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May 2024

EnergyLatest News

PVH to supply 100W to GSI and AEPCo for Solar Projects

by Madaline Dunn
written by Madaline Dunn

Solar tracker manufacturer PVH Middle East has announced it has partnered with Green Sources Investment (GSI) and Alternative Energy Projects Co. (AEPCo) as the tracker supplier for solar projects in Jordan and Kuwait. PVH shared that it will supply 100MW of its Axone Duo Infinity solar tracker.

The Masader El Haq Project, located in Jordan, will commence construction in July and is expected to be commissioned and fully functional by Q4 2025, with a full capacity of 100MW. The project will generate enough renewable energy to power over 20,000 homes.

Currently, Jordan generates approximately 29 per cent of its electricity from wind and solar, and is targeting 50 per cent of electricity generation from renewables by 2030.

Surmai Kaushik, Sales VP at PVH Middle East, commented: “We are very pleased to collaborate with Green Sources Investment and Alternative Energy Projects Co. on this important project. This partnership is crucial for consolidating PVH as the leader of solar tracker supplier in the region expanding to newer markets.”

Ahmad Obaisi, General Manager at Green Sources Investment, added: “We are thrilled to mark a significant milestone in our ongoing commitment to sustainable energy with this collaboration with PVH. The successful commercial operation of Masader El Haq marks an important step to global decarbonisation.”

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EnvironmentLatest News

URB Launches Research Arm to Tackle Urbanisation & Climate Change Challenges

by Madaline Dunn
written by Madaline Dunn

URB has announced that it has established a research arm, EPIC Lab (Environmental Planning and Innovation Cities Lab), aimed at tackling climate change challenges and reshaping the paradigms of urban development.

It was shared that the EPIC Lab is dedicated to transforming urban centres to thrive amid 21st-century challenges and focuses on implementing advanced, sustainable urban strategies that enhance the ecological health of cities while boosting their economic viability and livability.

“Our goal is to transform the fabric of urban life globally, positioning cities at the forefront of the battle against climate change,” said Baharash Bagherian, CEO of URB.

“This lab is our answer to the global imperative for sustainable urban development. Here, we develop the blueprints and methodologies that will define the future of urban living,” added Bagherian.

According to URB, its new lab will explore a range of dynamic approaches, including revitalising urban ecosystems and pioneering new standards in energy efficiency and waste reduction.

Further, it will function as a collaborative hub, engaging with international experts, local stakeholders, and policymakers to ensure that its research translates into real-world impact while also providing education and workshops.

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EnvironmentLatest News

UAE’s Zeroe Sponsors Coral Reef Project REEFrame

by Madaline Dunn
written by Madaline Dunn

Zeroe, a UAE-based carbon management company, has announced its sponsorship of an artificial coral reef through Project REEFrame, an initiative aimed at restoring and preserving coral ecosystems in the UAE.

Globally, coral reefs are seeing alarming rates of degradation, which is impacting both biodiversity and coastal communities. Through Project REEFrame, led by Freestyle Divers, artificial reefs will be created, alongside transplanting rescued coral fragments.

The project seeks to establish a “thriving marine ecosystems” that can withstand the challenges of climate change.

Commenting on Zeroe’s sponsorship of the initiative, Lauren Haworth, Head of Marketing & PR at the company, said: “We are thrilled to partner with Project REEFrame and support their vital work in coral reef restoration. At Zeroe, we believe that protecting our oceans is not just an environmental imperative, but also a social and economic one.

“Climate change is a complex problem that requires a systemic solution made up of many smaller efforts at all levels, simultaneously. We are proud to contribute to a project that is making a real difference in preserving these invaluable ecosystems.”

Meanwhile, Darryl Owen, Owner and CEO of Freestyle Divers and Project REEFrame, said that the sponsorship will enable the team to expand its efforts in rescuing and restoring coral reefs.

“Together, we can create a more sustainable future for our oceans and the communities that depend on them,” added Owen.

Photo courtesy of Freestyle Divers LLC.

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Latest NewsPolicy & Finance

Dubai Chamber of Commerce Launches Qazaqstan Business Council

by Madaline Dunn
written by Madaline Dunn

Dubai Chamber of Commerce, one of the three chambers operating under the umbrella of Dubai Chambers, has announced the establishment of the Qazaqstan Business Council. The Chamber shared that the council aims to enhance bilateral trade and investment ties between the business communities in Dubai and Qazaqstan.

Further, it shared that the number of companies from Qazaqstan registered as active members of the Dubai Chamber of Commerce reached 589 at the end of the first quarter of 2024.

The Business Council’s inaugural Annual General Meeting was held at Dubai Chambers’ headquarters, where participants discussed ways to further strengthen the council’s membership for the mutual benefit of both Dubai and Qazaqstan, and the upcoming programme of events during the year ahead.

Maha Al Gargawi, Vice President of Business Advocacy at Dubai Chambers, commented: “Business Councils create effective platforms to foster dialogue with the business communities they represent, and embody Dubai’s firm commitment to strengthening trade, investment, and economic relations with countries across the globe.

Adding: “These councils play a key role in strengthening partnerships to leverage opportunities and achieve mutual objectives, contributing to the growth of the private sector and advancing its contribution to sustainable economic development.”

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Latest NewsSocial

KFAED Receives the Abdlatif Al-Hamad Development Award

by Madaline Dunn
written by Madaline Dunn

The Kuwait Fund for Arab Economic Development (KFAED) has announced that it has been awarded the Abdlatif Yousef Al-Hamad Development Award for the best development project in the Arab world.

The award spotlights successful development projects that have addressed existing problems and contributed to enhancing economic and social capacities in the Arab world. The first edition of the award was launched in 2022.

KFAED’s award was presented by the Arab Fund for Economic and Social Development during the 2024 Annual Joint Meetings of Arab Financial Institutions held in Cairo.

Waleed Shamlan Al-Bahar, Acting Director General of the Kuwait Fund, commented: “Receiving the Abdlatif Yousef Al-Hamad Development Award for the Bahr Al-Baqar project not only reflects the success of the Kuwait Fund in its developmental efforts in the Arab region but also represents a celebration of the collective efforts of Arab development and financial institutions that have contributed to changing the lives of millions of people in the Arab world and beyond.”

Al-Bahar said that its development efforts are “far from over,” as developing countries still need the support of the international community to achieve their developmental ambitions.

“Furthermore, the environment still requires our care, innovation, and commitment to leave a legacy that will inspire future generations,” said Al-Bahar.

Al-Bahar also highlighted the achievements of Abdlatif Yousef Al-Hamad in the field of development work and the role he played in establishing the foundations of Arab joint collaboration over the past six decades in the field of economic and social development at the regional and international levels.

According to Al-Bahar, these contributions enhanced Kuwait’s international standing as “one of the most significant supporters of development” through the provision of developmental and emergency relief assistance to Arab and other developing countries.

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EnvironmentLatest News

Three Eight Six Holdings, B.Grimm Power Unite for Renewable Energy in GCC

by Madaline Dunn
written by Madaline Dunn

Three Eight Six Holdings LTD, a Solar IPP operating in the GCC, has announced its partnership with B.Grimm Power Public Company Limited for renewable energy in the GCC.

It was shared that B.Grimm Power Public Company Limited, Minas Investments LLC, and Green Synergy Consulting FZCO have acquired a 49 per cent equity stake in Three Eight Six Holdings LTD, which has subsidiaries in the UAE, KSA, and Bahrain.

Through this, the company will leverage B.Grimm Power’s experience and capabilities to jointly develop solar energy projects in the GCC region.

B.Grimm Power noted that its strategic entry into the Middle Eastern market is based on its “adherence” to the region’s commitment to a high rate of investment in renewable energy infrastructure.

“This marks the beginning of a cleaner and greener future for the Middle East, thereby finally putting it on the world map for energy transformation,” said Dr. Harald Link, President of B.Grimm Power Public Company Limited.

Meanwhile, Ahmad Al Khayyat, Chairman of Three Eight Six Group, said that the company wants to be the “front runner” in renewable energy developments in the GCC.

“With our new partnership, we have a clear ambition to develop and operate 100 MW of C&I solar projects by 2025,” added Al Khayyat.

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FinanceSpecial Reports

IRC: How to Make the New Climate Finance Target Work for Conflict-Affected Communities

by Madaline Dunn
written by Madaline Dunn

The International Rescue Committee (IRC) has released a report focused on addressing the needs of conflict-affected, climate-vulnerable communities through targeted climate finance. 

The report outlines that sixteen countries are caught in the intersection of climate vulnerability and armed conflict, representing 44 per cent of people impacted by natural disasters and 79 per cent of those in humanitarian need.

According to the report, 90 per cent of climate financing currently targets middle-income, high-emission-producing countries, while conflict-affected communities receive a fraction of the needed funds, which it said leaves them unable to adapt to climate impacts. 

Further, conflict-affected communities receive only one-third of the adaptation funding compared to non-conflict settings. 

An estimated 75 per cent annual gap exists between the adaptation support provided and the adaptation support needed.  

Moreover, women, girls, and marginalised groups within these communities face even greater risks and have less access to resources.

Only 14 per cent of adaptation actions target women, and just 2 per cent of budgeted activities address gender equality. 

It notes that the UNFCCC’s New Collective Quantified Goal (NCQG) on climate finance is a “significant” opportunity to correct this injustice and makes a number of recommendations. 

This includes:

  • Formally recognising adaptation finance gaps by setting a target of 18 per cent of adaptation finance to go to climate-vulnerable, conflict-affected communities based on current estimates of costed needs. 
  • Balance sub-target, allocating finance equally between mitigation and adaptation, with a separate sub-goal for loss and damage.
  • Ensuring that Loss & Damage funds are available in conflict-affected countries through a flexible range of partnerships, including civil society and local actors. 
  • Set a target for 88 per cent of climate bilateral finance to be gender-sensitive, with at least 15 per cent gender-responsive funding. 
  • Regular, transparent reporting, implementing mechanisms for transparent reporting on climate finance flows, ensuring accountability. 

Read the full report here.

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EnvironmentSpecial Reports

Workiva: Third Annual ESG Practitioner Survey

by Madaline Dunn
written by Madaline Dunn

The third annual Workiva ESG Practitioner Survey polled over 2,000 people involved in corporate reporting, including finance and accounting, sustainability, risk, and internal audit professionals across North America, Europe, and Asia.

The report found that 87 per cent of ESG practitioners surveyed find it challenging to adapt reporting processes to comply with new regulations; specifically, 77 per cent said that obtaining third-party assurance to comply with the CSRD is challenging.

Further, a total of 59 per cent of respondents agree that ESG regulation has disrupted their company’s reporting processes; this percentage is even higher among executives at 65 per cent.

However, it was also found that 81 per cent of companies not subject to the CSRD still intend to comply.

Indeed, 88 per cent of practitioners agree that having a strong ESG reporting program will give their organisation a competitive advantage, and 84 per cent agree that integrated financial and ESG/sustainability data enables better decision-making that can improve a company’s financial performance.

Moreover, 88 per cent of ESG practitioners believe that assurance over ESG data increases the likelihood that a company will achieve its goals, and 98 per cent are confident in the accuracy of their data. 

That being said, eighty-three per cent also agree that collecting accurate data to fulfil the CSRD requirements will be a challenge for their organisation.

To aid in this challenge, 92 per cent of companies are investing in technology to improve collaboration among reporting teams.

The report also found that there remains a disconnect between executives and managers, in that while 53 per cent are totally satisfied with their organisation’s materiality assessment, only 23 per cent of managers are. 

Likewise, a similar disparity was found regarding satisfaction with the application of controls over ESG/sustainability data. Forty-eight per cent of executives were satisfied, compared with just 27 per cent of managers. 

Read the full report here. 

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EnergyInnovation & EducationLatest News

Al Masaood Group Showcases Innovations at Make It In The Emirates Forum 2024

by Madaline Dunn
written by Madaline Dunn

Al Masaood Group has shared its participation in the Make It In The Emirates Forum, taking place from 27 to 28 May, at the Abu Dhabi Energy Centre.

Organised by the Ministry of Industry and Advanced Technology (MoIAT) in collaboration with the Abu Dhabi Department of Economic Development (ADDED) and ADNOC, the event brings together decision-makers, government and private sector officials, experts, entrepreneurs, financing entities, investors, startups, and SMEs, to showcase investment opportunities within the local industrial sector.

Commenting on the company’s participation at the Make It In The Emirates Forum, Ahmed Salmeen, Chief Executive, Government Affairs, Al Masaood, said: “We are honoured to celebrate over 50 years of Al Masaood’s long-standing legacy in the UAE’s industrial and manufacturing sector. Our journey has been marked by a continuous drive for excellence, innovation, and diversification.

“As we move forward, our strategy will maintain a strong focus on investing in sustainable and innovative solutions that will further strengthen the UAE’s industrial sector and contribute to a more sustainable future for our nation.”

Al Masaood showcased three of its businesses at the forum: Al Masaood Bergum, SHAMS+, and Al Masaood Manufacturing.

SHAMS+ is a homegrown off-grid smart charging system for electric vehicles and hybrid marine vessels operating in various urban, rural, and agricultural areas, as well as marine ports and hubs.

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