The International Finance Corporation, a member of the World Bank Group, is providing a $30 million loan to waste management company Averda, as it looks to continue teaming up with UAE-based companies to help them to expand in developing and emerging markets.
The financing will help Averda to build its resilience after the coronavirus pandemic and enable it to continue its planned growth in Oman, Morocco and South Africa, the IFC said on Thursday.
“This is the first IFC investment in the private waste management sector in Middle East and Africa. It is totally aligned with our World Bank Group … Climate Change Action Plan of 2021 to 2025 to boost climate finance to developing countries,” Sufyan Al Issa, IFC's head in the UAE, told The National.
“IFC is committed to play its role in terms of supporting financing for climate business.”
Averda provides waste management services to more than 60,000 private and public sector clients, covering about 12 million residents across eight countries in the Middle East, Africa and South Asia.
The company is increasingly focusing on sustainable solutions that extract value from waste and drive the circular economy.
Waste generation is expected to triple in sub-Saharan Africa and double in North Africa by 2050, and requires immediate action to mitigate its impact on climate, according to a World Bank report.
The investment aligns with the World Bank's climate strategy of increasing climate financing to developing countries and the IFC’s commitment to supporting cross-border investments.
“If we don't make … meaningful progress in tackling the climate crisis in the next decade, we are really in serious trouble,” Mr Al Issa said. “We are running out of time.”
The IFC, which is based in Washington, is the largest global development institution focused on the private sector in developing countries.
It teams up with entities from start-ups to venture capital companies, financial institutions and private companies to boost economic activity and also support the climate and gender agendas.
In 2021, the IFC invested $31.5 billion, including $23.3bn in long-term finance and $8.2bn in short-term financing, in private companies and financial institutions.
IFC’s cross-border investments in GCC-based companies to date stands at $5.1bn from the IFC’s own account and $3.4bn it has in mobilised, financing 148 projects worth $22bn, according to the IFC's data.
The UAE, the second biggest Arab economy, remains a major focus market for the IFC within the six-member economic bloc of GCC. Since 2003, the IFC has invested in 37 UAE companies to help them to expand their investments and operations into developing and emerging markets.
IFC is committed to play its role in terms of supporting financing for climate business
Sufyan Al Issa,
IFC head in UAE
“The key issue for me is around what we do in the UAE … in terms of supporting UAE-based companies, in terms of their expansion and investment in emerging markets, and even bringing them to new markets,” Mr Al Issa said.
“The focus on the UAE is extremely important, given the type of market that we are talking about, the opportunities and also their strategy when it comes to [the] global development agenda and … investments outside the UAE.”
The IFC said there are “a lot of opportunities at this stage”, as the UAE prepares to host Cop28, after Egypt, which is hosting Cop27 this year.
The UAE aims to become carbon neutral by 2050 and plans to invest Dh600bn ($163bn) in clean and renewable energy sources in the next three decades.
Having two major global climate events in the region will give an increased push to climate financing, Mr Al Issa said.
“This, in fact, will give an increasing momentum to the climate agenda, both in terms of attention from governments in the region, but also in the resources that will be put [by] countries and the private sector in the climate business,” he said.
“Key in this space is to have alignment between public sector and private sector investment, as well as IFIs [international financial institutions].”
War 2
Director: Ayan Mukerji
Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana
Rating: 2/5
Getting there
Flydubai flies direct from Dubai to Tbilisi from Dh1,025 return including taxes
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
UAE currency: the story behind the money in your pockets
UAE v Ireland
1st ODI, UAE win by 6 wickets
2nd ODI, January 12
3rd ODI, January 14
4th ODI, January 16
The five pillars of Islam
Who is Mohammed Al Halbousi?
The new speaker of Iraq’s parliament Mohammed Al Halbousi is the youngest person ever to serve in the role.
The 37-year-old was born in Al Garmah in Anbar and studied civil engineering in Baghdad before going into business. His development company Al Hadeed undertook reconstruction contracts rebuilding parts of Fallujah’s infrastructure.
He entered parliament in 2014 and served as a member of the human rights and finance committees until 2017. In August last year he was appointed governor of Anbar, a role in which he has struggled to secure funding to provide services in the war-damaged province and to secure the withdrawal of Shia militias. He relinquished the post when he was sworn in as a member of parliament on September 3.
He is a member of the Al Hal Sunni-based political party and the Sunni-led Coalition of Iraqi Forces, which is Iraq’s largest Sunni alliance with 37 seats from the May 12 election.
He maintains good relations with former Prime Minister Nouri Al Maliki’s State of Law Coaliton, Hadi Al Amiri’s Badr Organisation and Iranian officials.
In 2018, the ICRC received 27,756 trace requests in the Middle East alone. The global total was 45,507.
There are 139,018 global trace requests that have not been resolved yet, 55,672 of these are in the Middle East region.
More than 540,000 individuals approached the ICRC in the Middle East asking to be reunited with missing loved ones in 2018.
The total figure for the entire world was 654,000 in 2018.
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
Killing of Qassem Suleimani
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
Scoreline
Australia 2-1 Thailand
Australia: Juric 69', Leckie 86'
Thailand: Pokklaw 82'
The years Ramadan fell in May
MATCH INFO
Crawley Town 3 (Tsaroulla 50', Nadesan 53', Tunnicliffe 70')
Leeds United 0
More coverage from the Future Forum
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Killing of Qassem Suleimani
Mohammed bin Zayed Majlis
Killing of Qassem Suleimani
The Written World: How Literature Shaped History
Martin Puchner
Granta
Read more about the coronavirus
SPECS
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The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
Dates for the diary
To mark Bodytree’s 10th anniversary, the coming season will be filled with celebratory activities:
- September 21 Anyone interested in becoming a certified yoga instructor can sign up for a 250-hour course in Yoga Teacher Training with Jacquelene Sadek. It begins on September 21 and will take place over the course of six weekends.
- October 18 to 21 International yoga instructor, Yogi Nora, will be visiting Bodytree and offering classes.
- October 26 to November 4 International pilates instructor Courtney Miller will be on hand at the studio, offering classes.
- November 9 Bodytree is hosting a party to celebrate turning 10, and everyone is invited. Expect a day full of free classes on the grounds of the studio.
- December 11 Yogeswari, an advanced certified Jivamukti teacher, will be visiting the studio.
- February 2, 2018 Bodytree will host its 4th annual yoga market.
The Voice of Hind Rajab
Starring: Saja Kilani, Clara Khoury, Motaz Malhees
Director: Kaouther Ben Hania
Rating: 4/5
Killing of Qassem Suleimani
Zayed Sustainability Prize
The essentials
What: Emirates Airline Festival of Literature
When: Friday until March 9
Where: All main sessions are held in the InterContinental Dubai Festival City
Price: Sessions range from free entry to Dh125 tickets, with the exception of special events.
Hot Tip: If waiting for your book to be signed looks like it will be timeconsuming, ask the festival’s bookstore if they have pre-signed copies of the book you’re looking for. They should have a bunch from some of the festival’s biggest guest authors.
Information: www.emirateslitfest.com
Traits of Chinese zodiac animals
Tiger:independent, successful, volatile
Rat:witty, creative, charming
Ox:diligent, perseverent, conservative
Rabbit:gracious, considerate, sensitive
Dragon:prosperous, brave, rash
Snake:calm, thoughtful, stubborn
Horse:faithful, energetic, carefree
Sheep:easy-going, peacemaker, curious
Monkey:family-orientated, clever, playful
Rooster:honest, confident, pompous
Dog:loyal, kind, perfectionist
Boar:loving, tolerant, indulgent
10 tips for entry-level job seekers
- Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
- Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
- Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
- For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
- Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
- Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
- Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
- Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
- Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
- Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.
Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz
Sri Lanka's T20I squad
Thisara Perera (captain), Dilshan Munaweera, Danushka Gunathilaka, Sadeera Samarawickrama, Ashan Priyanjan, Mahela Udawatte, Dasun Shanaka, Sachith Pathirana, Vikum Sanjaya, Lahiru Gamage, Seekkuge Prasanna, Vishwa Fernando, Isuru Udana, Jeffrey Vandersay and Chathuranga de Silva.
UAE currency: the story behind the money in your pockets
How to help
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200
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