Protecting vulnerable nations from the deepening impact of climate change and overcoming the challenges faced in mobilising enough financing to help boost their mitigation and adaptation has led most discussions at the World Bank and International Monetary Fund’s meetings this week in Morocco.
The week-long gathering of thought leaders, policymakers, government officials, corporate bosses, civil society representatives and finance leaders discussed everything from rising debt distress to dimming prospects of medium-term growth and escalating geopolitical risks amid an already shaky economy.
The constant push by the IMF and the World Bank's top executives and policymakers on the need to find solutions for financing for low and middle-income countries, as well as the emphasis on building a cleaner and greener financially stable global economy, was a prelude to their preparations for Cop28.
Annual IMF meeting kicks off in Marrakesh – in pictures
Now, policymakers, regulators and finance leaders are gearing up to meet private sector and government representatives in Dubai between November 30 and December 12 to find solutions for the problems highlighted at the Marrakesh annual meeting.
Clear emphasis is on putting the money on the table to help boost climate mitigation and adaptation efforts to ensure the world does not fall behind its 2050 climate targets.
“Look, it's very important, the Cop28, because in the current fragmented world, if you want to promote initiatives that build the global public good around climate, you need to have big players coming together,” Jihad Azour, director of the IMF’s Middle East and Central Asia Department, told The National on the sidelines of the meetings.
“For us, it's very important because the Mena region has been subjected to [many] climate events over the last two decades. With the increase in temperature that [we have] now, we have demonstrated that it has affected the growth level.”
The UAE, the Arab world’s second-largest economy, is hosting the UN Cop28 climate summit in Dubai, which will bring together heads of states, a who's who of the finance and corporate world, as well as members of civil society.
Tough negotiations are expected to take place in Dubai to put the world back on the path of carbon neutrality by midcentury and new pledges will be needed to bridge the gap in funding required to shield some of most vulnerable countries from the impact of climate change.
“We need to help countries, who are not among the large emitters, in adaptation and this requires investment for countries who have a very, very narrow fiscal space,” Mr Azour said.
Fragility is driving the IMF’s urgency in bringing the worsening climate plight of the some of the poorest nations in the world to the fore, he added.
“This region [also] has a number of countries in a fragile state because of conflict, because of many other issues and we want to raise awareness to support those countries,” he said.
Situmbeko Musokotwanem, Zambia's Minister of Finance and National Planning, said he hopes that Cop28 will deliver a set of policies for Africa to boost investment and financial stability in the region, giving African nations the ability to to deal with climate challenges.
“I think for us, we see this as an opportunity. Of course, it is a challenge but what’s more positive is that we see opportunities … let’s focus on those opportunities rather than putting our arms up in the air,” he told a media briefing.
The IMF also sees climate as a sector that has the potential for growth, investment and job creation, while there is interest in the Middle East North Africa region to increase its research footprint and play a leading global role, Mr Azour said.
“This is why, for us, it [Cop28] is very important,” he said. “It's part of the global growth agenda. Climate is something that you need.”
The IMF is in already collaborating with the UAE on the Cop28 agenda.
In April, the Washington-based fund’s managing director Kristalina Georgieva, Cop28 President-designate Dr Sultan Al Jaber and Mark Carney, UN special envoy for climate action and finance and co-chairman of the Glasgow Financial Alliance for Net Zero, called on governments, international financial institutions, development banks, philanthropic organisations and private financial institutions to collectively help to scale up climate finance and provide access to the trillions of dollars that are needed to achieve climate goals.
Watch: Everyone must be at the table to make transformational progress, Dr Sultan Al Jaber says
Accelerating the partnership between public and private finance can help the world meet climate goals, they said at the time.
Ahead of the annual meetings, the IMF said emerging markets and developing economies will require a huge amount of financing to mitigate climate changes, 80 per cent of which will have to come from the private sector.
Emerging and developing nations, which currently emit around two thirds of greenhouse gases globally, will need about $2 trillion annually by 2030 to reach their climate targets, the fund said, citing the International Energy Agency's estimates.
The projected investment is a fivefold increase from the current $400 billion of climate investments planned over the next seven years, and the majority of the required funding needs to flow into the energy industry, the Washington-based fund said in its Global Financial Stability Report.
Like the IMF, other multilateral lenders also have plans to contribute to advancing the global climate agenda at Cop28.
The World Bank is devising a new strategy, progress on which will be revealed at the UN climate summit next month, the lender's president, Ajay Banga, said in his first major policy address since taking the helm at the bank earlier this year.
“We are developing a new approach to track climate outcomes based on impact. We plan to share more about our progress at Cop28 in Dubai,” Mr Banga said.
“This unified approach could greatly benefit the governments we serve, making it easier for them to access resources from a diverse set of multilateral development banks, focusing lending through a single country platform.”
He said the World Bank, as well the other multilateral development banks, “don’t have a monopoly on good ideas”.
“We should steal shamelessly – and share seamlessly. And we must do it with, and among, think tanks, the private sector, civil society and anyone who is moving the needle. There is much we can do together,” Mr Banga added.
Institutions such as the European Bank for Reconstruction and Development, Asian Development Bank, Islamic Development Bank, European Investment Bank and Asian Infrastructure and Investment Bank are also squeezing their own balance sheets to bring additional financing to the table.
“We will continue our collaboration in the implementation of our joint approach to align our financing flows with the goals of the Paris Agreement on Climate Change,” the heads of the multilateral banks said in a joint statement.
“As we set ourselves for a successful Cop28, we will pursue the launch of several activities and initiatives, including a joint MDB facility to support clients’ long-term strategies [on climate].
“We are working to enhance our approaches to tracking and reporting climate outcomes, while continuing to jointly report our climate finance commitments.”
Mr Azour said the UAE as host and Dr Al Jaber and his team have been reaching out to the emerging world throughout the year and were “very active to have the most inclusive Cop; a Cop that also provides a voice to the south, as well as to new types of issues [facing us].
“I look forward to it, as this Cop will be a turning point, especially [in terms of] addressing some of the issues [such as] fragmentation, cost of financing – higher for longer [interest] is not great – and how international institutions should calibrate their interventions to help.”
Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
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)
The biog
Name: Atheja Ali Busaibah
Date of birth: 15 November, 1951
Favourite books: Ihsan Abdel Quddous books, such as “The Sun will Never Set”
Hobbies: Reading and writing poetry
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MATCH INFO
Uefa Champions League final:
Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports
India squads
T20: Rohit Sharma (c), Shikhar Dhawan, KL Rahul, Sanju Samson, Shreyas Iyer, Manish Pandey, Rishabh Pant, Washington Sundar, Krunal Pandya, Yuzvendra Chahal, Rahul Chahar, Deepak Chahar, Khaleel Ahmed, Shivam Dube, Shardul Thakur
Test: Virat Kohli (c), Rohit Sharma, Mayank Agarwal, Cheteshwar Pujara, Ajinkya Rahane, Hanuma Vihari, Wriddhiman Saha (wk), Ravindra Jadeja, Ravichandran Ashwin, Kuldeep Yadav, Mohammed Shami, Umesh Yadav, Ishant Sharma, Shubman Gill, Rishabh Pant
Tips to stay safe during hot weather
- Stay hydrated: Drink plenty of fluids, especially water. Avoid alcohol and caffeine, which can increase dehydration.
- Seek cool environments: Use air conditioning, fans, or visit community spaces with climate control.
- Limit outdoor activities: Avoid strenuous activity during peak heat. If outside, seek shade and wear a wide-brimmed hat.
- Dress appropriately: Wear lightweight, loose and light-coloured clothing to facilitate heat loss.
- Check on vulnerable people: Regularly check in on elderly neighbours, young children and those with health conditions.
- Home adaptations: Use blinds or curtains to block sunlight, avoid using ovens or stoves, and ventilate living spaces during cooler hours.
- Recognise heat illness: Learn the signs of heat exhaustion and heat stroke (dizziness, confusion, rapid pulse, nausea), and seek medical attention if symptoms occur.
Kibsons%20Cares
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Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
The bio
Favourite book: The Alchemist by Paulo Coelho
Favourite travel destination: Maldives and south of France
Favourite pastime: Family and friends, meditation, discovering new cuisines
Favourite Movie: Joker (2019). I didn’t like it while I was watching it but then afterwards I loved it. I loved the psychology behind it.
Favourite Author: My father for sure
Favourite Artist: Damien Hurst
EPL's youngest
- Ethan Nwaneri (Arsenal)
15 years, 181 days old
- Max Dowman (Arsenal)
15 years, 235 days old
- Jeremy Monga (Leicester)
15 years, 271 days old
- Harvey Elliott (Fulham)
16 years, 30 days old
- Matthew Briggs (Fulham)
16 years, 68 days old
Company name: Farmin
Date started: March 2019
Founder: Dr Ali Al Hammadi
Based: Abu Dhabi
Sector: AgriTech
Initial investment: None to date
Partners/Incubators: UAE Space Agency/Krypto Labs
Ruwais timeline
1971 Abu Dhabi National Oil Company established
1980 Ruwais Housing Complex built, located 10 kilometres away from industrial plants
1982 120,000 bpd capacity Ruwais refinery complex officially inaugurated by the founder of the UAE Sheikh Zayed
1984 Second phase of Ruwais Housing Complex built. Today the 7,000-unit complex houses some 24,000 people.
1985 The refinery is expanded with the commissioning of a 27,000 b/d hydro cracker complex
2009 Plans announced to build $1.2 billion fertilizer plant in Ruwais, producing urea
2010 Adnoc awards $10bn contracts for expansion of Ruwais refinery, to double capacity from 415,000 bpd
2014 Ruwais 261-outlet shopping mall opens
2014 Production starts at newly expanded Ruwais refinery, providing jet fuel and diesel and allowing the UAE to be self-sufficient for petrol supplies
2014 Etihad Rail begins transportation of sulphur from Shah and Habshan to Ruwais for export
2017 Aldar Academies to operate Adnoc’s schools including in Ruwais from September. Eight schools operate in total within the housing complex.
2018 Adnoc announces plans to invest $3.1 billion on upgrading its Ruwais refinery
2018 NMC Healthcare selected to manage operations of Ruwais Hospital
2018 Adnoc announces new downstream strategy at event in Abu Dhabi on May 13
Source: The National
Leap of Faith
Michael J Mazarr
Public Affairs
Dh67
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
THE BIO
Born: Mukalla, Yemen, 1979
Education: UAE University, Al Ain
Family: Married with two daughters: Asayel, 7, and Sara, 6
Favourite piece of music: Horse Dance by Naseer Shamma
Favourite book: Science and geology
Favourite place to travel to: Washington DC
Best advice you’ve ever been given: If you have a dream, you have to believe it, then you will see it.
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
The five pillars of Islam
Killing of Qassem Suleimani
Villains
Queens of the Stone Age
Matador
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
War 2
Director: Ayan Mukerji
Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana
Rating: 2/5
Sly%20Cooper%20and%20the%20Thievius%20Raccoonus
%3Cp%3E%3Cstrong%3EDeveloper%3A%3C%2Fstrong%3E%20Sucker%20Punch%20Productions%3Cbr%3E%3Cstrong%3EPublisher%3A%3C%2Fstrong%3E%20Sony%20Computer%20Entertainment%3Cbr%3E%3Cstrong%3EConsole%3A%3C%2Fstrong%3E%20PlayStation%202%20to%205%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%205%2F5%3C%2Fp%3E%0A
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
Biography
Favourite book: Zen and the Art of Motorcycle Maintenance
Holiday choice: Anything Disney-related
Proudest achievement: Receiving a presidential award for foreign services.
Family: Wife and three children.
Like motto: You always get what you ask for, the universe listens.
Killing of Qassem Suleimani
COMPANY%20PROFILE
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Killing of Qassem Suleimani
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%3Cp%3EAuthor%3A%20Mohsin%20Hamid%C2%A0%3C%2Fp%3E%0A%3Cp%3E192%20pages%C2%A0%3C%2Fp%3E%0A%3Cp%3EPublished%20by%3A%20Hamish%20Hamilton%20(UK)%2C%20Riverhead%20Books%20(US)%3C%2Fp%3E%0A%3Cp%3ERelease%20date%3A%20out%20now%20in%20the%20US%2C%20August%2011%20(UK)%3C%2Fp%3E%0A
