The Ministry of Finance (MoF), in cooperation with the Organization for Economic Cooperation and Development (OECD), today hosted in Dubai the second forum on Pillar Two or the Global Minimum Tax of Base Erosion and Profit Shifting (BEPS) Project and the Global Anti-Base Erosion Rules (GloBE), as a part of the UAE’s commitment to international standards around taxation.

The forum’s events were opened by His Excellency Mohammed bin Hadi Al Husseini, Minister of State for Financial Affairs, in the presence of His Excellency Younis Haji Al Khouri, Undersecretary of the Ministry of Finance, His Excellency Khalid Ali Al Bustani, Director General of the Federal Tax Authority, His Excellency Mariam Al Amiri, Assistant Undersecretary for the Financial Management Sector, at the Ministry of Finance, and Achim Pross, Deputy Director within the OECD’s Centre for Tax Policy and Administration (CTPA), Shabana Begum, Executive Director – Tax Policy Sector, at the Ministry of Finance, and tax officials in countries of the region, in addition to representatives from the government and private sector.

His Excellency Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs, said: “The UAE adopts financial and tax policies, legislation and systems that serve its ambitious national development goals, while ensuring the highest levels of transparency and preventing financial and tax malpractices. This commitment is in line with the international standards that are necessary to manage and implement tax systems, and to ensure the country’s leadership in this field. 

“We continue to support international efforts to address tax base erosion and profit shifting to contribute to the continuous improvement of the global economic environment. In 2018, the UAE joined the comprehensive framework of the BEPS program, and on June 1, 2023, the UAE introduced federal corporate tax of 9% for the first time in its history.”

His Excellency highlighted the importance of the Global Minimum Tax , which provides the means for establishing an internationally coordinated system of taxation that applies a top-up tax on profits when the effective tax rate is below the minimum rate of 15%. He further stressed that the progress achieved so far in this project demonstrates the strength of international cooperation in achieving our common goals of building a strong and sustainable tax eco system through forward looking policies and legislation.

He noted how the forum’s participants will benefit from the OECD  insights shared on the latest global anti-base erosion rules, the impact on businesses that are headquartered in the region, as well as the administrative changes that governments in the region may need to take into consideration when implementing the rules.

His Excellency added: “We are committed to developing a sustainable tax ecosystem and accumulating the expertise necessary to enhance the UAE’s global competitiveness as a leading global financial center. We aim to enhance our tax policymaking frameworks, and to consolidate mutual cooperation between the UAE and international organizations, including the OECD. We have cooperated with the OECD since 2006 in a number of seminars to develop and deliver similar fiscal policy seminars across the MENA region, with the participation of regional officials who exchanged their experiences with their UAE and OECD counterparts, on international tax rules and require international tax reforms.”

Panel Discussion

The sessions began with an overview of the technical aspects and latest developments in GloBE rules, roadmap for the key steps towards effective implementation and administration of the rules, and the scope and application on sovereign wealth funds and joint ventures. This was followed by panel discussions on selected issues of “the top-up-tax,” understanding the rules, assessing their impact on local taxpayers and existing rules, and implementing the rules within local legal frameworks, legal tools and legislative approaches

The sessions saw the participation of senior experts and specialists, including: John Peterson, Head of Division at the Center, and Félicie Bonnet, Head of Unit, Chris Sanger (EY): the Global Tax Leader for Government, as well as EY’s Tax Policy leader for the UK, and Noora Saif Al Suwaidi is a Vice President within Mubadala’s Group Taxation department, Sebastian Bock (ICD): Vice President Finance at the Investment Corporation of Dubai (ICD), the principal investment arm of the Government of Dubai, Julie Claire Cunningham (EGA): Global Head of Tax and Risk at Emirates Global Aluminium (“EGA”), Alex Law (Deloitte): GPS and M&A Tax Leader for Deloitte Middle East, and Guy Genssen (ADNOC): Executive Vice President – Group Controller.

The forum included a workshop on Pillar 2 of the OECD-led Base Erosion and Profit Shifting Project and the Global Anti-Base Erosion Rules. Pillar 2 – a global minimum corporate tax rate of 15 percent – that establishes a floor on corporate tax competition,. Specifically, the Global Anti-Base Erosion Rules provide the means for establishing an internationally coordinated system of taxation that applies a top-up tax on profits when the effective tax rate is below the minimum rate. 

At the end of the workshop, His Excellency Younis Haji Al Khoori, Undersecretary of the Ministry of Finance, thanked the OECD’s technical experts for the clarity they brought to the issues of implementing and administering a new corporate tax regime, as well as his regional counterparts and colleagues from the UAE for their questions He also thanked the participants from the government and private sectors in the UAE.

He said: “Our cooperation with the OECD today comes within the framework of a renewed memorandum of understanding since 2007, which aims to build a strong tax partnership for the MENA region through the exchange of expertise and experiences, in addition to cooperation in exchanging information for tax purposes”.

The Museum of the Future collaborated with Dubai-based interdisciplinary think tank, Fiker Institute, to host the inaugural ‘Climate Future Week’ from Tuesday, September 26 to Saturday, September 30.

The week-long event will feature a conference with participation from UAE government officials, prominent public figures, international institutions, and global experts. This initiative aligns with the ‘Year of Sustainability’ and the UAE’s preparations to host the United Nations Framework Convention on Climate Change’s Conference of the Parties (COP28) in Dubai this coming November.

The main conference, taking place over three days, will consist of sessions and keynote speeches that will analyse critical future trends and global challenges in the realm of climate change. They will also put a spotlight on cutting-edge innovations, technologies, and ground-breaking inventions designed to address these challenges. Additionally, the conference will explore opportunities for international partnerships aimed at securing a greener and brighter future for humanity.

The conference offers an interactive platform for attendees, where researchers, enthusiasts, and experts in climate and sustainability, are able to engage in discussions about future strategies for addressing climate change. It aims to encourage conversations on boosting community awareness, devising innovative solutions, investing in clean energy projects, and advancing sustainable agricultural practices.

With the conference agenda including inspirational keynote speakers, writers and artists, the participants will be exposed to human stories and anecdotes revolving around sustainability and climate resilience.

The dialogue will put a spotlight on discussions around how different economic, governmental, cultural, and societal sectors influence climate change. They will explore the potential of leveraging advanced technology to bolster global endeavours aimed at preserving the environment in the years ahead.

Inspiring stories and diverse experiences

Climate Future Week also includes an array of diverse experiences that will be shared and presented by creatives, designers, artists, writers, content creators and filmmakers who focus their work on sustainability – leading with an eco-friendly approach.

Various workshops and events

In addition to the main conference, Climate Future Week will feature a series of activities workshops aimed at individuals interested in sustainability and climate change. These workshops, spanning several days, will be coordinated by the Anwar Gargash Diplomatic Academy (AGDA), the Dubai Future Foundation Fund, and various collaborating partners. Additionally, Climate Future Week will host a variety of diverse events, including the Climate Film Festival, Climate Photo Gallery, and the Start-up Council.

His Excellency Khalfan Belhoul, the CEO of the Dubai Future Foundation, affirmed that the Climate Future Week, in collaboration with Fiker Institute, is part of a broader commitment to bolster national endeavours and initiatives within the realm of environmental conservation, climate change, and natural resource management. This commitment gains particular significance as COP28 approaches, where global discussions on the future of climate change will be hosted in Dubai from November. This endeavour further solidifies the UAE’s status as a hub for crucial global dialogues that impact our present day and future challenges and opportunities.

H.E. Belhoul added: “Climate Future Week will offer a significant platform for conducting meaningful dialogues that will delve into the actions that governments, institutions, and individuals can take to make a positive impact in mitigating the anticipated challenges of climate change. It is essential to recognise that the effects of climate change will extend beyond specific segments or geographical regions.”

KROHNE Group, a leading global manufacturer of process instrumentation, measurement solutions and services, is proud to announce the successful handover of a complex dry gas metering solution for a leading national oil company in the Middle East. With an increasingly responsible approach to energy and resource efficiency, the meterology experts were able to deliver a system encompassing all hardware and software aspects that ultimately generates more revenue for the end user by significantly reducing previously wasted materials.

In close partnership with Abu Dhabi-based technology integrators Aber Ahmed Equipment Est. (ABEST), KROHNE were able to deliver on the key aspects of the brief holistically. The 102-year-old company’s discerning client base expects high-quality, reliable measurement solutions across industries and the Middle East team with decades of oil and gas expertise in the field were able to handle the complexities mandated.

• AGA9-compliant metering skids for billing of gas supply to a processing facility
• Development of analyzer house with chromatographs, analyzer management and flow computers
• Seamless project management from engineering, testing, commissioning and training support all from one source

“KROHNE’s reputation for customer service excellence and complex solution project management and delivery is our competitive advantage, built on top of the high quality reliability everyone expects of our product portfolio. Energy and resource efficiency is top of the agenda for our valued customers especially in the run up to COP28. We pride ourselves on providing consultancy towards a better overall product lifetime value for our customers, allowing them to invest sustainably today to benefit in the years to come from overall lower maintenance and downtime costs. This is how we deliver sustainable and measurable business value through partnership,” said Frank Janssens, Vice President, KROHNE Middle East and Africa.

“Working alongside world-leading technology solution partners like KROHNE is refreshing and gives our customer base confidence to request increasingly complex systems in order to be more responsible and also profitable. This is a long-term commitment from all parties, with the necessary service support on hand, offering peace of mind and value for money,” added Muthu Govindan, MD of Aber Ahmed Equipment Est.

Veolia, the global benchmark for ecological transformation, has rolled out Veolia Cares, a package of employee benefits for staff in the Near & Middle East region, focusing on a common base level care that will ensure quality protection and welfare for key life moments of the company’s entire human capital.

The launch of Veolia Cares is in line with the company’s firm belief in investing in a healthy and happy workforce and flows from its vision that Veolia’s employees are its future and its greatest assets. Based on five pillars of Parental Leave, Health Cover, Death Benefits, Support for Carers and Volunteer’s Day, one of the biggest features of Veolia Cares is that it covers all employees, whether limited in time or unlimited – including in those countries where nothing is required by law. It is this universal scope of Veolia Cares that creates the program’s appeal and uniqueness.

Commenting on the launch, Pascal Grante, CEO of Veolia Near & Middle East, said: “Veolia’s decision to roll out Veolia Cares, a common base level of employee benefits for all staff in the Near and Middle East,stems from our firm determination to support and protect all our valued employees at key life moments. At Veolia, we believe that it is the responsibility of a global champion to confront geographical inequalities in social benefits. The personal and professional well-being of our employees is also one of the keys to their on-going engagement and the quality of service that Veolia is renowned for. The roll out of Veolia Cares is in complete alignment with our strategic purpose as the global benchmark of ecological transformation, and I am confident it will add greater momentum to our pursuit of a progressive and prosperous future for all.”

Under the Parental Leave policy of Veolia Cares, the maternity or primary caregiver is entitled to at least 10 weeks of leave at 100% of basic pay, while the paternity or secondary caregiver will receive 1 week at 100% of basic pay. The benefit applies from Day 1 of employment, with no limited amount.

Based on the premise that all Veolia employees should have access to medical and hospital care, the Health Cover policy under Veolia Cares applies to all employees, including those who are part-time, from Day 1 of employment. In countries where the state health insurance system does not provide sufficient cover, a health insurance plan may be implemented under Veolia Cares, and preventive actions will also be encouraged.

In the unfortunate event of an employee’s passing, Veolia Cares will provide a payment equal to 6 months’ basic pay of the employee, whatever the cause of death, to the immediate family. This will be provided in addition to any local statutory benefits. This also applies to all employees – including part-time staff – from Day 1 of employment.

A prime example of Veolia Cares’s focus on social benefits is the Support for Carers policy, which allows employees to take leave if they urgently need to care for their seriously ill relatives. The policy applies to all employees who are giving assistance to a close relative in a situation of dependence or serious illness and makes it easier for them to combine acquired leave entitlements.

Similarly, the Volunteer’s Day policy underscores Veolia’s commitment to encourage employees to actively engage and involve with charities and local organizations and allows them to benefit from one working day to contribute to a cause of their choice.

“Veolia Cares not only sets a new benchmark for employee benefits in the industry, but also strongly supports diversity, which is among our core principles,” said Sebastien Dorne, HR Director of Veolia Near & Middle East. “Many of the benefits under Veolia Cares neither require any seniority condition nor a minimum length of service – employees are eligible right from the first day of their employment. With the launch of Veolia Cares, we are confident that Veolia will become an even more progressive and productive place to work at, attracting and nurturing the best of the region’s human capital.”

 Investcorp, a global leader in alternative investments, announced its role as an “Associate Pathway Partner” to the 28^th Conference of the Parties to the United Nations Framework Convention on Climate Change (“COP28”) taking place in Dubai, United Arab Emirates from November 30 to December 12, 2023.

Investcorp’s sponsorship aligns with the UAE’s commitment to make COP28 a turning point by bringing policymakers, climate experts, innovative businesses, and capital providers together to accelerate tangible solutions to address decarbonization and the impacts of climate change. With a 40+ year track record of identifying, investing in, and scaling transformative businesses, Investcorp recognizes the essential role that private capital and expertise must play as a catalyst to action and results.

“Recent climate events and record temperatures around the world underscore the reality that we are facing increasing risks with limited time to act,” said Mohammed Alardhi, Executive Chairman of Investcorp. “COP28 has laid out its priorities, amongst which, delivering urgent action on climate finance from governments and the private sector is one of the most critical to changing course. We have an opportunity to come together at COP28 to make real progress, and the UAE’s ambitions mirror Investcorp’s dedication to bring our capital and business-building experience to the strategic investments and transformative projects that create solutions.”

Rishi Kapoor, Co-CEO of Investcorp, said: “COP28 will mark the first Global Stocktake of where the world stands in meeting the Paris Agreement climate goals, and we know that progress to-date is behind plan. Our sponsorship of COP28 demonstrates Investcorp’s support and commitment towards playing a leading role in the capital reallocation and new investments that rapid decarbonization requires. We will be announcing additional major initiatives between now and November that will further underscore our commitment.”

The United Nations Framework Convention on Climate Change Standing Committee on Finance defines climate finance as finance that aims at reducing emissions, and enhancing sinks of greenhouse gases and aims at reducing vulnerability of, and maintaining and increasing the resilience of, human and ecological systems to negative climate change impacts.

Along with its sponsorship at COP28, Investcorp today announced its support of net zero greenhouse gas (‘GHG’) emissions by 2050 or sooner, in line with global efforts to limit warming to 1.5 degrees Celsius (a copy of Investcorp’s net zero statement can be found here). This reaffirms a commitment the firm made earlier this year when it joined the Initiative Climat International (“iCI”), a private consortium of investors who have made a collective commitment to better understand and reduce carbon emissions of private markets-backed companies.

In addition to iCI, Investcorp is a signatory of the United Nations Principles for Responsible Investment and the Abu Dhabi Sustainable Finance Declaration, a licensee of the Sustainability Accounting Standards Board standards, and a member of the ESG Data Convergence Initiative. Investcorp’s participation in these initiatives enhances the firm’s sustainability work for its own operations and with its investments.

In June 2023, Investcorp released its report “Responsible Growth” detailing the firm’s approach to environment, social and governance and its commitment to be a leader in responsible investing. Investcorp, which counts around 50 nationalities across its 500-strong workforce, has focused on three core commitments within the report:

1. Building high-performing businesses, with a focus on governance practices, stakeholder collaboration and leveraging data to navigate climate-related challenges and optimize business operations.
2. Driving social impact, by advocating for diverse and inclusive work environments and supporting community well-being and educational advancement.
3. Transitioning to a zero-carbon economy, by supporting portfolio companies’ alignment with global sustainability goals, as well as reducing Investcorp’s own emissions footprint.

 FedEx Corp. “Environmental stewardship and transparent sustainability reporting are now a universal business imperative.[2] At the same time, consumers also consider sustainability in their decision-making for e-commerce purchases,[3]” said Kawal Preet, president of Asia Pacific, Middle East, and Africa region, FedEx Express. “FedEx® Sustainability Insights gives our customers direct access to emissions data they need to help them decide how to meet consumer expectations and drive their own business and sustainability efforts forward.”

 “Businesses are making significant strides by being more transparent about the environmental impact of their operations. With FedEx® Sustainability Insights, we empower our customers with valuable data to help them make informed decisions to reduce their carbon footprint for a more sustainable future,” said Kami Viswanathan, senior vice president of FedEx Express Middle East, Indian Subcontinent and Africa operations.

The new offering complements FedEx ongoing efforts to achieve carbon neutral operations by 2040. FedEx is focusing on areas such as electrification of FedEx pickup and delivery vehicles; more efficient facilities, fuels, and fleets; and investments in natural carbon capture. FedEx® Sustainability Insights will support its work toward this goal by providing insights into further opportunities for network efficiency with data-backed predictive insights and modelling.

Customers interested in learning more about FedEx® Sustainability Insights and its capabilities can visit the website here.

*In AMEA, FedEx® Sustainability Insights is now available to customers in Australia, Bahrain, Botswana, China, Cambodia, Egypt, Hong Kong, India, Indonesia, Macau, Malaysia, Japan, Philippines, Taiwan, Thailand, Malawi, Namibia, New Zealand, Eswatini/ Zambia, Kenya, Kuwait, Jordan, Oman, Nigeria, Saudi Arabia, Singapore, South Africa, South Korea, Swaziland, Vietnam and United Arab Emirates.

** FedEx® Sustainability Insights calculates greenhouse gas emissions (CO2 equivalent) using a methodology that follows the World Resources Institute (WRI) Greenhouse Gas (GHG) Protocol, conforms to the and Global Logistics Emissions Council (GLEC) Framework, and includes industry standard emission factors, utilities, and transportation specific operational metrics. Certain emissions information outside the U.S. and Canada may be incomplete due to system incompatibility. Excluded data includes, but is not limited to, domestic shipment data for certain countries/territories, including, but not limited to, Australia, Brazil, China, France, and Poland. A detailed download of what shipments are included in the report is available. Exclusions are updated periodically and are subject to change without notice.

has launched a new tool, FedEx® Sustainability Insights (FSI), giving customers across Asia Pacific, Middle East, and Africa (AMEA) markets* access to emissions information on their shipments within the FedEx network. They can use the data to help make informed decisions on their future shipping strategy in order to reduce their impact on the planet.

Created by FedEx Dataworks, the innovative cloud-based data engine uses near-real-time FedEx network data to estimate CO2e emissions. Customers can view emissions data for individual tracking numbers as well as aggregate historical data for their accounts. Data displayed in the tool includes mode of transport, service type, and country or territory for all eligible FedEx Express® shipments.**

With sustainability being a strategic priority for businesses of all kinds[1], FedEx® Sustainability Insights is a tool that can give customers better visibility of emissions within their supply chains and support reporting and strategic future planning.

Mashreq, a leading financial institution in the MENA region, has today announced its support and sponsorship of this year’s United Nations Climate Change Conference, COP28, which will take place in the UAE from 30 November until 12 December 2023, as Associate Pathway Partner.  

Building on its successful sponsorship of COP27 last year – when it was the only bank in the MENA region to sponsor the conference – Mashreq will further leverage its position as a sponsor of COP28 to advance sustainable finance and climate action and contribute to the UAE’s implementation of a transformative COP of action and a COP for all. The announcement aligns with Mashreq’s target to reach $30 billion in sustainable financing by 2030. As of the first half of 2023, Mashreq has already facilitated $20 billion of sustainable finance and adaptation-related investments up in the UAE, Egypt, India, Bahrain, and Qatar.  

Commenting on the announcement, Ahmed Abdelaal, Mashreq Group Chief Executive Officer, said: “We are pleased to announce our sponsorship of COP28 to support the UAE’s goals of making this event a landmark COP of action. We recognize that the transition to a more sustainable economy requires substantial investment and access to finance, and we are committed to driving the region’s efforts in providing inclusive and targeted financing solutions, working closely with our clients across all industries. This sponsorship is fully aligned with our commitment to close the financing gap by directing capital flows to transition projects that will help advance the UAE’s 2023 Year of Sustainability vision and move the needle towards Net Zero by 2050.  

“Through our sponsorship of COP28, Mashreq reaffirms its continued support to address climate change and promote a sustainable future. In full alignment with the Forum’s aims, we understand that COP28 will be a milestone moment to assess progress on the Paris Agreement targets, and we are committed to having a meaningful presence in the delivery of its ambitious agenda. We believe that, together, we can make COP28 a COP for all to make a significant impact and drive positive change for a better tomorrow.” 

Faisal Mohammed Al Shimmari, Head of ESG & Corporate Strategy at Mashreq, added: “We are thrilled to be an Associate Pathway Partner for COP28, reaffirming our commitment to sustainable finance and climate action. This partnership reflects our ongoing commitment to driving positive change and contributing to global efforts to combat climate challenges. We hope to play a significant role in crafting a more sustainable and resilient future for our region and beyond by aligning Mashreq’s strategic goals with the transformative agenda of COP28.” 

“A wide range of stakeholders are key to ensuring COP28’s success, and we are proud of the high level of interest in sponsorships received from across the world. All organizations and sectors of society have an important role to play in climate action, and I am encouraged by the enthusiasm demonstrated by our sponsors who are committing to Unite, Act, and Deliver to keep 1.5C within reach,” said Ambassador Majid Al Suwaidi, Director-General and Special Representative of the 28th Conference of the Parties to the UN Framework Convention on Climate Change (COP28). 

The announcement builds on Mashreq’s ongoing efforts to become a catalyst for change by leveraging the bank’s expertise and resources to drive sustainable finance, combat climate change, and positively contribute to the transition to a more sustainable future. As COP28 approaches, Mashreq’s alignment with the UAE’s climate goals positions the bank favourably to make a valuable contribution to this year’s conference. 

Red Sea Global (RSG), the multi-project developer behind the world’s most ambitious regenerative tourism destinations, The Red Sea and Amaala, has today signed a memorandum of understanding with Saudi Arabian Airlines (SAUDIA) and daa International, the operator of Red Sea International (RSI) airport, that will see SAUDIA become the first airline to operate in and out of the Red Sea International airport (RSI).

RSI is on track to open this year along with the first three resorts at The Red Sea destination. Initially it will open for domestic flights to and from Riyadh and later Jeddah, before expanding to handle international flights from 2024.

“In 2016, His Royal Highness, Prince Mohammed bin Salman, set out a vision for the Kingdom of Saudi Arabia. A vision for a thriving country, one that was recognized as a global hub, where people from all around the world would come to experience the best of Saudi culture, hospitality and nature,” said John Pagano, Group CEO of Red Sea Global.

“When the first commercial flight lands at Red Sea International, it won’t just be a point of personal pride for Red Sea Global. It will be a milestone moment for the Kingdom of Saudi Arabia, in making that vision a reality. It is fitting, therefore, that the Kingdom’s flag carrier, SAUDIA, will be first to operate from our destination,” said John Pagano, Group CEO, Red Sea Global.”

The agreement will see SAUDIA commence regular scheduled services to and from RSI. It also provides a framework for the three organizations to undertake joint research on the use of Lower Carbon Aviation Fuel (LCAF) and Sustainable Aviation Fuel (SAF) at Red Sea International Airport. The use of electric vertical take-off and landing jets (eVTOL) to reduce emissions from air travel to The Red Sea will also be evaluated.

Capt. Ibrahim Koshy, CEO of SAUDIA, said: “Today’s agreement marks a new chapter in Saudi Arabia’s aviation history. As wings of Vision 2030, SAUDIA’s contribution is to be an enabler in attaining giga projects targets, and our involvement as the first airline to operate from and to Red Sea International airport is a source of pride for us all. This agreement will strengthen our position in the Kingdom and allow us to collaborate with RSG and daa International to boost tourism and enhance the country’s standing within international aviation.”

The agreement expands on daa International’s existing relationship with RSG as the operator of its international airport. daai International will continue to manage the airport and work with SAUDIA on various activities, such as the allocation of airport gates and counters.

Mr. Nicholas Cole, CEO of daa International, said: “Red Sea International is a new gateway for travelers to experience the wonders of Saudi Arabia. Bringing our unmatched airport management expertise, we will work with RSG and SAUDIA to ensure RSI delivers a truly unique experience for all who pass through it.”

Three resorts at The Red Sea will open this year along with the first phase of the Red Sea International airport. A further 13 hotels will open as part of phase one, and upon full completion in 2030, the destination will comprise 50 resorts, offering up to 8,000 hotel rooms and more than 1,000 residential properties across 22 islands and six inland sites. The destination will also include luxury marinas, golf courses, entertainment, F&B, and leisure facilities.

– ENDS –

About Red Sea Global

Red Sea Global (RSG – www.redseaglobal.com) is a closed joint-stock company wholly owned by the Public Investment Fund (PIF) of Saudi Arabia.

RSG is a global multi-project developer, seeking to lead the world towards a more sustainable future, showing how responsible and development can uplift communities, drive economies, and enhance the environment.  The protection of natural capital is central to all development decisions, as the organization seeks to create a better future for all.

A cornerstone of Saudi Arabia’s Vision 2030 ambition to diversify its economy, RSG is playing a key role in transforming the nation, by creating exciting opportunities for young Saudi talent and the private sector, as it develops built assets and destinations across multiple sectors that make a positive impact for people and planet.

RSG is the visionary company behind some of the world’s most ambitious development ventures, including luxury regenerative tourism destinations such as The Red Sea and Amaala.

Across its portfolio, RSG leverages the most innovative concepts, strategies, and technologies to deliver projects.

The United Arab Emirates has expressed its appreciation of the consensus reached by GCC nations to proceed with the ratification of the Kigali Amendment to the Montreal Protocol on Substances that Deplete the Ozone Layer. The consensus takes into consideration the unified position of GCC and the annex to the mechanisms for ratifying the Kigali Amendments.

This came during the participation of Her Excellency Mariam bint Mohammed Almheiri, UAE Minister of Climate Change and Environment, UAE, at the 25th meeting of the GCC Committee of the ministers responsible for climate and environment affairs. The meeting was hosted by the Sultanate of Oman in Al Jabal Al Akhdar, Al Dakhiliyah Governorate.

Addressing the meeting, Her Excellency Almheiri said: “The phase-out of hydrofluorocarbons (HFCs) is one of the most important topics we have been discussing over the past years and to reach a consensus. Our cooperation has yielded results, and the UAE applauds the agreement to ratify the Kigali Amendment to the Montreal Protocol. The UAE also hopes to work to speed up the ratification process with the GCC nations.”

Her Excellency said that reaching the consensus highlights the commitment of GCC nations in reducing emissions and mitigating the effect of climate change. She invited all ministers and officials to attend the upcoming COP28 Conference in the UAE, which will have a significant impact on showcasing the region’s stature in promoting global climate action.

The Kigali Amendment will help curb up to 0.4°C of global warming in this century while continuing to protect the ozone layer. The amendment will substantively contribute to the goals of the Paris Agreement.

HFCs are organic compounds frequently used as refrigerants in air conditioners and other devices as alternatives to ozone-depleting substances controlled under the Montreal Protocol. While HFCs themselves do not deplete the ozone layer, they are extremely potent greenhouse gases with global warming potentials that can be three times higher than carbon dioxide.

The agenda of meeting included sessions on several key themes such as the environmental landscape and trends in the GCC countries, the decision regarding non-tariff restrictions on the environment, the decisions of the Ministerial Council at its 154th session to establish a Gulf pavilion at COP28, other strategic plans of the Committee and the Gulf Environmental Portal.

They also discussed cooperation with the United Nations Environment Programme (UNEP), and the need to develop an international legally binding instrument on plastic pollution, as well as the Convention on the Conservation of Wildlife and their Natural Habitats in the GCC countries, the 16th Conference of the Parties to the United Nations Convention to Combat Desertification, and how to strengthen cooperation between the GCC countries and other nations.

The meeting made several resolutions including:

Assign specialized committees within the GCC to measure the implementation of the environmental guidelines by all the member states.

Commitment to providing full support to the Middle East Green Initiative, as underlined by the GCC Supreme Council during its 42nd session.

Promoting collaboration with the General Secretariat to share initiatives in combating climate change, and to highlight them at the General Secretariat’s pavilion at COP28 from November 30 to December 12, 2023. The submission deadline is set for mid-October 2023.

Continue hosting seminars, conferences, and workshops at the national level, specifically aligned with the strategic plan of the Ministerial Committee

To conduct regular meetings with environmental and media experts in the GCC countries.

Approve GCC’s position and annex regarding the implementation of United Nations Environment Assembly Resolution (5/14) on ending plastic pollution, including marine plastic pollution, “towards a legally binding instrument.”

Approve the unified system on substances depleted of the ozone layer by the GCC countries

Approve a unified Gulf position and annex regarding the mechanisms for ratifying the Kigali Amendments to the Montreal Protocol.

Announce the consensus of GCC countries on ratifying the Kigali Amendment to the Montreal Protocol.

Confirm participation by the GCC nations and the General Secretariat at the 77th meeting of the Standing Committee of the Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES), to be held in Geneva from November 6 to 10, 2023.

Support the efforts of the Sultanate of Oman in conserving the frankincense tree and advocating its inclusion in the Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES).

Support the member states and the General Secretariat to ensure the successful participation in the GCC Pavilion at the Horticultural Expo 2023 Doha.

The Environmental Authority of the Sultanate of Oman will invite the member states and the General Secretariat to participate in the Arab Environmental Forum, scheduled to be held on October 24-25, 2023, in Muscat, Oman. The countries are invited to actively participate in the forum and submit working papers.

Principle agreement on the proposal to develop a Gulf Environmental Index, with the Environmental Sustainability Committee of the GCC assigned to study the matter in collaboration with the GCC Statistical Center.

Support the efforts of the Kingdom of Saudi Arabia in hosting the UN Convention to Combat Desertification in 2024, and work towards formulating resolutions that enhance efforts in reducing land degradation, restoring degraded lands, and mitigating the impacts of drought.