Category: Business

ABU DHABI: Dr. Amna bint Abdullah Al Dahak, Minister of Climate Change and Environment, underscored the pivotal role of enhancing biodiversity in the restoration of Mother Nature and the natural ecosystems of the planet. This strengthens the role of the UAE’s initiatives in combating climate change through nature-based solutions, environmental conservation, and fostering sustainable development across all sectors.

In a statement marking the International Day for Biological Diversity, marked 22nd May, Al Dahak said that this year’s Day is held under the theme ‘Be Part of the Plan,’ inviting all stakeholders to join in curbing biodiversity loss. This theme resonates with the UAE’s approach of involving all relevant entities, including the private sector, in exerting concerted efforts and empowering every member of society to become a part of the action.

This, in turn, would drive transformation and steer the course towards reconnecting with the nurturing embrace of natural heritage.

She emphasised, “Nature s
tands as the primary defence line for achieving economic and social development in the UAE and globally. Its profound significance lies in preserving natural resources, maintaining environmental equilibrium, and addressing the impacts of climate change. Biodiversity loss poses a genuine threat to humanity and our planet.”

The minister stated that the the world has witnessed a staggering 69% decline in wildlife populations over the past 50 years, primarily due to deforestation and desertification. Human activities have altered more than 70% of non-ice-covered land on Earth, endangering further loss of wildlife and pushing more species towards extinction.

She elaborated that promoting biodiversity is a paramount priority for the UAE, with the nation embracing 49 protected areas, teeming with biodiversity and endangered species. Moreover, the UAE places special emphasis on expanding mangrove forests for their crucial role as natural carbon reservoirs and their contribution to safeguarding coastal ecosystems. T
his commitment is exemplified through the UAE’s pledge to plant 100 million mangroves by 2030.

Minister Al Dahak reiterated that biodiversity took centre stage in the COP28 agenda, culminating in the historic UAE Consensus, which underscored the pivotal role of nature and natural ecosystems in the global strategy to address climate change. This was reflected in the COP28 response, which emphasised the importance of integrating nature and biodiversity in addressing climate challenges.

Additionally, COP28 endorsed the ‘Joint Statement on Climate, Nature and People,’ garnering support from 18 countries and leading to 11 biodiversity partnerships. Financial contributions during the significant event reached $2.6 billion towards nature conservation.

Source: Emirates News Agency

ABU DHABI: The third edition of the Electric Vehicle Innovation Summit (EVIS 2024) came to a close today at the Abu Dhabi National Exhibition Centre. Held from 20th to 22nd May, the event attracted thousands of visitors and garnered exceptional feedback, affirming its position as a pivotal event in the electric vehicle industry.

EVIS 2024 provided a dynamic platform for industry leaders to explore the latest trends, exchange ideas, and experience the technologies that are shaping the future of transportation. With its extensive programme and international participation, the summit highlighted the strong commitment to electric mobility and sustainable transportation solutions globally.

As EVIS 2024 wraps up, the excitement continues to build for next year’s event. Numerous organisations have already confirmed their participation for the next edition, signalling continued growth and interest in the evolving landscape of electric mobility. This sustained enthusiasm underscores the importance of EVIS as a leadi
ng forum for showcasing innovative solutions and fostering industry advancements.

Source: Emirates News Agency

Will the strong US dollar start to lose upward momentum?

The factors supporting the strong momentum of the US dollar have gradually weakened this year. The US Dollar Index (DXY) fell to 105 points during this week’s trading after failing to breach the 106.5 point level in recent weeks. Despite this, the US dollar remains high since… The beginning of the year increased by more than 3.5%, supported by the US economy remaining strong and the Federal Reserve’s adherence to its strict stance towards interest rates, which increases the attractiveness of the dollar, but there are many challenges facing the performance of the US currency in the coming period.

1. The American economy is no longer overheated

The annual GDP growth rate in the first quarter was only 1.6%, which is the worst quarter since the technical recession in the first half of 2022, which negatively affected the US dollar in the currency trading market . In April, both the ISM services and manufacturing index recorded a reading of less than 50.
point, indicating that the economy may slow in the second quarter of 2024. The US consumer confidence index fell for the third straight month in April, reaching 97, the lowest level since July 2022.

2. The labor market in the United States is tight

New employment in the non-farm sector fell to 175,000 jobs in April from 315,000 jobs in March, falling below 200,000 for the first time in the past five months, and the annual growth rate of average hourly wages slowed in April to 3.9% for the third month in a row. This is the first time since June 2021 that it has fallen below 4%.

The ISM service sector employment index fell to 45.9 points in April, below 50 for the third month in a row, and the employment data released last Friday (May 3) led to a decline in the yield of 10-year US Treasury bonds to below 4.6%, recording the lowest… level since April 9, and interest rate futures once again reflected expectations of a rate cut by the Federal Reserve in September.

3. The slowdown in inflation has stopped

Al
though the inflation slowdown in the United States has stalled, it is not enough for the Fed to abandon its dovish stance. At the Federal Open Market Committee (FOMC) press conference after the meeting on May 1, Chairman Powell stated that the next interest rate adjustment from… It is unlikely to be a rate hike.

The core PCE index rose 2.8% annually in March, which is down from a high of 5.6% in February 2022 and is approaching the Fed’s forecast of 2.6% in the fourth quarter of 2024. Therefore, inflation data may prevent a decline in the dollar index. Below the 50-day moving average (at around 104.56) next week.

The most important factors affecting the US dollar

The US dollar is variable and multiple factors can change the value of this currency. Being aware of these factors helps you make better decisions and prepare to make a profit in different financial markets. Below are the most important factors that can affect the US dollar.

1. Interest rate

One of the most important factors that affect the US
dollar is the interest rate set by the Federal Reserve Bank. A higher interest rate means an increase in the value of the US dollar as the price of money becomes more expensive. A lower interest rate means that the rate of lending or borrowing is cheaper, which reduces the value of the dollar, because This is a very important indicator that you should keep in mind so that you can see the path of the US dollar.

2. Economic growth rate

The most important indicator for any economy is the economic growth rate. A higher rate will increase the value of that national currency and a lower growth rate will reduce its value.

If the US economic growth rate increases, this is a positive signal that can increase the demand for the US dollar and grow its value. If the opposite scenario occurs, this will be a negative signal for the economy and can reduce the value of the economy, and even expectations about the US economy can change the price of the US dollar.

3. Inflation rate

The inflation rate is the average rate o
f prices of various products in the economy and services, and it is a very important indicator. A high inflation rate is a bad signal for the economy as it leads to higher prices and a decrease in the value of the national currency. However, a low inflation rate has a completely opposite effect to the scenario mentioned above, as it leads to an increase in the value of the national currency. The national currency because this is a positive signal for the economy.

Changes in the US inflation rate are a very important indicator that can change the value of the US dollar. A high inflation rate is a negative signal for the US dollar, while a low inflation rate is a positive signal for the US economy, which raises the value and price of the US dollar.

4. Unemployment rate

The unemployment rate is the number of all people aged 15 to 65 who have no job while they are actively searching for a job.

If the unemployment rate in the US economy increases it means that more people are out of work, which is a negative s
ignal for the economy that also shows slowing growth which will lead to a decline in the value of the US dollar.

Now if the unemployment rate decreases this indicates that the economy is growing and doing very well, it will benefit the entire society and the demand and value of the US dollar will continue to rise.

5. New monthly jobs

New jobs are one of the most important indicators of the American economy. The growth of new jobs monthly means that the economy is growing and can absorb the human resources of the economy very well, which is a positive indicator that will increase the value of the US dollar in the world.

The same is true when new job creation declines, and investors and economic activists see it as a bad signal that will devalue the US dollar.

6. Geopolitical tensions

There are more geopolitical tensions than ever before in the world, and for 2024 these tensions will continue to rise as there are many new powers in the world competing for more resources in the world.

Any geopolitical ten
sion is very good for the value of the US dollar because that will increase the demand for the national currency of the United States, as all people want to convert their money into US dollars because the US economy is the largest economy in the world and therefore it is a very safe place to put money.

7. Wars in the world

War means uncertainty, and it causes people to leave war zones and migrate to better and safer places, and since the United States is the most powerful country in the world and has the largest economy, it is the safest place to transfer capital and the best place to immigrate as well.

Any serious war in the world will cause the value of the US dollar to rise and the demand for this currency will continue to rise.

8. Retail sales

Retail sales show how consumers spend, so an increase in retail sales means that consumers are spending more and this is a very good sign for the economy, and if retail sales decrease, this is a negative indicator for the economy that indicates there is a probl
em within the economy.

Source: Maan News Agency

ABU DHABI: ADNOC announced today the acquisition of Galp’s 10% interest in the Area 4 concession of the Rovuma basin in Mozambique, marking a major milestone in the company’s international growth strategy.

The acquisition will entitle ADNOC to a share of the liquefied natural gas (LNG) production from the concession, which has a combined production capacity exceeding 25 million tonnes per annum (mtpa).

The Area 4 concession includes the operational Coral South Floating LNG (FLNG) facility, the planned Coral North FLNG development and the planned Rovuma LNG onshore facilities.

This strategic investment is ADNOC’s first in Mozambique and complements ADNOC’s efforts to expand its lower-carbon LNG portfolio to meet growing gas demand and support a just, orderly and equitable energy transition.

The Coral South development, currently in operation, is capable of producing up to 3.5 mtpa of LNG, and represents the first facility of its kind in Africa. The proposed Coral North development is expected to produce a
further 3.5 mtpa of LNG through a FLNG facility to process and liquefy natural gas for export.

The 18-mtpa Rovuma Onshore LNG development is a modular, electric-drive design that will dramatically reduce the carbon intensity of the LNG it produces, when compared to industry benchmarks.

Mozambique’s Rovuma supergiant gas basin represents one of the world’s largest gas discoveries in the past 15 years.

Source: Emirates News Agency

WASHINGTON: In 2023, carbon pricing revenues reached a record $104 billion, according to the World Bank’s annual ‘State and Trends of Carbon Pricing 2024’ report released today. There are now 75 carbon pricing instruments in operation worldwide. Over half of the collected revenue was used to fund climate and nature-related programs.

‘Carbon pricing can be one of the most powerful tools to help countries reduce emissions. That’s why it is good to see these instruments expand to new sectors, become more adaptable and complement other measures,’ said Axel van Trotsenburg, World Bank Senior Managing Director. ‘This report can help expand the knowledge base for policymakers to understand what is working and why both coverage and pricing need to go up for emissions to go down.’

The World Bank has been tracking carbon markets for around two decades and this is it’s eleventh annual carbon pricing report. When the first report was released, carbon taxes and Emission Trading Systems (ETS) covered only 7% of the world
‘s emissions. According to the 2024 report, 24% of global emissions are now.

Report findings show large middle-income countries including Brazil, India, Chile, Colombia, and Trkiye are making strides in carbon pricing implementation. While traditional sectors like power and industry continue to dominate, carbon pricing is increasingly being considered in new sectors such as aviation, shipping and waste. The EU’s Carbon Border Adjustment Mechanism, currently in a transitional phase, is also encouraging governments to consider carbon pricing for sectors such iron and steel, aluminum, cement, fertilizers, and electricity.

Governments are also increasingly using carbon crediting frameworks to attract more finance through voluntary carbon markets and facilitate participation in international compliance markets.

Despite record revenues and growth, global carbon price coverage and levels remain too low to meet the Paris Agreement goals. Currently, less than 1% of global greenhouse emissions are covered by a direc
t carbon price at or above the range recommended by the High-level Commission on Carbon Prices to limit temperature rise to well below 2ºC. The report notes that closing the implementation gap between countries’ climate commitments and policies will require much greater political commitment.

Source: Emirates News Agency

SHARJAH: Capitalising on the zooming auto automotive aftermarket and service industry in the country and the region, the UAE China Tyre and Auto Parts Expo is set to see an impressive rise in the number of exhibitors taking part in its upcoming edition.

Aiming to provide the regional market direct access to the Chinese tyre and auto parts industries, the 3rd UAE China Tyre and Auto Parts Expo 2024 will get under way at Expo Centre Sharjah from May 27, 2024, organisers announced at a press conference.

Organised by Inter Commerce Expo Corporation in association with Shandong Port Overseas Supply Chain (Qingdao) Co., Ltd. and Hualun Inter Tech FZCO, the three-day event will continue until May 29. The event is supported by the Sharjah Chamber of Commerce and Industry (SCCI).

The 3rd UAE China Tyre and Auto Parts Expo 2024 will host nearly 300 exhibitors from China, a 130 percent rise in the number of exhibitors when compared to the previous show which featured more than 130 participants.

This was reveal
ed at the press conference held at Expo Centre Sharjah on Wednesday (May 22). It was addressed by Jamal Saeed Bouzanjal, Director of the Corporate Communication Department at SCCI, Wang Dong, Chairman of the board of Shandong Port Oversea Supply chain (Qingdao) Co.,Ltd, Liu Ju’an, CEO of Shandong Port Oversea Supply chain (Qingdao) Co.,Ltd, Host of the UAE China Tyre and Auto Parts Expo, Yang Xue, Representative of Shandong Business Office in West Asia and Africa, and Zhou Runcheng, Department Director of Inter Commerce Expo Corporation, in addition to officials from both sides.

Jamal Bouzanjal highlighted the importance of the UAE China Tyre and Auto Parts Expo as a crucial platform for fostering business connections and exploring the latest innovations in this vital industry.

He further noted that the event provides a valuable opportunity for Chinese manufacturers to strengthen their presence and expand in various regional markets.

He emphasised the Sharjah Chamber’s commitment to supporting the even
t is a testament to its pivotal role in advancing the auto parts trade sector, which is experiencing notable growth in the UAE and the wider region.

For his part, Liu Ju’an, Host of the UAE China Tyre and Auto Parts Expo, said: ‘The 130 percent increase in the number of participants is an impressive rise in the number of exhibitors for any trade fair. This is only the third edition of the UAE China Tyre and Auto Parts Expo and we are happy to see such impressive growth in such a short span of time. This underscores the growing trade relations between the UAE and China and the strong expansion being witnessed in the regional automotive aftermarket and service sector. The Expo is now one of the best events in the region where one can explore the latest parts, components, equipment, tools, technologies, tyres or services.’

‘China’s automotive exports are on the rise, driven by technological advancements, supply chain advantages, and strategic bilateral relations. Chinese manufacturers are also increasing t
heir scale and their competitiveness is constantly improving, especially in the new energy vehicle industry. Thus, the UAE China Tyre and Auto Parts Expo is uniquely placed to tap into the Chinese supply chain that is relatively stable, leading to consistent production, minimal cost fluctuations, and improved international competitiveness,’ said Wang Dong, Chairman of the board, Shandong Port Oversea Supply chain (Qingdao) Co.,Ltd.

The regional automotive aftermarket is driven by a rise in new vehicle sales, localised production, rising demand for vehicle modification, and other macro-economic factors such as a strong local economy and rise in population growth. It will be a gathering point for decision makers across aftermarket and supply chain, including garages, body shops, retailers, dealers, detailing, vehicle manufactures and more.

Apart from a comprehensive display of all types of auto parts and tyres, the event will also feature forums that will discuss topics related to the industry and technolog
y.

Source: Emirates News Agency

VIENNA: The United Arab Emirates is taking part in the fourth edition of the International Conference on Nuclear Security: Shaping the Future, which is organised by the International Atomic Energy Agency (IAEA) from 20th-24th May in its headquarters in Vienna, Austria. It is being held in accordance with the resolution GC (66)/RES/7 adopted at the 66th General Conference in September 2022, which called for the continuation of organising the ICONS every four years.

The conference aims to raise awareness about nuclear security topics to maintain and strengthen national nuclear security regimes for nuclear and other radioactive materials. It seeks to share nuclear security experiences, achievements, and current trends amongst member states. The conference is considered a global platform for ministers, policymakers, senior officials and nuclear security experts to discuss the future of nuclear security worldwide, whilst providing opportunities for exchanging information, sharing best practices and fostering inte
rnational cooperation.

The UAE delegation, led by Ambassador Hamad Al Kaabi, UAE Permanent Representative to the IAEA, includes various national stakeholders such as the Federal Authority for Nuclear Regulation (FANR), National Guard Command, National Emergency Crisis and Disasters Management Authority, Abu Dhabi Police, Dubai Police, Abu Dhabi Civil Defence Authority, The Emergencies, Crisis and Disasters Management Centre – Abu Dhabi and Nawah Energy Company.

Al Kaabi delivered the UAE National Statement in which he underscored the strong relationship that binds the IAEA and the UAE. The IAEA-UAE’s robust partnership is reflected in strong support over the past decade, assisting the country in developing a peaceful nuclear programme that meets the highest standards in nuclear safety, security, and non-proliferation.

‘The UAE Peaceful Nuclear Programme has become a role model for being built and operated with excellence, and adhering to the highest standards of safety, security, and safeguards. Such a mil
estone reflects the unwavering government commitment in the UAE, coupled with the strong cooperation with our national and international partners that made us where we are today,’ Ambassador Al Kaabi said.

Over five days, the conference will address various themes including policy, law and regulations for nuclear security; technology and infrastructure for nuclear security prevention, detection and response as well as capacity building.

During the conference, FANR will present four technical papers over the course of the conference to highlight the UAE’s experience in implementing nuclear security measures during Expo 2020 Dubai and COP28; the evaluation of Small Modular Reactors’ Implications on Nuclear Security; as well as the challenges and benefits of technologies used for nuclear power plants and compliance assurance for safe and secure transport of radioactive material. It also includes a poster related to the regulatory programme for non-nuclear facilities, which assesses safety, security and safegua
rds.

Furthermore, the UAE delegation will take part in two side events: the first side event entitled ‘Nuclear Facilities in Times of Crisis’ during which the UAE will highlight its recommendations for improving the resilience of nuclear facilities in a world that faces growing risks and climate change impacts. The second side event ‘Educating the next generation of nuclear security professionals to meet future global demands: in which the UAE will showcase the capacity-building needs of nuclear security at the Barakah Nuclear Power Plant as well as the cooperation with educational institutions inside and outside the UAE.

Moreover, the UAE delegation will hold a number of bilateral meetings with international stakeholders and other member states to discuss cooperation opportunities and exchange views on various related to nuclear security.

In addition, FANR will chair a technical meeting: ‘Regulations for the Future: Adapting and Implementing Regulatory Frameworks for Materials and Facilities’, during whic
h IAEA Member States will present its efforts to prepare for the future in terms of regulations and anticipate the growing needs of the nuclear sector to achieve both energy security, mitigate the climate change, while maintaining the security of nuclear material.

Source: Emirates News Agency

SEOUL: South Korean stocks rebounded late Wednesday morning as investors sat on the sidelines ahead of the release of the Federal Open Market Committee’s minutes this week, Yonhap News Agency reported.

After opening slightly lower, the benchmark Korea Composite Stock Price Index had added 1.81 points, or 0.07 percent, to 2,725.99 as of 11:20 am.

Financial firms traded lower, with KB Financial falling 1.96 percent and Shinhan Financial losing 1.74 percent.

The local currency was trading at 1,361.2 won against the US dollar at 11:20 am, up 2.1 won from the previous session’s close

Source: Emirates News Agency

The Iraqi Center for Environmental Monitoring warned, on Wednesday, of the decline in biodiversity in Iraq, due to climate change and human threats.

In a statement on the International Day for Biological Diversity, today, Wednesday, the Center urged the Iraqi authorities to take urgent practical measures to protect the country’s biodiversity, which is exposed to many threats, including declining water resources, high temperatures, and scarcity of rain, pointing to ‘the necessity of controlling poaching of all animals and the bulldozing of agricultural lands, as well as pollution resulting from industrial and oil activities.

The center called for activating and approving legislation related to the protection of biological diversity, re-registering and documenting species and reference classifications of local organisms, and working to declare and register protected areas.

Source: National Iraqi News Agency

SHARJAH: Sheikha Bodour bint Sultan Al Qasimi, Chairperson of the Sharjah Investment and Development Authority (Shurooq) has led the annual meeting of Eagle Hills Sharjah Development LLC board. This joint venture, between Shurooq and Abu Dhabi-based real estate developer Eagle Hills, remains committed to propelling Sharjah’s development forward with dynamic and diversified growth initiatives.

The hour-long meeting held at the Sharjah Research, Technology and Innovation Park (SRTIP) brought together key stakeholders including Mohamed Al Abbar, Chairman of Eagle Hills; Ahmed Obaid Al Qaseer, CEO of Shurooq; and Hisham Ibrahim, Group GM of Eagle Hills.

The agenda for the meeting included comprehensive updates on ongoing projects, a review of 2023 business results and financial highlights, discussion on the 2024 budget, and an assessment of Q1 2024 financial performance.

At the meeting, it was revealed that joint venture projects such as Maryam Island and Kalba Waterfront, have seen development progress contin
ue steadily. For Maryam Island, multiple plots have been launched to the public, with handovers scheduled in phases from 2024 to 2028. As of Q1 2024, 2,500 units have been sold, with an additional 500 units yet to be launched. The project’s overall budget stands at AED4 billion. Similarly, Kalba Waterfront remains a cornerstone of tourism development, with its overall value standing at AED1.5 billion, and occupancy rates targeted to reach 80 percent by the end of 2024.

Key financial highlights for 2023 were also discussed during the meeting. Performance growth over the past five years has been positive, driven by high investor demand and strategic development. The Q1 2024 financial performance was further assessed to fine-tune specific action points and target areas covered by the joint venture’s 2024 budget.

As two leading local developers, Eagle Hills and Shurooq have put UAE on the world map with world-class, sustainable, and futuristic projects like Maryam Island and the Kalba Waterfront, which are rede
fining the global outlook towards urbanisation and renewal. During the discussions, which brought into focus the timeline of projects underway, their progress, achievements, volume of sales, among other key aspects, Sheikha Bodour lauded the immense fiscal and social value that has been created by the joint venture since 2018 for Sharjah and the region.

Sharjah’s real estate market is experiencing a significant boom this year, marked by a surge in the quantity and value of transactions. In January 2024 alone, the emirate recorded AED3.9 billion ($1.06 billion) in transactions – a substantial increase compared to the AED2 billion recorded in January 2023. This growth reflects rising investor confidence and robust activity across various sectors, including residential, commercial, industrial, and agricultural real estate. The joint venture’s projects are pivotal in driving this growth, contributing to Sharjah’s dynamic property market and offering innovative concepts in urban living and development.

Source:
Emirates News Agency