< PreviousFINANCE 140 Vol. 25/02 February 2024 How the UAE government is e ectively synergising corporate responsibility and leadership for a sustainable future The synergy between corporate endeavours and governmental support is essential to amplify the impact of policy UAE organisations are leveraging innovative approaches – from green supply chains and autonomous deliv- ery robots, to electric delivery trucks and logistics facilities powered by renewable energy. At COP28, one resounding theme was in focus: the urgent need for green funding, along with the trans- formative power of transition nance. There was consensus that this nan- cial push isn’t just about embracing eco-friendly practices; it is a catalyst for achieving broader sustainable development goals while ensuring everyone gets a seat at the table. The UAE led by committing $30bn to ght climate change. This substan- tial amount will fuel a fresh private investment initiative called ALTÉRRA. The fund aims to attract a remarkable $250bn in investments by the decade’s end, while seeking to establish a more equitable system for financing climate-related efforts. The UAE Banks Federation also promised to raise AED1 trillion, which amounts to BY EMILIO PERA, CEO AND SENIOR PARTNER OF KPMG LOWER GULF SUSTAINABILIT Y $30BN The UAE's committment to countering climate change The Mohammed Bin Rashid Al Maktoum Solar Park stands as a testament to the UAE’s commitment to integrating renewable energy sources into its energy mix Sustainable growth has many interpretations, but in the business world, the Environ- mental, Social, and Governance (ESG) strategies are essential for it. In line with the UAE’s ambition of achieving net-zero emissions by 2050, many arabianbusiness.com 141 SUSTAINBILIT Y The UAE is on the right path to embracing the opportunity to lead the charge towards a sustainable and prosperous tomorrow over $270bn, for green nance initia- tives by 2030. These commitments by the UAE are not just about numbers, it is a call to action, setting the pace to achieve the 2050 Net Zero milestone. This move highlights how banks, and financing in general, can be the driving force in tackling climate issues. It is also a call for other nations and financial institutions to follow suit, creating a domino effect in channelling funds towards sustainable ventures. Yet, amid these commendable commitments, challenges persist. The necessity to streamline supply chains, fortify infrastructure, and expedite the adoption of renewable energies remains glaring. Only by allocating finance judiciously and amplifying investments can we lay the ground- work for this transformative shift. Securing funding for novel tech- nologies aimed at reducing carbon emissions remains a formidable hurdle, particularly for nations with limited resources. That is where innovative financial hubs like the Climate Finance Centre in Abu Dhabi emerge as crucial players. The newly established centre, which will operate as an autonomous think tank and research hub, will look into obstacles hindering investments in low-carbon projects. Additionally, it will also seek to develop financial frameworks designed to overcome these barriers. Such initiatives, serves as incubators for ideas and solutions and catalyst for global change in sustainable nance. The government’s role in steering this change is most vital. The UAE’s commitment to a sustainable future is evident in its initiatives. The country’s intention to invest substantial pro ts from oil and gas into energy transi- tion, as outlined in the National Hydrogen Strategy and UAE Energy Strategy 2050, demonstrates a holistic approach, with plans to allocate investment ranging from AED150- 200bn by 2030. This strategy not only anticipates a significant financial saving of and Climate Resilience”, shows how the nancial sector is a critical cata- lyst for change, with potential to shape a sustainable and resilient future in areas of sustainable farming and nancing grassroot farming initia- tives. Financial institutions are at the heart of the food security endeavor, providing vital support for the tech- nologies and projects essential to preserve the integrity of food systems. Leveraging nance can be a cata- lyst for a menu of possible solutions. Targeted sustainable nance instru- ments can unlock the widespread adoption of state-of-the-art agricul- tural technologies, innovative value chain processes, and eco-inclusive farming (like the world’s largest verti- cal farm, set to produce more than 900 tonnes of leafy greens per year established in Dubai) across global value chains. From a macro perspective, tax incentives for decarbonisation could stimulate substantial investments in clean energy technologies and e - ciency measures. Such initiatives not only incentivise corporate responsi- bility but also create a environment conducive for sustainable practices to ourish. Such incentives, whether in the form of reduced corporate taxes or tax credits, provide the necessary impetus for companies to pursue decarbonisation e orts. The synergy between corporate endeavours and governmental support is essential to amplify the impact of these measures. With the successful conclusion of COP28, the UAE sets an example by embracing the recommendations and aspira- tions of the leaders. The collabora- tion between corporations and governments is indispensable, and all stakeholders should be mindful that this is not merely about chasing prof- its; it is about shaping a future where prosperity is inextricably linked with sustainability. The UAE is on the right path to embracing the opportunity to lead the charge towards a sustainable and prosperous tomorrow, setting a blueprint for global corporate responsibility. Pera says tax incentives for decarbonisa- tion could stimulate substantial investments in clean energy technologies AED100bn but also the creation of 50,000 new jobs in the burgeoning green sector by the year 2030. The Mohammed Bin Rashid Al Maktoum Solar Park, the largest single-sote solar park in the world, stands as a testament to the UAE’s commitment to integrating renewable energy sources into its energy mix and harnessing pro ts from traditional energy sources to fund renewable projects. Scaling up such endeavours ampli es the message that sustaina- bility isn’t just a choice but a necessity. Equally, the challenges of climate change and food security cannot be ignored. Boosting resilience through food security has emerged as a critical factor in the UAE’s transition to a sustainable future. A recent report by KPMG Lower Gulf, First Abu Dhabi Bank (FAB), and the International Islamic Trade Finance Corporation (ITFC), titled “Harvesting Resilience, Leveraging Finance for Food Security 142 Vol. 25/02, February 2024 HOSPITALIT Y Dining with the clouds: Burj Khalifa’s At.mosphere restaurant continues to be a destination of choice The restaurant’s expansive tasting menu and re ned lounge serve as an experience not to be missed BY ARABIAN BUSINESS STAFF HOSPITALIT Y At.mosphere continues to de ne luxury entertainment in Dubai and remains a ‘must visit’ for both residents and visitors alike Sitting 442 metres above the streets of Dubai, At.mosphere restaurant o ers an unparal- leled ne dining experience like no other. Perched on the 122nd oor of the iconic Burj Khalifa, the highest restaurant in the Middle East provides panoramic views that simply must be seen to be believed. Whether enjoying a leisurely breakfast, indul- gent afternoon tea, or exquisite evening meal, diners are treated to ever-changing vistas of the vibrant city skyline and azure waters of the Arabian Gulf far below. At.mosphere rst opened its doors in 2011 and established itself as the premier destination for special occa- sions and momentous celebrations in Dubai. While maintaining its reputa-arabianbusiness.com 143 HOSPITALIT Y Diners are treated to impeccable levels of bespoke service alongside unparalleled ne-dining experiences matched only by the views tion for world-class cuisine and service, the restaurant underwent a redesign in 2023 to refresh the space with a lighter, brighter aesthetic. Rich textures and dramatic accent walls have made way for happier hues of aqua, lime and tangerine. Elegant neutral fabrics and polished surfaces now bounce light around the dining rooms to luminous e ect. The overall feel is one of modern luxury. A wealth of oor-to-ceiling windows maximise the signature views, which truly must be seen to be believed. From any vantage point within the restaurant, the grand scale of the Dubai skyline spreads out before guests like a glittering twilight tapestry. Iconic landmarks like the Dubai Frame, Business Bay and glit- throughout the day, soft furnishings and ickering candles create an inti- mate setting for catching up over co ee or unwinding after work with creative cocktails. The signature ‘Co ee in the Clouds’ experience allows guests to sip their beverages while surrounded by mind-blowing vistas. High tea service here is a true extravagance, presented on multi-tiered stands laden with dainty sandwiches, scones and cakes against the soaring Dubai skyline back- drop. An indulgent ‘Champagne and Oysters’ experience is available to book, showcasing the very finest bubbly and bivalves against the dramatic backdrop. As the highest restaurant globally, At.mosphere well deserves its prestig- ious reputation. Diners are treated to impeccable levels of bespoke service alongside unparalleled fine-dining experiences matched only by the views. Booking advance is strongly recom- mended to secure coveted window- side table bookings, especially around sunset. Experience dining among the clouds and be rewarded with a memo- rable evening made all the more special with the glittering city spread majesti- cally below. At.mosphere continues to de ne luxury entertainment in Dubai and remains a ‘must visit’ for both resi- dents and visitors alike to enjoy the spectacle. Diners are treated to exquisite European cuisine courtesy of the talented culinary team tering Marina skyline can be picked out with ease, with the majestic Dubai Fountain putting on a nightly light show directly below. Diners are treated to exquisite European cuisine courtesy of the talented culinary team. Two new tast- ing menus have recently been intro- duced - a classic French option and a seasonal ‘Jardin’ selection focusing on the freshest local produce. Complementing the sophisticated cuisine is an extensive beverage programme overseen by expert sommeliers. Thoughtfully curated wine pairings designed to enhance each dish are available, or thirsty diners can sample cocktails, Cham- pagnes and spirits from around the world. A top-quality selection of wines by the bottle or glass ensures there is something to suit all palates. Adjacent to the restaurant lies the elegant At.mosphere Lounge. Open 144 Vol. 25/02, February 2024 ADVERT ORIAL New routes, new races for Ras Al Khaimah Half Marathon in 2024 World-class eld set for Middle East’s premier half marathon on 24 February 2024 Held under the patronage of Sheikh Saud bin Saqr Al Qasimi, UAE Supreme Coun- cil Member and Ruler of Ras Al Khaimah, the 17th Ras Al Khaimah Half Marathon will take place on Saturday, February 24, 2024, with the annual event featuring a new route on Al Marjan Island as well as staging its rst ever 10km Road Race. Hosted by the Ras Al Khaimah Tour- ism Development Authority (RAKTDA), the RAK Half Marathon will feature many of the world’s elite long-distance athletes in the marquee 21.1km race with thousands of runners joining them either in the associated 10km, 5km or 2km runs. It will be the rst time the RAK Half Marathon has o ered a 10km race, a distance generally considered to the perfect stepping stone for those wishing to prepare for a move up to the half marathon itself. The race will also feature a new route that sees the start and finish remain on Al Marjan Island. For 2024, all four races will be on the roads of the RAK will host the world’s fastest half marathon, featuring athletes, running enthusiasts and amateurs from across the globe 1. M The total number of visitors to RAK in 2023, according to RAKTDA gures emirate’s premiere destination, a unique cluster of four coral-shaped islands in a man-made archipelago. Raki Phillips, CEO of Ras Al Khaimah Tourism Development Authority said: “We are very excited to announce the new date for the iconic RAK Half Marathon. Since its launch 17 years ago, the event has created its own standing on the global running stage directing the sporting spotlight on Ras Al Khaimah and attract- ing spectators and competitors of all abilities. The yearly race continues to produce world-class champions, while bringing the local and international community together.” The RAK Half Marathon is already attracting the attention of world-class athletes eager to test themselves in ideal racing conditions as they prepare for the London Marathon and the Paris Olym- pics. Last year, there was a Kenyan double win in the 16th Ras Al Khaimah Half Marathon with Benard Koech earn- ing the men’s elite title and Hellen Obiri the women’s event in 58:45 and 1:05:05 respectively. “We are honoured to have been entrusted with organising the RAK Half Marathon, one of the most prominent sporting and social events in the UAE,” said Peter Connerton, Managing Director of Pace Events and Race Director of the Ras Al Khaimah Half Marathon. “By introducing a 10km Road Race to the schedule as well as the option for team competition through the Corporate Chal- lenge, we aim to make race day bigger and better than ever, while at the same time ensuring that the Ras Al Khaimah Half Marathon continues to attract the world’s best distance runners.” Registration for the annual four-race event is now open, visit: rakhalfmarathon.com ADVERT O RIALJoin the global leader: http://difc.ae/business/make-an-enquiry Join the #1 financial centre to access more innovation When you join the number one financial centre in the Middle East, Africa and South Asia, you are part of the region’s first, largest and most integrated innovation ecosystem. No wonder over 800 FinTech and innovation companies use the DIFC Innovation Hub as a catalyst for growth, benefitting from having access to education, accelerators, mentoring, networking, cost effective licences, venture building and access to funding in one place.146 Vol. 25/02, February 2024 FINANCE Green skills: Equipping the workforce for a sustainable future Developing green skills is not exclusively about gaining the skills required to solve the climate crisis, it is about empowering people to make informed decisions with the environment in mind COP-28 was one of the key high- lights of 2023, particularly across the region. Not only did the event bring to the forefront the collective climate challenges we face, this annual event also solidified the global commitment to taking a rmative action in line with the Paris Agreement. The 13-day agenda drove home the need for a uni ed e ort in combatting climate change, and it also provided a looking glass to the future - one where green skills lead the workforce. This may be an unsurprising revelation to many as government policies across the world have been actively driving the shift to a green economy. And now, with 2024 in focus, organisations must continue to nd and develop the right talent with the right green skills that can help them speed up the transition BY SAMAR SAYEGH, PWC PARTNER AND PWC’S ACADEMY MIDDLE EAST LEADER SUSTAINABILIT Y Future talent pools are incredibly conscious of business’s stance on sustainable practicearabianbusiness.com 147 SUSTAINABILIT Y To support the sustainability-led ambitions of young talent, businesses need to think about how they are enhancing green upskilling and empower the business to lead their respective spheres of in uence. Green skills are skills that support the green economy. This includes the specific expertise necessary for sustainable development, the values needed to encourage sustainable growth and the abilities to carry forward the sustainable transition. One of the key outcomes from COP28 was the agreement of 118 nations to triple sustainable energy output - a clear indication that there will be a growing demand for the requisite upskilled talent across the organisational frame- work to support this. But, green skills are needed beyond those industries that are directly involved in decarbon- isation. In fact, fossil fuel producers will need green skills, as much as sustainable energy businesses. With COP28 President, Sultan Al Jaber, addressing the fact that fossil fuels cannot just be cut o , it was still impressed upon the audience that the transition away from fossil fuels remains the end game; and without the right expertise in place to drive this change, it is those reliant on the carbon economy that will be left worse o , as demand for fossil fuels wanes. Under- standably, governments across the Middle East have looked to encourage these skills, in a bid to diversify their fossil fuel-based economies. A really encouraging sign is the awareness of green skills across the Middle East – PwC’s Middle East Hopes and Fear Survey 2023 high- lighted that 62 percent of respondents believed green skills would play a vital role in their career. And even more promising was the incredible number of young people in attendance at COP28, which speaks to the climate- rst outlook our youth has today. To support the sustainability-led ambitions of young talent, businesses need to think about how they are enhancing green upskilling. Future talent pools are incredibly conscious of business’s stance on sustainable practice – both from an environmen- tal perspective and a personal devel- opment point-of-view. Encouraging green skill development will be key to mandatory for over 50,000 of its employees. Similarly, the KSA launched its third edition of ‘Saudi Green’ at COP28 demonstrating the kingdom’s commitment and ongoing e orts to support the global climate action agenda and take concrete measures to address environmental challenges. The government has demon- strated how green upskilling can be implemented, it is now a matter of businesses and individuals taking ownership. From organisational level awareness e orts, to specialist tech- nical practitioner skills, to green strategy and leadership - organisa- tions must strategically build an ecosystem of green skills. There are a plethora of options out there, from online micro-learning courses such as those run through UAE Govern- ments Jahiz internal learning portal, to role-specific practitioner work- shops to internationally recognised professional certi cations such as the CFA’s Certi cate in ESG investing. Developing green skills is not exclusively about gaining the skills required to solve the climate crisis, it is about empowering people to make informed decisions with the environ- ment in mind. It is for business-lead- ers to shape this idea to their industry, market and build it into their company culture, and for individuals to be proactively involved in embracing it. The adoption of a green mindset is a long-term evolution but we have de - nitely passed the point where staying passive is acceptable. There are no excuses not to play a role. Green skills is about empowering people to make informed decisions with the environment in mind, Sayegh says The adoption of a green mindset is a long-term evolution attracting the best talent going forward, which in turn will enable businesses to better their sustainable practices – a self-ful lling cycle. The stage has been set, thanks to proactive efforts of the regional governments - a classic case in prac- tice being the Government of UAE launching the Green Capabilities Global Alliance for Governments at COP28. At the same round table, it was also demonstrated how the UAE is prioritising green skills through making green upskilling programmes 148 Vol. 25/02, February 2024 LO G I S T I C S Funding support for strategic enterprises to set up in Hong Kong projects or conduct R&D work. Monthly allowance will be provided to eligible company/project for engagement of up to four research talents at any one time for a maximum of 36 months. One-stop Window for Strategic Enterprises OASES serves as a one-stop window to assist enterprises throughout the whole set-up process from planning, setting up, launching, to further expansion. Key services include: • Guidance in strategic implementation and evaluation of business decisions • Connection with critical stakeholders • Market insights of speci c industries • Setting up and business support (e.g. licencing, visa, intellectual property protection, tax, government funding schemes, talent schemes, business regulations, marketing and PR, etc.) • Relocation facilitation (e.g. bank account opening, housing, healthcare, education and networking, etc.) • Aftercare services for continuous expansion of business For overseas and Mainland strategic enterprises comtemplating business setup or expansion in Hong Kong, OASES o ers comprehensive, free-of- charge support. Contact us Noofal Shahin Head of Business and Talent Attraction Tel: +971-4-453-3888 Email: noofal_shahin@hketodubai. gov.hk OASES Hong Kong o ce Tel: +852 3107 1484 / +852 3755 2746 Email: enq@oases.gov.hk https://www.oases.gov.hk Authorities have stepped up funding support for enterprises who are looking to establish a foothold in Hong Kong BRAND VIEW Hong Kong is adopting a targeted approach to attract represent- ative and high-potential stra- tegic enterprises from around the globe to set up or expand their businesses in Hong Kong. The O ce for Attracting Strategic Enterprises (OASES) was established in 2022, providing bespoke o erings and tailor-made plans that cover aspects such as land and nanc- ing to attract strategic enterprises from four major industries, namely life and health technology, arti cial intelligence and data science, nancial technology, and advanced manufacturing and new-energy technology. The Hong Kong Special Administra- tive Region Government has also stepped up funding support for enterprises who are looking to establish a foothold in Hong Kong. A myriad of funding schemes and incentives cover infrastructure developments, promoting research and development (R&D), training and retain- ing talents, and facilitating re-industri- alisation. Some latest initiatives are: • Co-Investment Fund A $3.8bn Co-Investment Fund has been set up in late 2022 for attracting enter- prises to set up operations in Hong Kong and co-investing in their business. • Research, Academic and Industry Sectors One-plus Scheme (RAISe+) It is a $1.3bn funding scheme launched in October 2023 to promote transforma- tion of R&D outcomes and facilitate collaboration among industries, academic and research sectors. A maxi- mum of $12.8m funding support will be provided to each approved project. • New Industrialisation Funding Scheme The scheme aims to subsidise manufac- turers to set up new smart production lines in Hong Kong. A maximum of $1.9m funding support will be provided to each approved project on a 1 (government): 2 (company) matching basis. • Research Talent Hub It subsidises R&D companies for engagement of talents to assist in R&D Please scan the QR code for more detailsRas Al Khaimah HALF MARATHON 2024 Saturday 24th February HALF MARATHON • 10KM RUN • 5KM RUN • 2KM FUN RUN REGISTER NOW AT rakhalfmarathon.comNext >