The Asian Infrastructure Investment Bank will set up its first overseas office in Abu Dhabi to expand its operations in the region.
A host member agreement to establish the office at Abu Dhabi Global Market was signed by Dr Sultan Al Jaber — Minister of Industry and Advanced Technology, President-designate of the Cop28 summit and UAE governor of the AIIB — and Jin Liqun, president of the AIIB, the bank said on Wednesday.
The agreement to host the overseas operational office of the AIIB reflects the UAE’s commitment to enhancing co-operation with international organisations and institutions focused on sustainable economic growth for developing countries, Dr Al Jaber said.
The office will be a strategic destination in the Middle East and the world, supporting the bank’s development agenda and financing infrastructure projects to achieve sustainable economic growth, especially in the Global South, he said.
“The world is playing catch-up on the goals of the Paris Agreement and the most significant obstacle we face is capital,” Dr Al Jaber said.
“We need to scale up climate finance to accelerate clean energy, adaptation, and support loss and damage.
"International financial institutions such as AIIB can play a critical role in de-risking investments and supporting emerging economies.
"This will boost economic growth, help eradicate poverty and accelerate climate action.”
The comments come as the UAE, the Arab world’s second-largest economy, prepares to host the Cop28 summit from November 30 to December 12.
The issue of climate finance remains a key concern for countries as they focus on cutting emissions to limit global warming.
Global investments in energy transition technology must quadruple to $35 trillion by 2030 to stay in line with commitments made under the Paris climate agreement, according to a recent report by the International Renewable Energy Agency.
Investments in renewable energy technology reached a record $1.3 trillion last year.
But that figure must rise to about $5 trillion annually to meet the key Paris accord target of limiting temperature increases to 1.5ºC above pre-industrial levels, the Abu Dhabi-based agency said in its World Energy Transitions Outlook 2023 preview.
“I have just returned from the Spring Meetings [of the World Bank and the International Monetary Fund] in Washington DC, as well as the G7 meeting in Japan," Dr Al Jaber said.
"At both of these major global events, climate finance took centre stage.
“The world needs to act faster and go further to ensure the availability, accessibility and affordability of climate finance. The AIIB can play an instrumental role in moving from ambition to action.”
Based in Beijing, AIIB has 106 members, with the UAE joining as a founding and permanent member in 2015.
The bank has $100 billion in capital and the UAE’s contribution is about $1.185 billion, the statement said.
The Abu Dhabi Fund for Development is mandated to represent the UAE in the bank.
AIIB has financed 212 projects so far with a total value of $40.37 billion to support the economic development in different countries.
“As a founding member of the AIIB, the UAE actively contributes to the bank’s sound governance and rapid growth,” Mr Liqun said.
”The establishment of the operational office in the UAE gives the bank a robust platform to manage its growing investment portfolio.
"It also enhances our client and member engagement, project monitoring and implementation services across the globe.”
BRAZIL SQUAD
Alisson (Liverpool), Daniel Fuzato (Roma), Ederson (Man City); Alex Sandro (Juventus), Danilo (Juventus), Eder Militao (Real Madrid), Emerson (Real Betis), Felipe (Atletico Madrid), Marquinhos (PSG), Renan Lodi (Atletico Madrid), Thiago Silva (PSG); Arthur (Barcelona), Casemiro (Real Madrid), Douglas Luiz (Aston Villa), Fabinho (Liverpool), Lucas Paqueta (AC Milan), Philippe Coutinho (Bayern Munich); David Neres (Ajax), Gabriel Jesus (Man City), Richarlison (Everton), Roberto Firmino (Liverpool), Rodrygo (Real Madrid), Willian (Chelsea).
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UAE currency: the story behind the money in your pockets
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Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
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Email sent to Uber team from chief executive Dara Khosrowshahi
From: Dara
To: Team@
Date: March 25, 2019 at 11:45pm PT
Subj: Accelerating in the Middle East
Five years ago, Uber launched in the Middle East. It was the start of an incredible journey, with millions of riders and drivers finding new ways to move and work in a dynamic region that’s become so important to Uber. Now Pakistan is one of our fastest-growing markets in the world, women are driving with Uber across Saudi Arabia, and we chose Cairo to launch our first Uber Bus product late last year.
Today we are taking the next step in this journey—well, it’s more like a leap, and a big one: in a few minutes, we’ll announce that we’ve agreed to acquire Careem. Importantly, we intend to operate Careem independently, under the leadership of co-founder and current CEO Mudassir Sheikha. I’ve gotten to know both co-founders, Mudassir and Magnus Olsson, and what they have built is truly extraordinary. They are first-class entrepreneurs who share our platform vision and, like us, have launched a wide range of products—from digital payments to food delivery—to serve consumers.
I expect many of you will ask how we arrived at this structure, meaning allowing Careem to maintain an independent brand and operate separately. After careful consideration, we decided that this framework has the advantage of letting us build new products and try new ideas across not one, but two, strong brands, with strong operators within each. Over time, by integrating parts of our networks, we can operate more efficiently, achieve even lower wait times, expand new products like high-capacity vehicles and payments, and quicken the already remarkable pace of innovation in the region.
This acquisition is subject to regulatory approval in various countries, which we don’t expect before Q1 2020. Until then, nothing changes. And since both companies will continue to largely operate separately after the acquisition, very little will change in either teams’ day-to-day operations post-close. Today’s news is a testament to the incredible business our team has worked so hard to build.
It’s a great day for the Middle East, for the region’s thriving tech sector, for Careem, and for Uber.
Uber on,
Dara
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Punjabi Legends Owners: Inzamam-ul-Haq and Intizar-ul-Haq; Key player: Misbah-ul-Haq
Pakhtoons Owners: Habib Khan and Tajuddin Khan; Key player: Shahid Afridi
Maratha Arabians Owners: Sohail Khan, Ali Tumbi, Parvez Khan; Key player: Virender Sehwag
Bangla Tigers Owners: Shirajuddin Alam, Yasin Choudhary, Neelesh Bhatnager, Anis and Rizwan Sajan; Key player: TBC
Colombo Lions Owners: Sri Lanka Cricket; Key player: TBC
Kerala Kings Owners: Hussain Adam Ali and Shafi Ul Mulk; Key player: Eoin Morgan
Venue Sharjah Cricket Stadium
Format 10 overs per side, matches last for 90 minutes
Timeline October 25: Around 120 players to be entered into a draft, to be held in Dubai; December 21: Matches start; December 24: Finals
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