With just days to go until world leaders meet at Cop28, all eyes are on the horrific developments in the Middle East. As global geopolitical tensions and conflicts intensify, the devastating floods in Libya, rising hunger across the African continent, and persistent drought in Iraq all underscore – again – that we cannot wait to come together to tackle the climate crisis. We have to respond to these crises in parallel. When leaders meet in Dubai, they must address one critical, unmistakable, unrelenting question: how to pay for the action needed to save our planet.
Countries across the Middle East and North Africa have pivoted to climate action, including through Saudi Arabia’s Middle East Green Initiative, which aims to increase regional co-operation and create the infrastructure required to reduce emissions. Additionally, the UAE has made clear that it wants to secure a commitment to triple global renewable energy capacity to 11 terawatts by 2030 as an outcome of their Cop28 Presidency. In the past month, we have seen some meaningful progress in negotiations on the loss and damage fund, but it remains to be seen whether arrangements to operationalise this facility and get funds flowing to climate vulnerable nations will be agreed at Cop28.
However, the world remains reliant on fossil fuels – and the region that exports fossil fuels. If we are to limit warming to 1.5°C and ensure a livable planet, world leaders must consider how to address the phasing out of unabated fossil fuels while scaling up renewables at the same time.
These objectives require huge resources. So, the question remains: how will we pay for the necessary development and climate resilience?
First, we must think creatively about how our global institutions can provide access to sustainable, long-term financing at lower-than-market rates. This will help developing countries afford to invest in their economic futures.
To do so, the World Bank and similar public institutions must change and modernise how they lend, manage risk and safeguard their capital adequacy/reserves.
At the recent World Bank and International Monetary Fund Annual Meetings in Marrakesh, we made the case to Bank management and shareholders that, by adopting practices already used by commercial banks, these institutions could potentially open up hundreds of billions of dollars in additional loans for the countries that need them.
A study released in September by independent firm Risk Control shows that modern capital management practices would allow the World Bank to expand its lending for development and climate resilience by nearly $190 billion. These are actions that can be taken now, while use of callable capital, capital increases and longer-term reforms to the Bank are being negotiated.
The African Development Bank has put forward another creative idea to increase the amount of financing: enabling richer countries with unused Special Drawing Rights to rechannel these resources to developing countries. The unique structure of multilateral development banks, along with their favorable credit ratings, means that given access to these unused SDRs, they could leverage them to triple or quadruple their value. This would maximise their impact to help lower-income countries meet urgent climate and development finance needs.
The success of this proposal depends on leadership – leadership that could come from countries in the Middle East. In Marrakesh, we helped bring key nations together, with the support of the Cop28 Presidency, to advance the proposal. Building momentum and taking this proposal to Cop28 — potentially led by a forward-thinking, innovative leader from the region — could spur a number of other governments from the G7 and G20 to join, ultimately giving developing countries the tools they need to invest in climate resilience and future economic growth.
Second, we must recognise the role of the private sector. Developing countries will need $2.4 trillion each year by 2030 to reduce emissions and respond to climate change. The scale of the funding means that private sector capital will be vital.
At the Annual Meetings, World Bank President Ajay Banga set out a vision for the development institutions to significantly scale private sector partnerships. Governments and philanthropies like the Rockefeller Foundation can help mobilise larger amounts of private sector investment into emerging markets by using their own more limited resources as catalytic capital.
Institutional investors, like sovereign wealth funds, have a long history of fostering change in emerging markets. We need to leverage that expertise at Cop28 to develop practical solutions that can deliver the transformation we need to see.
Third, we must reduce the cost of capital. As we have seen in recent analysis, African governments – for example – pay five times as much for bonds in the capital markets as they would when borrowing from the World Bank.
To bring down these costs, we need to look at several challenges – currency risk, investor risk perceptions and the scarcity of lower-cost, longer tenure capital. To make any progress, we need to narrow our focus and develop concrete proposals that can be operationalised at Cop28.
As leaders gather in Dubai to take stock of global progress against climate goals, the world will once again be looking to the Gulf and asking questions that will define our shared future. I hope that together we can identify some answers to meet this critical moment.
Killing of Qassem Suleimani
How to get exposure to gold
Although you can buy gold easily on the Dubai markets, the problem with buying physical bars, coins or jewellery is that you then have storage, security and insurance issues.
A far easier option is to invest in a low-cost exchange traded fund (ETF) that invests in the precious metal instead, for example, ETFS Physical Gold (PHAU) and iShares Physical Gold (SGLN) both track physical gold. The VanEck Vectors Gold Miners ETF invests directly in mining companies.
Alternatively, BlackRock Gold & General seeks to achieve long-term capital growth primarily through an actively managed portfolio of gold mining, commodity and precious-metal related shares. Its largest portfolio holdings include gold miners Newcrest Mining, Barrick Gold Corp, Agnico Eagle Mines and the NewMont Goldcorp.
Brave investors could take on the added risk of buying individual gold mining stocks, many of which have performed wonderfully well lately.
London-listed Centamin is up more than 70 per cent in just three months, although in a sign of its volatility, it is down 5 per cent on two years ago. Trans-Siberian Gold, listed on London's alternative investment market (AIM) for small stocks, has seen its share price almost quadruple from 34p to 124p over the same period, but do not assume this kind of runaway growth can continue for long
However, buying individual equities like these is highly risky, as their share prices can crash just as quickly, which isn't what what you want from a supposedly safe haven.
UAE currency: the story behind the money in your pockets
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
The five pillars of Islam
Zayed Sustainability Prize
Mohammed bin Zayed Majlis
Company%20profile
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Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
Jawan
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The five pillars of Islam
Company%20profile
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The specs
Engine: 6.2-litre V8
Power: 502hp at 7,600rpm
Torque: 637Nm at 5,150rpm
Transmission: 8-speed dual-clutch auto
Price: from Dh317,671
On sale: now
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About Okadoc
Date started: Okadoc, 2018
Founder/CEO: Fodhil Benturquia
Based: Dubai, UAE
Sector: Healthcare
Size: (employees/revenue) 40 staff; undisclosed revenues recording “double-digit” monthly growth
Funding stage: Series B fundraising round to conclude in February
Investors: Undisclosed
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
TO A LAND UNKNOWN
Director: Mahdi Fleifel
Starring: Mahmoud Bakri, Aram Sabbah, Mohammad Alsurafa
Rating: 4.5/5
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Hachette Books
Conflict, drought, famine
Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.
Band Aid
Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.
Profile
Company: Justmop.com
Date started: December 2015
Founders: Kerem Kuyucu and Cagatay Ozcan
Sector: Technology and home services
Based: Jumeirah Lake Towers, Dubai
Size: 55 employees and 100,000 cleaning requests a month
Funding: The company’s investors include Collective Spark, Faith Capital Holding, Oak Capital, VentureFriends, and 500 Startups.
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Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Key figures in the life of the fort
Sheikh Dhiyab bin Isa (ruled 1761-1793) Built Qasr Al Hosn as a watchtower to guard over the only freshwater well on Abu Dhabi island.
Sheikh Shakhbut bin Dhiyab (ruled 1793-1816) Expanded the tower into a small fort and transferred his ruling place of residence from Liwa Oasis to the fort on the island.
Sheikh Tahnoon bin Shakhbut (ruled 1818-1833) Expanded Qasr Al Hosn further as Abu Dhabi grew from a small village of palm huts to a town of more than 5,000 inhabitants.
Sheikh Khalifa bin Shakhbut (ruled 1833-1845) Repaired and fortified the fort.
Sheikh Saeed bin Tahnoon (ruled 1845-1855) Turned Qasr Al Hosn into a strong two-storied structure.
Sheikh Zayed bin Khalifa (ruled 1855-1909) Expanded Qasr Al Hosn further to reflect the emirate's increasing prominence.
Sheikh Shakhbut bin Sultan (ruled 1928-1966) Renovated and enlarged Qasr Al Hosn, adding a decorative arch and two new villas.
Sheikh Zayed bin Sultan (ruled 1966-2004) Moved the royal residence to Al Manhal palace and kept his diwan at Qasr Al Hosn.
Sources: Jayanti Maitra, www.adach.ae
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
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
Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
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Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
Killing of Qassem Suleimani
Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
Available: Now
Zayed Sustainability Prize
SPECS
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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 specs: 2019 Chevrolet Bolt EV
Price, base: Dh138,000 (estimate)
Engine: 60kWh battery
Transmission: Single-speed Electronic Precision Shift
Power: 204hp
Torque: 360Nm
Range: 520km (claimed)
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
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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.
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match info
Athletic Bilbao 1 (Muniain 37')
Atletico Madrid 1 (Costa 39')
Man of the match Iker Muniain (Athletic Bilbao)
