Leading figures have sounded the alarm as they gathered in the UAE ahead of the next major round of UN climate talks at Cop30, in Brazil.
Speaking at an event in Abu Dhabi on Thursday, Majid Al Suwaidi, chief of climate investment vehicle, Alterra, warned that the talks are up against “significant challenges”.
“To date, only 15 updated Nationally Determined Contributions (NDCs) have been submitted,” Mr Al Suwaidi said.
While the original deadline was February, a revised cut off in September is now the last window to submit updated pledges before Cop30 opens in Belem, Brazil, in November. Both Brazil and the UAE laid out robust NDCs ahead of the initial February deadline.
“Ambition and finance go hand in hand,” Mr Al Suwaidi added. “The world will be watching closely to see whether these NDCs rise to the level of ambition that we truly need.”
Mr Al Suwaidi, a seasoned climate negotiator and Cop28 director general, praised Brazil's leadership skill, noting the country's track record of inclusive dialogue and its symbolic role as steward of the Amazon. “I have great confidence in the Brazilian residency, their diplomatic skills have been evident throughout the climate negotiations, and was on full display during their successful G20 presidency last year.”
EU's NDC's on track to meet new deadline
Discussions at Cop30 are expected to focus on whether national climate plans will collectively keep humanity on track to meet the Paris Agreement’s goals, as well as on the mobilisation of $1.3 trillion in climate finance hammered in at climate talks at Cop29.
At Cop29 in Baku, Azerbaijan, Marina Silva, Brazil's Minister of Environment, described it as the finance Cop but claimed Cop30 would be the Cop of NDCs. Climate activists hope more can be achieved in Brazil than in Baku.
EU ambassador to the UAE, Lucie Berger, confirmed to The National that the bloc is on track to submit its updated contribution by September, but noted that all 27 member states must align through democratic processes.
Ms Berger pointed to Cop28 in Dubai as a turning point, where global agreement was reached on transitioning away from fossil fuels and tripling renewable energy capacity. “We've shown that coalition-building around shared causes works,” she said. “Now we need to bring that same spirit to Cop30.”
Ms Berger also highlighted the Amazon as a fitting host for the summit's 30th milestone. “We need to see measurable, inclusive progress on nature, biodiversity, and deforestation,” she said.
On the ground, she added that the EU and the UAE are looking to co-operate on clean energy projects in the Middle East and North Africa, as well as explore co-operation on carbon trading and pricing. “I think we're currently looking for more strategic partners and the UAE comes naturally to mind,” she said.
What is at stake?
For Pacific nations on the front lines of climate disruption, firm national and financial commitments cannot come soon enough.
Fiji's ambassador to the UAE, Siddiq Koya, warned that time is running out for communities facing rising seas, worsening storms and crop loss. “This is the last batch of NDCs that matter,” he said. “For the Pacific, 1.5°C is not a policy preference – it's a red line for survival.”
He stressed the need for finance systems that are accessible and tailored to vulnerable nations' needs. “We are delivering, but we cannot deliver alone,” he said, mentioning loss of coral reefs, forced relocations and unsustainable rebuilding cycles.
Christoph Klarmann, Chargé dÁffaires of the German embassy, echoed those concerns. Recounting a recent landslide in the Swill Village of Blatten caused by glacial melt, he warned: “Climate change is not just a climate emergency. It is actually a human emergency. The consequences affect water, food, health, security and ultimately peace.”
Germany, he added, remains committed to its net zero target by 2045, and views the UAE's new climate law and corporate decarbonisation requirements as positive progress.
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
The Pope's itinerary
Sunday, February 3, 2019 - Rome to Abu Dhabi
1pm: departure by plane from Rome / Fiumicino to Abu Dhabi
10pm: arrival at Abu Dhabi Presidential Airport
Monday, February 4
12pm: welcome ceremony at the main entrance of the Presidential Palace
12.20pm: visit Abu Dhabi Crown Prince at Presidential Palace
5pm: private meeting with Muslim Council of Elders at Sheikh Zayed Grand Mosque
6.10pm: Inter-religious in the Founder's Memorial
Tuesday, February 5 - Abu Dhabi to Rome
9.15am: private visit to undisclosed cathedral
10.30am: public mass at Zayed Sports City – with a homily by Pope Francis
12.40pm: farewell at Abu Dhabi Presidential Airport
1pm: departure by plane to Rome
5pm: arrival at the Rome / Ciampino International Airport
UAE currency: the story behind the money in your pockets
COMPANY PROFILE
● Company: Bidzi
● Started: 2024
● Founders: Akshay Dosaj and Asif Rashid
● Based: Dubai, UAE
● Industry: M&A
● Funding size: Bootstrapped
● No of employees: Nine
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
DEADPOOL & WOLVERINE
Starring: Ryan Reynolds, Hugh Jackman, Emma Corrin
Director: Shawn Levy
Rating: 3/5
Company profile
Name: Back to Games and Boardgame Space
Started: Back to Games (2015); Boardgame Space (Mark Azzam became co-founder in 2017)
Founder: Back to Games (Mr Azzam); Boardgame Space (Mr Azzam and Feras Al Bastaki)
Based: Dubai and Abu Dhabi
Industry: Back to Games (retail); Boardgame Space (wholesale and distribution)
Funding: Back to Games: self-funded by Mr Azzam with Dh1.3 million; Mr Azzam invested Dh250,000 in Boardgame Space
Growth: Back to Games: from 300 products in 2015 to 7,000 in 2019; Boardgame Space: from 34 games in 2017 to 3,500 in 2019
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
Results
Stage 7:
1. Caleb Ewan (AUS) Lotto Soudal - 3:18:29
2. Sam Bennett (IRL) Deceuninck-QuickStep - same time
3. Phil Bauhaus (GER) Bahrain Victorious
4. Michael Morkov (DEN) Deceuninck-QuickStep
5. Cees Bol (NED) Team DSM
General Classification:
1. Tadej Pogacar (SLO) UAE Team Emirates - 24:00:28
2. Adam Yates (GBR) Ineos Grenadiers - 0:00:35
3. Joao Almeida (POR) Deceuninck-QuickStep - 0:01:02
4. Chris Harper (AUS) Jumbo-Visma - 0:01:42
5. Neilson Powless (USA) EF Education-Nippo - 0:01:45
The biog
Favourite hobby: taking his rescue dog, Sally, for long walks.
Favourite book: anything by Stephen King, although he said the films rarely match the quality of the books
Favourite film: The Shawshank Redemption stands out as his favourite movie, a classic King novella
Favourite music: “I have a wide and varied music taste, so it would be unfair to pick a single song from blues to rock as a favourite"
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Company profile
Name: Dukkantek
Started: January 2021
Founders: Sanad Yaghi, Ali Al Sayegh and Shadi Joulani
Based: UAE
Number of employees: 140
Sector: B2B Vertical SaaS(software as a service)
Investment: $5.2 million
Funding stage: Seed round
Investors: Global Founders Capital, Colle Capital Partners, Wamda Capital, Plug and Play, Comma Capital, Nowais Capital, Annex Investments and AMK Investment Office
