Blue economy momentum in the Emirates
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You are reading a condensed version of the EB Insights Middle East newsletter, August 2024 edition. Want the latest Middle East updates on ESG, business and policy? Subscribe to get the monthly newsletter in your inbox or explore the full selection of our newsletters here.
The recent sighting of a whale shark near Abu Dhabi's shores sparked much excitement. It also served as an important reminder of the rich marine life off the coast of the United Arab Emirates.
In recent years, the Emirates have seen increased momentum in promoting the sustainability of the blue economy, from mangrove conservation to reef restoration projects. The introduction of a regional oceans initiative, with the backing of the UAE government, has also paved the way for discussions between the public and private sectors to ensure the protection of marine ecosystems. In the latest EB Podcast, Middle East correspondent Rachel Kelly speaks to Tatiana Abella, who leads the social enterprise behind the successful Oceans Summit, now in its second year of convening.
In Dubai, summer runs from the beginning of June to the end of September. Synonymous with sweltering heat, it was once known as "Ghous Al Kabir" or "The Big Dive" – UAE's main pearling season – where divers could gain access to lower depths to search for precious pearls as the waters were warmer. Though a much-forgotten trade, the tradition shows the communities' close relationship with the sea. These shores currently face threats from climate change and rapid development. The climate crisis and extreme heat is also exacerbating water scarcity. In Jordan, for example, severe water shortages have led to the rise of illegal water markets.
This month's newsletter features an op-ed looking at how the Middle East's strategic location could enable it to support sustainable development across the Global South. A key lever, the author argues, is the scale of capital that powerful Middle East sovereign wealth funds or catalytic funds can provide to emerging markets.
Middle East updates
Goumbook launched a regional oceans network that brought discussions on the blue economy to the forefront at the last COP summit.
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With its strategic position and extensive connections, the Middle East has the potential to significantly advance sustainable development efforts in the Global South.
Jordan's water scarcity, worsened by climate change, is being addressed by illegal water markets, highlighting an urgent need for sustainable groundwater management and equitable access.
Climate shocks, inadequate financing, and lack of government action could leave nearly 600 million people hungry by 2030, warns the head of the UN’s International Fund for Agricultural Development.
The massive leap bucks a global trend that sees such funding slowing down.
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