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August 2024

Innovation & EducationLatest News

Asana Launches ESG Chatbot

by Madaline Dunn
written by Madaline Dunn

Work management platform Asana has launched an AI ESG chatbot with the aim of making its ESG strategy and disclosures more accessible to stakeholders and facilitating easier engagement.

“This bot will allow anyone, regardless of ESG subject matter expertise, to have a conversation with the bot in order to understand Asana’s ESG strategy and data, in conjunction with the report,” said Catherine Buan, Head of Investor Relations and ESG.

Baun explained that the bot also functions to guide users to understand “key concepts” they might not be familiar with and answer questions “on the fly.”

In a letter published on the site, Dustin Moskovitz, CEO and Co-Founder of Asana, said: “We believe technology can empower teams to achieve more together—to be more creative and empathetic and find more meaning in their work.”

Asana was launched in 2011 by the two former Facebook co-founders, Moskovitz and Justin Rosenstein.

The product has 147,000-plus customers and millions of users across over 200 countries and territories.

According to its 2024 annual report, 100 per cent renewable electricity was maintained across its operations in FY24, alongside continuing to be “carbon neutral.”

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EnergyLatest News

Worley to Commence FEED for Green Ammonia Projects in Morocco in 2024

by Madaline Dunn
written by Madaline Dunn

Australia-headquartered global engineering services company Worley is set to begin Front-End Engineering Design (FEED) work on Tarfaya, the world’s first Power-to-X green ammonia program, in Morocco, according to its annual report.

The project includes a transmission grid, hydrogen and ammonia plants and storage facilities and a temporary camp for 30,000 workers powered by wind and solar energy.

Delivery is being led by JESA, a joint venture between OCP Group and Worley, with Worley executing FEED.

Work is set to commence in September 2024.

Following this, work will progress to engineering, procurement and construction management (EPCM).

The project is expected to be operational in 2027 and is anticipated to produce one million tonnes of green ammonia per year, with the potential to increase to three million tonnes per year by 2032.

Alongside the Tarfaya project is the Jorf Hydrogen Project (JH2P), an industrial-scale green ammonia project.

Delivery of this project is being led by JESA in Morocco and Worley’s team in Spain and is currently in pre-FEED.

FEED and detailed design are expected to commence in November 2024, the annual report shared, and when complete, will progress to EPCM.

The project is expected to be completed in 2026.

The project will include a multi-technology hydrogen facility that will power an industrial-scale green ammonia plant delivering 100,000 tonnes per year.

Back in 2022, OCP Group launched a $13 billion Green Investment Strategy, centred on increasing mining and fertiliser production capabilities will achieving “carbon neutrality” by 2040.

The Group is one of the biggest importers of ammonia in the world.

In June last year, the company told Reuters that its Tarfaya project in southern Morocco is part of its broader plans to “reinforce its domestic supply chain.”

In other news, this week, energy firms Topsoe, Skovgaard Energy and Vestas inaugurated a 5,000-tonne-per-year green ammonia plant in Denmark, reportedly the world’s first plant of its kind.

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JobsSocialSpecial Reports

Cigna Healthcare: Harnessing Health – Measuring the Impact of Employee Health and Well-being Benefits | Report

by Madaline Dunn
written by Madaline Dunn

A new Cigna Healthcare study, Harnessing Health – Measuring the Impact of Employee Health and Well-being Benefits, surveyed 1000 managers and directors in HR and Benefits functions in the UAE, Hong Kong, Singapore, UK and US.

The results showed that there is a disconnect between employer intentions and employee perceptions regarding health and well-being benefits in the UAE.

Indeed, of the survey respondents, HR leaders were found to rank international health insurance as the most preferred employee value proposition (EVP) for boosting productivity and attracting talent. Comparatively, only seven in 10 employees believe their employers proactively support their health and well-being.

Other results include:

  • Ninety-eight per cent of UAE employees agree that a robust health and well-being program significantly boosts productivity and creates a more positive workplace.
  • UAE companies offer more health benefits than their global counterparts, but many benefits remain underutilised.
  • Employee health and well-being are top priorities for HR leaders,
  • This is on par with succession planning and leadership development (15 per cent).
  • Over half of these leaders believe that robust health insurance plans promote a positive company culture and enhance employee loyalty while effectively reducing absenteeism.
  • More than half of HR leaders acknowledge the positive impact of health benefits on key business metrics, particularly employee loyalty and fostering good company culture, but their confidence wanes when it comes to its effectiveness in decreasing turnover.
  • There is still a gap in mental health support, as it is the least offered benefit in the UAE (48 per cent) among all markets surveyed.

To read more on the Harnessing Health report, head here.

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EnvironmentLatest NewsSocial

Innovations Group Expands into Biohazard Waste Management

by Madaline Dunn
written by Madaline Dunn

Innovations Group, a staffing and HR solutions provider in the UAE, has expanded into the biohazard and medical waste management segment in response to the growing demand for specialised waste management solutions in the healthcare sector.

“We are pleased to broaden our range of services by entering the field of biohazard waste management,” said Sunil Jethani, Business Head – Biohazard Waste Management at Innovations Group.

The company offers specialised biohazard waste management services, encompassing waste assessments, tailored management plans, and segregation and collection processes, the company said in a statement.

The UAE healthcare sector has experienced rapid growth in recent years. However, against this backdrop, comes more waste and a growing need for its safe disposal.

Globally, around 15 per cent of the waste generated by hospitals is hazardous, with data from the World Health Organisation indicating that one in three hospitals do not safely manage their healthcare waste.

According to the company, it has already partnered with a “leading healthcare” provider in the UAE to reduce biohazard waste by 30 per cent through segregation and recycling practices.

“Our objective is to efficiently and securely handle waste in various settings such as hospitals, dental practices, pharmacies, vet clinics and other institutions, aiming to safeguard public health, protect the environment, and contribute to the UAE’s sustainable development goals,” added Jethani.

The entity said that looking ahead, it plans to increase investments in leading innovations, expand service reach, and advance training and compliance programs.

“Through strategic partnerships with government and private sector entities, Innovations Group aims to play a vital role in supporting broader environmental and public health initiatives,” the company noted.

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Latest NewsMobilityTransportation

EV Charging Company Loop Global Establishes regional office in UAE

by Madaline Dunn
written by Madaline Dunn

US-based Loop Global Inc., a turnkey provider of EV charging solutions, launched its regional office in Abu Dhabi this week.

According to Loop CEO Olga Shevorenkova, the overarching aim of the EV charging company is to establish itself as the UAE’s “number one EV charging provider.

Shevorenkova outlined that the company will use Abu Dhabi as a base for its regional expansion.

This launch follows the UAE government’s announcement earlier this year that it plans to install 100 new EV chargers in 2024 and reach 1,000 stations by 2030.

In Abu Dhabi, specifically, around 70,000 charging points for EVs are expected to be required by 2030 in various locations, including across retail spaces, government offices, and petrol stations.

Reem Mall is among the first locations in Abu Dhabi to install Loop charging stations, the company said.

“The company established its regional HQ in Abu Dhabi in response to growing local and regional market demand for EV technologies,” said Zack Martin, President and Co-Founder of the EV charging company.

“The UAE’s leadership has demonstrated its determination to lead the world’s clean-energy transition and has been exceptionally far-sighted in pursuit of its sustainability goals and the push to net-zero emissions,” Martin added.

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FinanceLatest News

Hodler Investments, GEWAN Holdings to Set up $ 500m DEI Fund

by Madaline Dunn
written by Madaline Dunn

This week, UAE-based firm Hodler Investments announced plans to launch a $500 million Digital Energy Infrastructure (DEI) Fund.

Subject to compliance and regulatory approval, the close-ended exempt Fund will facilitate investment in utility-like income-generating assets and distributed energy infrastructure for compute applications that adopt methods for carbon capture, storage and utilisation, the company said in a statement.

According to the firm, the DEI Fund’s investment mandate covers the entire digital energy value chain, including sectors such as clean energy, power generation (IPPs), data mining (ASICs, GPUs, etc.) for blockchain, Decentralised Physical Infrastructure (DePIN), AI, cloud, and other compute cluster applications, with a focus on achieving zero-emissions across “the majority” of the Fund’s portfolio.

“We are confident in our initiative to unlock natural wealth for all stakeholders including communities,” said Ahmed Ebrahim, Managing Director, Hodler Investments, adding: “The Digital Energy Infrastructure Fund is capitalizing on an existing pipeline of deals and projects that have been vetted by our qualified team of professionals backed by almost a decade of industry expertise and long-standing relationships with institutional stakeholders across the Middle East, Asia and North America.”

The company outlined in its statement this week that the new fund aims to utilise technologies such as blockchain, AI, digital asset mining and other solutions combined with energy resources to “strengthen the feasibility” of sustainable energy infrastructure to meet growing compute power demands while contributing to power grid stability for “more equitable energy systems globally.”

The Fund will also allocate capital investments towards vertical technology startups operating platforms and software that add value to the Fund’s portfolio.

It seeks to acquire early to growth-stage modern software technology companies active in digital infrastructure and software applications that support the development and growth of financial technology (FinTech), decentralised finance (DeFi), Web3, blockchain, and AI, the company noted.

“Given recent advancements in UAE regulations around digital assets and more specifically the recent landmark steps by the UAE’s financial jurisdictions to enact favorable laws for digital assets and AI sectors, we see improved investor sentiment for this type of asset class,” added Amer Al Osh, Chief Development Officer, Gewan Holding.

HODLER has appointed and engaged Ento Capital Management Ltd to advise on, structure, establish and manage the DEI Fund.

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EnvironmentSocialSpecial Reports

PwC: Global Youth Outlook | Report

by Madaline Dunn
written by Madaline Dunn

PwC has launched its second Global Youth Outlook, having engaged 2,200 children and young adults from diverse global regions to learn about their perspectives on the significance and future of the Sustainable Development Goals (SDGs).

The report’s regional findings are based on approximately 810 children and young adults between the ages of 10 and 30 from eight countries in the region.

The report found that:

  • Nearly 34 per cent of Middle East respondents are extremely or very familiar with the SDGs, compared to 23 per cent globally,
  • Regional respondents rank Clean Water and Sanitation (SDG 6) among their highest priorities,
  • This prioritisation is followed by Quality Education (SDG 4) and Good Health and Wellbeing (SDG 3),
  • Regional respondents also prioritise Industry, Innovation and Infrastructure (SDG 9) and Peace and Justice (SDG 16) more than the global average, according to PwC.
  • Sixty-five per cent of regional respondents place “considerable faith” in governments as positive changemakers,
  • However, only 45 per cent of youth consider non-government and international organisations to be driving enough change.
  • Youth in the Middle East are also reported to be more active participants in SDG initiatives they consider meaningful compared with their global peers.
  • The “action gap” – the difference between the importance placed on SDGs and youth’s actual engagement – is narrower in the region.

Read more about the Global Youth Outlook report here.

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EnergyLatest News

ACWA Power’s NOMAC Inks Deal with National Institute of Metrology of Uzbekistan

by Madaline Dunn
written by Madaline Dunn

ACWA Power’s wholly owned subsidiary NOMAC has signed a Memorandum of Understanding (MoU) with Uzbekistan’s Agency for Technical Regulation to equip the Uzbek National Institute of Metrology with calibration services for measuring instruments used in renewable power plants—specifically wind and solar—in the Republic of Karakalpakstan, an autonomous republic of Uzbekistan.

NOMAC Sirdarya Operation and Maintenance Services will equip a laboratory complex in the National Institute of Metrology branch in Karakalpakstan with high-precision measuring instruments and related services, it was shared, with an investment value of USD 1.7 million.

The signing ceremony took place within the framework of the ACWA Power team’s visit to Nukus to participate in the groundbreaking ceremony for the Beruniy Wind IPP project.

The wind project includes a 200 MW wind power plant and 100 MW battery energy storage system (BESS) in the Beruniy Region of Karakalpakstan.

ACWA Power has planned to make “significant investments” in the Republic of Karakalpakstan, it said, including Kungrad 1, 2, 3, and 4 wind projects with a combined capacity of 2 GW, the 100MW Karatau Wind IPP, and the 5GW Aral Wind IPP, amounting to over USD 8.4 billion of investments.

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EnvironmentGovernanceLatest News

Dubai Chamber of Commerce launches ESG Label

by Madaline Dunn
written by Madaline Dunn

The Dubai Chamber of Commerce has announced the launch of a new ESG Label aimed at promoting sustainable business practices.

Developed by the Chamber’s Centre for Responsible Business, the label is designed to help organisations evaluate their ESG readiness and maturity levels, receive recognition and facilitate business growth, the Chamber explained.

“The Dubai Chamber of Commerce ESG Label addresses the need for a holistic approach to sustainable business practices that benefit society and the environment, while also supporting our mission to promote good governance and ethical business practices,” said His Excellency Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers commented.

According to the Chamber—one of the three operating under the umbrella of Dubai Chambers—in the development of the label, an assessment was conducted by “globally recognised ESG experts,” which examined global and regional regulatory landscapes and reporting frameworks to identify the critical factors in determining an organisation’s ESG maturity.

A consultation with the business community was also carried out to help shape the framework.

Organisations of all sizes established for at least two years are eligible to apply.

Participating organisations receive a feedback report highlighting areas for improvement, with a maturity level score based on their overall ESG rating.

Once awarded, the Dubai Chamber of Commerce ESG Label certificate is valid for a period of one year, the Chamber noted.

“By shifting the emphasis from corporate social responsibility to ESG labelling, we aim to encourage businesses to adopt comprehensive strategies that embed sustainability into their core operations and decision-making processes,” added Dubai Chambers’ CEO.

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FinanceLatest News

IFC, Jordan Ahli Bank Launch First Locally-Issued Sustainability Bond in Jordan

by Madaline Dunn
written by Madaline Dunn

IFC has announced it has subscribed $50 million in Jordan’s first locally issued sustainability bond by Jordan Ahli Bank (JAB).

The investment is supported with blended finance through IFC’s Global Small and Medium Enterprises Finance (GSMEF) Facility, funded by the governments of the United Kingdom and the Netherlands.

The bond’s proceeds will finance climate and social projects for SMEs, the two shared, and will contribute to supporting women-owned and -led entities and creating jobs.

Indeed, while SMEs comprise over 90 per cent of all enterprises in Jordan, loan access is challenging—limited lending to SMEs accounts for only 10.7 per cent.

Khawaja Aftab Ahmed, IFC’s Regional Director for the Middle East, Pakistan and Afghanistan, said the investment will help expand access to finance for underserved small and medium businesses.

Against the backdrop of a 22 per cent unemployment rate in the country, the IFC said the investment is expected to help create up to 10,000 jobs.

“This bond marks a significant step forward in our commitment to sustainable and responsible finance, a crucial growth area for both Jordan Ahli Bank and the wider banking sector,” said Dr. Ahmad Al-Hussein, Jordan Ahli Bank CEO and General Manager speaking on the sustainability bond.

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