WEEKLY BUSINESS ROUNDUP - 12th November to 18th November 2023

Reports reveal sustainable construction could help MENA region reduce emissions by 60%

As per industry reports construction technologies focused on innovation and sustainability could reduce emissions by up to 60% and generate almost 4.3 million new jobs annually. The region is expected to invest estimated US$2 trillion in new projects by 2035. MENA region is undergoing a construction boom and could leverage sustainable techniques and technology which would have a substantial economic impact. 

 

'Ne’ma' Food Loss and Waste Reduction Roadmap introduced to reduce food waste in UAE by 50% by 2030

The UAE’s Ministry of Climate Change and the Environment announced ‘Ne’ma Food Loss and Waste Reduction Roadmap to reduce food loss and waste in the country by 50% by the year 2030.  This announcement was made at the fourth National Dialogue on Food Security event. This roadmap will be essential in identifying challenges and solutions, mapping food loss hotspots and systemic gaps to mobilize change in the right direction. 

 

UAE participates in GMIS Connect

UAE's Ministry of Industry and Advanced Technology and the United Nations Industrial Development Organisation (UNIDO) held the Trieste Roadshow under the theme ‘Powering Sustainable Manufacturing: The Rise of Green Hydrogen’. This roadshow marked the collaboration of UAE and Italian leaders in exploring green hydrogen technologies, effective policies, and climate crisis navigation strategies. This roadshow reinforced the mission of enabling a hydrogen economy and scaling up hydrogen production and deployment.

 

COP28 bolsters green financing; UAE holds 19% of global sustainable Sukuk

Fitch ratings reinforced that COP 28 will play a part in creating awareness on sustainability and redirecting investments towards an environmentally responsible approach. COP28 wields potential to enhance the issuance of sustainable Sukuk in the future. ESG Sukuk in the UAE constitutes more than 19% of the global ESG Sukuk market. It is reported there is substantial growth of ESG (environmental, social, and governance) Sukuk in the UAE, reaching $6.4 billion by Q3 2023, representing 41% increase from the preceding quarter's $4.5 billion.

 

UAE’s MoIAT announces adoption of new Green ICV criteria

UAE’s Ministry of Industry and Advanced Technology (MoIAT) has announced the adoption of the new Green ICV criteria and bonus within the national ICV program to drive sustainability practices throughout various supply chains. The criteria enable companies to gain up to 3%  bonus on their overall ICV score, giving them a competitive edge in the procurement process.

 

Creative business licenses issued in the UAE reach almost 1 million in H1 2023

The Ministry of Economy during the fifth meeting of the economic integration committee reported that the number of UAE business licenses linked to creative activities registered in the country totalled 932,000 by the end of the first half of 2023. Aiming to attract AED 550 billion in FDI by 2030, UAE is committed to strengthening its position as an economic hub.

 

MoCCAE announces upgrade of 9 of its digital services

The UAE’s Ministry of Climate Change and Environment (MOCCAE) announced the upgrade of nine of its digital services. These developments are central to the Ministry’s commitment to match government directives and develop public services according to the “Services 2.0” project - which aims to increase availability and useability through more channels to  public use.

 

Climate finance grows strength to strength; developed countries aim for USD 100 billion goal

Climate finance provided and mobilised by developed countries for climate action in developing countries reached USD 89.6 billion in 2021 – marking a positive trend of 8% increase over 2020. Further to the target set in 2020, developed countries remain just USD 10 billion short of the goal to mobilise USD 100 billion a year.

 

Dubai Customs marks 13% growth in transactions between January to September 2023

During the first 9 months of 2023, Dubai Customs marked 13% increase in its customs transactions totaling 21.6 million transactions. This reinforces a significant increase compared to  the 19 million transactions recorded in the same period last year and aligns with Dubai’s economic agenda D33.