Category: Trading

DUBAI: Ilaria Catastini, General Manager of Evolve – Maire Tecnimont Foundation, has emphasised that the UAE plays a key role in promoting the climate neutrality objectives in the Middle East and North Africa region.

In a statement to the Emirates News Agency (WAM), she said that the UAE is at the forefront of the global energy transition, especially in terms of training and developing human resources to achieve climate neutrality.

She noted that, on the sidelines of the 28th UN Climate Change Conference (COP28), the Foundation launched a study that demonstrated the need for large investments in skill and capacity development to accelerate the energy transition. The International Energy Agency expects 14 million job opportunities in clean energy to be created globally by 2030, which requires upskilling millions of employees.

She said that education and training were major topics on the COP28 agenda from the beginning and that there is consensus on the necessity of making a global effort in the field of edu
cation and training to achieve shared climate action goals.

Catastini called for strategic investment in vocational and craft training, in line with the goals of a carbon-free economy, noting that the UAE is qualified to lead in this field.

She emphasised the urgent need to provide new skills in a comprehensive and immediate manner, and to lay the foundation for preparing a workforce capable of leading the global energy transition, by encouraging cooperation with universities to facilitate the exchange of knowledge and enhance educational standards.
Source: Emirates News Agency

DUBAI: Jamil Kawar, Vice President for the Middle East and North Africa (MENA) at ICEYE, an international satellite manufacturing company, said that the UAE continues to strengthen its leadership in space technology, which is an essential tool in addressing climate challenges.

In a statement to the Emirates News Agency (WAM) on the sidelines of COP28, Kawar stressed that the UAE is demonstrating its commitment to expanding the horizons of science and technology for a more sustainable future through space exploration.

He pointed out that space technology plays a critical role in monitoring and understanding climate change, as satellites provide important data on multiple climate variables such as temperature, sea levels, greenhouse gases, ice cover, and forest degradation.

This data opens up new horizons for scientific research and policymaking, which strengthens global efforts to combat climate change, he explained, adding that this also extends to innovation in clean technology, such as improving energy e
fficiency and developing renewable energy sources, as well as its role in awareness and education.

The ICEYE’s VP of Missions in the MENA region emphasised that COP28 was a landmark event that demonstrated the UAE’s leading role in combating climate change and provided the right platform to stimulate international dialogue on innovative solutions for sustainable development. ‘It also highlighted the UAE’s firm commitment to enhance joint global cooperation to address climate challenges.’

He added that COP28 provided opportunities to exchange experiences and new technologies between countries, and to enhance international cooperation in the field of climate research and innovation.
Source: Emirates News Agency

DUBAI: The Sharjah Excellence Award, conducted under the patronage of H.H. Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, Crown Prince and Deputy Ruler of Sharjah, has officially announced the beginning of the evaluation phase across all Award categories.

The Award, organised by the Sharjah Chamber of Commerce and Industry (SCCI), made this announcement after closing participant application submissions for the 2023 Award cycle and receiving participants’ final files.

According to the Award Office, the evaluation phase involves the recruitment of evaluators from across the UAE, selected based on their advanced levels of competence and expertise. After the evaluation teams are formed and approved, participant files will be distributed for them to study and prepare preliminary observations. Then, the evaluation teams and participating entities will coordinate to arrange dates for field visits. The evaluation and rating process will continue through the end of February.

Nada Al Hajri, General Coordinator of
the Sharjah Excellence Award, noted that the Award has garnered significant traction in its 2023 cycle, as well as broad participation on the part of the companies and business communities of the UAE and other GCC countries. This fact attests to the Award’s status among private establishments and the UAE and Gulf business communities as one of the most prominent awards of its kind in the region.

Al Hajri stressed the evaluation teams’ great keenness to begin examining the files of participating entities immediately to ensure they conform to the Award’s conditions and criteria before the jury proceeds with the task of selecting winners. Al Hajri highlighted the stellar reputation of the evaluation procedures and judgment criteria, which follow transparency and objectivity standards and global best practices in dealing with participants and making evaluations.

The Sharjah Excellence Award eight categories are: the Sharjah Gulf Localization Award, the Sharjah Gulf Excellence Award, the Sharjah Excellence Award
, the Sharjah Small and Medium Enterprises Award, the Sharjah Entrepreneurs Award, the Sharjah Social Responsibility Award, the Sharjah Best Security Standards Award, and the Sharjah Entrepreneurs with Disability Award.
Source: Emirates News Agency

DUBAI: The UAE today revealed the details of the General Policy for Sustainable Aviation Fuel, recently approved by the Cabinet.

Developed by the Ministry of Energy and Infrastructure (MoEI) jointly with the General Civil Aviation Authority and other stakeholders from the government and private sector, the Policy is in line with the objectives of the updated UAE Energy Strategy 2050, the UAE Net Zero by 2050 Strategic Initiative, and the National Energy and Water Demand Side Management Programme.

Suhail Mohamed Al Mazrouei, Minister of Energy and Infrastructure, outlined the role of the new Policy in decarbonising the aviation sector and transforming the UAE into a regional hub for low-carbon aviation fuel through developing the local Sustainable Aviation Fuel (SAF) capacity to produce 700 million litres annually.

Minister Al Mazrouei said, “The new Policy includes a voluntary target of providing 1% of fuel supplied to national airlines at UAE airports using locally produced SAF by 2031. The Policy also dr
ives technology and innovation in the aviation sector and develops a national regulatory framework for SAF through exploring potential policies to support the long-term economic operation of SAF facilities in the UAE, building local capacities to improve in-country value, and enhancing the governance maturity of the National SAF Programme.”

He added that through setting clear standards for the production and use of SAF, the Policy is a transformative tool that will make the aviation sector more sustainable as part of a larger plan to reach net zero emissions and contribute to climate change mitigation efforts. The Policy will help form effective partnerships with the private sector to drive investment in sustainable fuel.

Abdulla bin Touq Al Marri, Minister of Economy and Chairman of the General Civil Aviation Authority, said that the Policy represents one of the possibilities that serve the UAE’s vision in transitioning towards a more diverse and low-carbon economic model.

He added that it aligns with its
international commitment to the ‘Dubai Global Framework’ for Sustainable Aviation Fuel, announced by the International Civil Aviation Organisation (ICAO) with the participation of more than 90 countries and 30 relevant international organisations in the conclusion of the third conference on aviation and alternative fuels hosted by the UAE in November 2023.

Bin Touq continued, “The aviation sector contributes to more than 13% of the country’s gross domestic product (GDP), and it is expected that this contribution will double by 170% over the next two decades. There are intensive governmental efforts, in partnership with the private sector, to ensure that this expected growth in the sector follows a low-carbon model. The transition to sustainable aviation fuel is a fundamental cornerstone in achieving this ambitious goal, creating new development opportunities, and enhancing the sustainability prospects of this vital sector.”

For his part, Sharif Al Olama, Undersecretary for Energy and Petroleum Affairs at Mo
EI, said, “The Policy supports the objectives of ICAO in decarbonising the aviation industry. In addition, it will help drive the national economy and help safeguard the environment. It is a major step forward in reducing the aviation sector’s contribution to climate change and enhancing our sustainable development. Biofuel is a much more environmentally friendly alternative to traditional fuel, as it reduces greenhouse gas emissions and air pollution.”

He noted that the General Policy for Sustainable Aviation Fuel is in line with MoEI’s efforts to help meet the UN Sustainable Development Goals (SDGs) and climate commitments.

In the same context, Saif Mohammed Al Suwaidi, Director-General of the General Civil Aviation Authority (GCAA), stated that the public Policy for sustainable aviation fuel represents a key element in the transition towards a low-carbon aviation sector. This aligns with national efforts on climate change and enhances our international commitments agreed upon in collaboration with the IC
AO and within the ‘Dubai Global Framework’ for Sustainable Aviation Fuel. The framework outlines a goal to reduce carbon emissions from the global aviation sector by 5% by 2030.

Al Suwaidi added that this Policy complements and supports the UAE’s efforts in this direction, creating a conducive environment to attract new investments and encouraging companies to expand clean energy production for aviation purposes.

He highlighted that the GCAA, in collaboration with all its partners in the government and private sectors, has taken extensive steps to enhance the infrastructure and legislative framework to embrace this anticipated shift towards sustainable and clean aviation fuel.

National companies in the aviation and energy sectors have also taken advanced steps on this path, establishing regional and international partnerships to research and expand the production of this fuel type.
Source: Emirates News Agency

ABU DHABI: The Abu Dhabi Securities Exchange (ADX), the 2nd largest exchange in the Middle East, and the Shenzhen Stock Exchange (SZSE) signed a Memorandum of Understanding (MoU) today during the Shenzhen delegation’s visit to ADX in the capital of the UAE. This development is part of ADX’s ongoing efforts and initiatives to strengthen relationships with leading global financial institutions, including the recent agreement with the New York Stock Exchange (NYSE).

The ADX-SZSE MoU focuses on bolstering cross-border index and ETF cooperation, as well as exploring international financing opportunities. Both exchanges will look into Joint Market Promotion, Exploration of Cross-border Financing of Listed Companies, Research on the Feasibility of Fixed-Income Product Cooperation, and Experience Sharing in Market Development and Capacity Building.

These initiatives are in close alignment with ADX’s strategy to attract more global investors and solidify its position as a vital and preferred investment destination i
n the international financial market.

Commenting on the signing, Abdulla Salem Al Nuaimi, Chief Executive Officer of ADX, said, ‘The collaboration with SZSE signifies yet another milestone in ADX’s global integration journey. This MoU establishes a foundation for enhanced cooperation and innovation, unlocking new prospects for investors and stakeholders in the Chinese mainland. ADX and SZSE will jointly explore opportunities in financial services, tapping into the dynamic markets of the UAE and China. This strategic partnership underscores our mutual dedication to knowledge exchange, collaborative learning, and the development of innovative products to propel the financial sector forward.”

Tang Rui, Executive Vice President of SZSE, said, ‘With the signing of the MoU, the two exchanges will further deepen cooperation, and carry out pragmatic collaboration in market cultivation and services, cross-border products, cross-border financing mechanism, experience sharing and mutual learning among other areas, set
ting a role model of openness and cooperation for China-UAE capital market.

This strategic collaboration is set to provide a robust platform for financial growth and connectivity between the UAE and China, reflecting ADX’s and SZSE’s commitment to global economic progress.
Source: Emirates News Agency