAH: The volume of real estate transactions in the Emirate of Sharjah reached AED3.9 billion in January 2024, according to the latest monthly report released by the Sharjah Real Estate Registration Department.

This constitutes a huge increase compared to January 2023, where the volume reached only AED2 billion. Consequently, the transactions carried out during January 2024 witnessed a significant increase compared to last year, reaching 5,412 during January 2024, while in January 2023, they reached only 2,999.

The department’s statistics show that last January’s total transactions reached 5,412, and the sales transactions reached 879, representing 16.3 percent of the total transactions. As for the number of mortgage transactions, it reached 288, which represented 5.3 percent of the total transactions and a total value of AED 548.1 million. The other remaining transactions amounted to 4,245, representing 78.4 percent of the total transactions.

Sales transactions occurred in 106 areas distributed across
various cities and regions of the emirate, including residential, commercial, industrial, and agricultural lands. As for the traded real estate, 358 lands were traded, built-in land transactions amounted to 282, and the number of units sold in tower transactions reached 239 out of the total number of transactions.

The report also showed that ‘Muwailih Commercial’ topped the list of the highest areas in the number of sales transactions in Sharjah, recording 122 transactions, followed by ‘Al-Mazairah’ area with 114, ‘Al-Khan’ area with 61, and ‘Hoshi’ area with 43 transactions.

As for the most active areas in terms of trading volume, ‘Muwailih Commercial’ came first, with a trading volume of AED164.1 million, followed by ‘Al-Sajaa Industrial’ area with AED152.5 million, ‘Al-Khan’ with AED79.2 million, and ‘Al -Mamzar’ with AED71.7 million.

In the central region, the transactions were concentrated in ‘Al-Madina Al-Qasimia’, with 46 transactions recorded as the highest trading volume numbers, reaching AED32 mi
llion.

In Khor Fakkan, ‘Hay Al-Haray Industrial’ area came first, with seven transactions, while ‘Hayawa 4’ district recorded the highest trading volume numbers, reaching AED3.2 million.

Finally, in the city of Kalba, “Al-Tarif 5” topped with four transactions and was also the highest area in the city regarding trading volume, reaching AED1.5 million.

Source: Emirates News Agency

ABU DHABI: Nasser Abdulla Al Awadhi, Group Chief Executive Officer of Abu Dhabi Islamic Bank (ADIB), said that the bank’s sustainable financing portfolio currently stands at around AED 5.54 billion, and that work is underway to steadily increase it over the coming years.

He added that the bank has clear plans to launch climate neutrality initiatives to strengthen its role as a catalyst for capital projects that focus on addressing pressing environmental and social issues facing the community.

In statements to Emirates News Agency (WAM), Al Awadhi added that the bank will continue to play a leading role in supporting sustainability efforts by providing financing that takes into account its principles. He said that ADIB was the first financial institution in the world to issue US dollar-denominated green sukuk, and that it intends to allocate an amount equal to the net proceeds of the sukuk to finance eligible green projects to accelerate climate change mitigation efforts within the framework of the bank’s su
stainable financing.

He stressed the key role of financial institutions in directing capital towards projects that contribute to promoting sustainability and climate neutrality. He pointed out that the bank has launched a sustainable financing framework in an effort to direct its financing towards projects that contribute to environmental protection and the promotion of social justice.

On the bank’s plans for expansion and growth, Al Awadhi said, that the bank plans to take advantage of local market opportunities for growth and expansion this year. They have a strong financial position and high liquidity to achieve high growth rates. The bank intends to work on launching new products and providing innovative offers to strengthen its market share.

Al Awadhi also stated that the bank’s results for the past year exceeded the expectations of analysts and observers, with net profit growing by 45 percent to AED5.25 billion and revenues increasing by 36 percent to AED9.3 billion. He attributed this to the bank’s
income diversification strategy, which has focused on diversifying and growing its income from sources other than financing.

He pointed out that fee and commission income grew by 18 percent, supported by growth in income from a number of products, including cards, with the issuance of new cards such as the loyalty card and the cashback card. Income from financing sources also grew by 47 percent, driven by higher financing activities and improved margins. He also noted that the bank’s retail sector grew, with the customer base increasing significantly by more than 200,000 to reach 1.2 million customers, the majority of whom are UAE nationals.

ADIB’s Group CEO also pointed out that the bank will continue to strengthen its presence in key markets, including Egypt, which remains an important strategic market for it. He said, “We continue to focus on taking advantage of the opportunities in this promising market by allocating innovative offers and solutions and strengthening our strong presence in the UAE, where
we have more than 60 branches and more than 500 ATMs, in addition to our presence in other strategic markets including Saudi Arabia, Qatar, the United Kingdom, and Iraq.”

Al Awadhi also said that despite operating in a competitive banking environment in the UAE, the bank enjoys a good financial position that allows it to continue to take advantage of the promising opportunities offered by the local market. He noted that all international reports indicate that the national economy will grow by 4 percent in 2024, with a large number of projects that will contribute to economic development and support economic diversification.

He stated that the bank launched several products during the past year that enabled it to increase its market share and attract new customers, and it intends to launch other products during the current year. Its strategy focuses on promoting innovation and launching new products and services, in addition to continuing to invest in the digital transformation strategy that has contributed
this year to improving the level of service, raising operational efficiency, and increasing revenues.

Al Awadhi explained that the bank has succeeded in implementing new projects and taking advantage of large-scale technological transformations, which include adding new features and capabilities to its mobile application. This has led to an increase in the percentage of its customers who rely on its digital services to more than 80 percent.

Al Awadhi highlighted the UAE’s clear strategy to become a leader in all areas, emphasising the importance of diversity, flexibility, and the ability to face challenges in building a strong economy. The UAE Vision aims to create opportunities across sectors like banks, technology, sustainability, and digital transformation.

Al Awadhi also pointed to the role of the banking sector in supporting economic diversification and growth in the UAE. He noted that the sector has witnessed transformations and developments in recent years that have led to a qualitative leap in the
way banks and financial institutions operate, and their rise in the global rankings, as they are considered among the most valuable and influential economic institutions in the region and the world. He pointed out that UAE banks are no longer local institutions, but rather global institutions with activities, businesses and branches in various countries around the world.

The Group CEO of Abu Dhabi Islamic Bank also pointed out that the legislative environment for the banking sector in the UAE has contributed to enabling banks to achieve their growth objectives and contribute to facilitating business and the development of the banking sector, which has succeeded in completing its transformation towards digitisation in a short period of time to meet the aspirations of various customers, whether individuals or companies.

Al Awadhi stated that Abu Dhabi Islamic Bank has a rich pool of national talent, which is one of the highest rates in the banking sector, with Emiratis accounting for 40 percent of the bank’s
total workforce. Women represent 70 percent of the total Emirati workforce at the bank, and Emiratis hold 47 percent of management positions.

Regarding his expectations for the future of global interest rates, Al Awadhi said that there are reports from US Federal Reserve policymakers indicating that inflationary pressures are easing and that the labour market is in a slowdown phase. In response to this, the previous meeting kept the base interest rate unchanged.

Source: Emirates News Agency