Trade to have special focus at Cop28 summit in Dubai

International trade will receive special focus at the Cop28 summit in Dubai later this year, to highlight the key role it plays in accelerating climate action, officials have said.

A dedicated day will focus on trade – a first for the climate summit – under the UAE’s Cop28 presidency.

It will highlight trade's role as an enabler of climate-smart growth, including supply-chain resilience, the Ministry of Economy said on Thursday.

The ministry, the Cop28 presidency and Minister of State for Foreign Trade Dr Thani Al Zeyoudi will co-lead the committee on trade for the summit alongside the World Trade Organisation secretariat.

The UN Conference on Trade and Development, the International Chamber of Commerce, the World Economic Forum and the Abu Dhabi Department of Economic Development have also all been invited to help shape discussions during the summit, the ministry said.

“International trade, as a cornerstone of economic growth, jobs, and livelihoods, is an essential tool in accelerating climate action,” said Dr Sultan Al Jaber, Cop28 President-designate and Minister of Industry and Advanced Technology.

“It has the potential to unlock investments in emerging economies, to boost uptake of clean energy technologies, and to support green jobs and innovation.

“The inclusion of trade in the Cop28 thematic programme is a deliberate and targeted effort to bring more stakeholders on board in our effort to fast-track climate action.”

The summit begins in November when the world will complete a first-ever “global stocktake” of progress in limiting climate change and protecting the environment.

The organisers of the summit recently revealed a detailed agenda, which includes talks on health, relief, recovery and peace, finance, trade, gender equality and accountability as well as energy, industry and a just transition.

“As a global supply chain hub, the UAE understands how significant a role the international trading community can play in championing energy transition and delivering sustainable growth across the world,” Dr Al Zeyoudi said.

“We are excited that Cop28 will showcase the opportunities in the sector for future-focused thinking that can deliver a trading system that is smarter, faster and more inclusive – especially for SMEs [small and medium enterprises] and MSMEs [micro SMEs] across the developing world.”

The UAE’s non-oil foreign trade surged 17 per cent to reach a record Dh2.23 trillion ($607.1 billion) last year amid the country's economic diversification efforts.

The Arab world’s second largest economy is also forging new deals with various countries globally through Comprehensive Economic Partnership Agreements.

“We want to mobilise world leaders to unite in using trade policy and trade facilitation to scale up trade in environmental goods and services and to accelerate decarbonising supply chains and making them more inclusive and more resilient to climate shocks,” said WTO director general Dr Ngozi Okonjo-Iweala.

The UAE views climate change mitigation as a major catalyst for sustainable socio-economic development, underpinned by a smart and circular economic strategy that “encourages the inclusive flow of trade, supply-chain efficiency, and trade tech, creating new opportunities for exporters, manufacturers and investors”, said Ahmed Al Zaabi, chairman of the economic development department.

“As the catalyst of Abu Dhabi’s economic growth and diversification, Added is doubling down its efforts in raising the emirate’s trade stature to new heights, elevating its competitive edge as a global trade and investment hub,” he said.

Zakat definitions

Zakat: an Arabic word meaning ‘to cleanse’ or ‘purification’.

Nisab: the minimum amount that a Muslim must have before being obliged to pay zakat. Traditionally, the nisab threshold was 87.48 grams of gold, or 612.36 grams of silver. The monetary value of the nisab therefore varies by current prices and currencies.

Zakat Al Mal: the ‘cleansing’ of wealth, as one of the five pillars of Islam; a spiritual duty for all Muslims meeting the ‘nisab’ wealth criteria in a lunar year, to pay 2.5 per cent of their wealth in alms to the deserving and needy.

Zakat Al Fitr: a donation to charity given during Ramadan, before Eid Al Fitr, in the form of food. Every adult Muslim who possesses food in excess of the needs of themselves and their family must pay two qadahs (an old measure just over 2 kilograms) of flour, wheat, barley or rice from each person in a household, as a minimum.

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Other workplace saving schemes

The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.

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If you go

The flights

The closest international airport for those travelling from the UAE is Denver, Colorado. British Airways (www.ba.com) flies from the UAE via London from Dh3,700 return, including taxes. From there, transfers can be arranged to the ranch or it’s a seven-hour drive. Alternatively, take an internal flight to the counties of Cody, Casper, or Billings

The stay

Red Reflet offers a series of packages, with prices varying depending on season. All meals and activities are included, with prices starting from US$2,218 (Dh7,150) per person for a minimum stay of three nights, including taxes. For more information, visit red-reflet-ranch.net.

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Other acts on the Jazz Garden bill

Sharrie Williams
The American singer is hugely respected in blues circles due to her passionate vocals and songwriting. Born and raised in Michigan, Williams began recording and touring as a teenage gospel singer. Her career took off with the blues band The Wiseguys. Such was the acclaim of their live shows that they toured throughout Europe and in Africa. As a solo artist, Williams has also collaborated with the likes of the late Dizzy Gillespie, Van Morrison and Mavis Staples.
Lin Rountree
An accomplished smooth jazz artist who blends his chilled approach with R‘n’B. Trained at the Duke Ellington School of the Arts in Washington, DC, Rountree formed his own band in 2004. He has also recorded with the likes of Kem, Dwele and Conya Doss. He comes to Dubai on the back of his new single Pass The Groove, from his forthcoming 2018 album Stronger Still, which may follow his five previous solo albums in cracking the top 10 of the US jazz charts.
Anita Williams
Dubai-based singer Anita Williams will open the night with a set of covers and swing, jazz and blues standards that made her an in-demand singer across the emirate. The Irish singer has been performing in Dubai since 2008 at venues such as MusicHall and Voda Bar. Her Jazz Garden appearance is career highlight as she will use the event to perform the original song Big Blue Eyes, the single from her debut solo album, due for release soon.