The UAE wants to see no let-up in global climate ambitions at Cop29, a senior official has said, as leaders, government officials and environmental activists from around the world prepare to meet for the UN talks in Azerbaijan from November 11 to 22.
Abdulla Balalaa, Assistant Minister of Foreign Affairs for Energy and Sustainability, told The National in an exclusive interview that the world sealed an ambitious agreement at the crucial Cop28 talks in Dubai last year and now the focus needed to turn to implementation, with scaling up climate finance at the heart of this approach.
“Cop29 will be a finance Cop,” Mr Balalaa said on Wednesday. “If we are serious about climate action – and if there is no finance to support that action agenda – then we will not solve the problem and eventually not keep the 1.5ºC goal within reach.
“We want to see no decrease in the ambition that Cop28 had.”
Countries need to agree in Baku on a new target – called the New Collective Quantified Goal – to replace the $100 billion a year for developing countries to help them shift from fossil fuels and embrace sustainable energy systems.
Trillions of dollars are believed to be needed but countries remain some way apart on a deal.
Mr Balalaa, a member of the UAE's Cop29 delegation, said there were a lot of “discussions” at the pre-Cop gathering in Baku earlier this month, and elsewhere, but finance could not be negotiated in separation from other areas. He said he believed “our colleagues in Azerbaijan will come up with something”.
“We're at the last mile of that discussion and we're getting closer to Baku, so it depends on how the negotiations will go,” he said.
When asked if countries remain far apart on how much money is needed, he said there will “always be a discussion between the Global South and Global North” and predicted that this discussion will continue during Cop29.
“The hope is to come up with a scalable finance goal … that can meet the ambition [of] what the world agreed in Dubai,” he said.
Loss and damage funds
One of the main achievements at Cop28 was the deal to bring the contentious loss and damage fund into operation, which he describes as “one of those moments that I will never forget”.
The climate disaster fund aims to help vulnerable countries deal with the effects of climate change and was agreed on the first day of the summit. Such a fund was long-sought by countries on the front lines of climate change who often have done the least to cause the problems.
“I'm old enough to remember that it used to be once in a blue moon that we heard about a catastrophe or a natural disaster,” he said. “Today, we see this every two weeks.”
Mr Balalaa noted that the increasing prevalence of extreme weather events was at the heart of the UAE’s drive towards an “open to business” fund being finalised by Cop29, to get the money out to those who need it most.
“Because we realise how big the need is for such a fund,” he said. “Hopefully we're at the final stage to get it open for business within Cop29.”
More than $850m has been pledged so far and he said the UAE was now working on turning pledges into contributions.
Some have argued that funds can be hard and time-consuming to access but Mr Balalaa said there would always be terms, references and eligibility criteria but it was “the intention” this fund would be more accessible.
Water at heart of climate action
Water is also expected to be a central part of Cop29. Climate change and water are linked to patterns such as rising seas and droughts and these are particularly important for the UAE.
“We Emiratis understand the importance of water,” he said. “When we talk about water today, you cannot talk about it in isolation from food security, from energy and of course, from climate change.”
Noting that the UAE is committed to tackling this issue globally, he pointed to how President Sheikh Mohamed in February launched the Mohamed bin Zayed Water Initiative and at Cop28 the UAE pledged $150m to fund water security initiatives in vulnerable countries. The UAE and Senegal are also co-hosts of the next UN Water Conference, which will be held in the UAE in 2026
Globally, the UN’s new special envoy on water, Retno Marsudi, starts on November 1 and Mr Balalaa said he had picked up signals the world was taking this issue seriously.
Geopolitical landscape heading into Cop29
Cop29 takes place amid a challenging geo-political landscape including wars in Gaza and Ukraine. Mr Balalaa said the impact of climate change is happening regardless of these conflicts.
“I really hope people see that climate is affecting everyone,” he said. “It's the one planet we all live on. We really hope countries and member states look at it in a way that can benefit us all.”
The Cop28 deal - known as the UAE Consensus - also included pledges to transition away from fossil fuels and triple renewable energy along with the galvanising of more than $80 billion in climate finance. He said the UAE was “walking the talk” and is investing in renewable energy across the world.
“It can be profitable, it's deployable, it's scalable,” he said, regarding global renewable energy. “I think the issue remains finance.”
Cop28's imprint on the UAE
Azerbaijan takes over the Cop presidency from the UAE in just days. But the Cop Presidencies Troika – where the UAE has teamed up with the next two hosts of the climate conference, Azerbaijan and Brazil, to keep the momentum going – means the UAE will continue to have a major role in global climate action.
A new UAE climate plan – known as a nationally determined contribution – is also expected before Cop29. Regardless, the impact of the Cop28 presidency on the UAE has been clear.
“The legacy of Cop28 has actually been worked out by multiple organisations within the UAE," Mr Balalaa said. “Climate change is in every single agenda meeting we have, whether it be the Ministry of Foreign Affairs; Ministry of Environment; or Ministry of Energy and Infrastructure.
“If there is something we don't compromise with, it is our credibility,” he said. “When we say we will do something, we do it, especially if it's for a noble cause such as climate change.”
COMPANY PROFILE
Name: N2 Technology
Founded: 2018
Based: Dubai, UAE
Sector: Startups
Size: 14
Funding: $1.7m from HNIs
Company%20Profile
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3ENadeera%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Abu%20Dhabi%2C%20UAE%3Cbr%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3ERabih%20El%20Chaar%20and%20Reem%20Khattar%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3ECleanTech%3Cbr%3E%3Cstrong%3ETotal%20funding%3A%3C%2Fstrong%3E%20About%20%241%20million%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EHope%20Ventures%2C%20Rasameel%20Investments%20and%20support%20from%20accelerator%20programmes%20%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%2012%3C%2Fp%3E%0A
The Limehouse Golem
Director: Juan Carlos Medina
Cast: Olivia Cooke, Bill Nighy, Douglas Booth
Three stars
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UAE v IRELAND
All matches start at 10am, and will be played in Abu Dhabi
1st ODI, Friday, January 8
2nd ODI, Sunday, January 10
3rd ODI, Tuesday, January 12
4th ODI, Thursday, January 14
if you go
The flights
Etihad, Emirates and Singapore Airlines fly direct from the UAE to Singapore from Dh2,265 return including taxes. The flight takes about 7 hours.
The hotel
Rooms at the M Social Singapore cost from SG $179 (Dh488) per night including taxes.
The tour
Makan Makan Walking group tours costs from SG $90 (Dh245) per person for about three hours. Tailor-made tours can be arranged. For details go to www.woknstroll.com.sg
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Gully Boy
Director: Zoya Akhtar
Producer: Excel Entertainment & Tiger Baby
Cast: Ranveer Singh, Alia Bhatt, Kalki Koechlin, Siddhant Chaturvedi
Rating: 4/5 stars
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
How to book
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Result
Tottenhan Hotspur 2 Roma 3
Tottenham: Winks 87', Janssen 90 1'
Roma 3
D Perotti 13' (pen), C Under 70', M Tumminello 90 2"
Engine: 80 kWh four-wheel-drive
Transmission: eight-speed automatic
Power: 402bhp
Torque: 760Nm
Price: From Dh280,000
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.”
THE SPECS
Engine: 3.5-litre V6
Transmission: six-speed manual
Power: 325bhp
Torque: 370Nm
Speed: 0-100km/h 3.9 seconds
Price: Dh230,000
On sale: now
MATCH INFO
Barcelona v Real Madrid, 11pm UAE
Match is on BeIN Sports
Which honey takes your fancy?
Al Ghaf Honey
The Al Ghaf tree is a local desert tree which bears the harsh summers with drought and high temperatures. From the rich flowers, bees that pollinate this tree can produce delicious red colour honey in June and July each year
Sidr Honey
The Sidr tree is an evergreen tree with long and strong forked branches. The blossom from this tree is called Yabyab, which provides rich food for bees to produce honey in October and November. This honey is the most expensive, but tastiest
Samar Honey
The Samar tree trunk, leaves and blossom contains Barm which is the secret of healing. You can enjoy the best types of honey from this tree every year in May and June. It is an historical witness to the life of the Emirati nation which represents the harsh desert and mountain environments
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