Briefings by Thinking Arabian | 2 Januar 2023
Content
In a Nutshell
Thoughts by Thinking Arabian: Thinking Arabian at Abu Dhabi Sustainability Week
Briefings about Egypt, Oman, Qatar, United Arab Emirates and Saudi Arabia
In a Nutshell
As of Thursday, January 19, 2023, the new corporate law and its implementing regulations went into effect, according to statements from the Ministry of Commerce and the Capital Market Authority (CMA).?The ministry and the authority emphasized the new law's role in assisting businesses in expanding, overcoming obstacles, and staying updated with the various economic advances the Kingdom encounters.??
A Dh150 fee per commercial invoice will apply and customers will have a grace period of 14 days after the declaration of goods.?
The Ministry of Industry and Advanced Technology (MoIAT) today issued a ministerial decision on regulating the trade of recycled plastic water bottles in line with top public health and food safety standards. Announced at Abu Dhabi Sustainability Week (ADSW) 2023, the new decision contributes to the UAE’s commitment to preserving resources and supporting the shift to a circular economy.
Thoughts by Thinking Arabian
The Abu Dhabi Sustainability Week - the road to COP28 and the role of the Arab world in the climate transition.
By Amgad Abouzeid (Principal/Thinking Arabian)
Thinking Arabian?had the chance to be present at this year’s?Sustainability Week?in Abu Dhabi?(ADSW), which has become they key event for the UAE, the GCC countries and the Arab World to present its advancements, solutions and opportunities in pushing the world’s challenging path towards sustainability, green energy and climate neutrality. The Arab world, powering the global industrial machine for more than a century, with its wealth in fossil fuels, shall once again be key for the world’s rising energy demands. For the industrial nations, emerging markets and developing countries of Europe, Africa and Asia.?
When Arab oil and gas could fuel global industries for over a century, renewable energies will be able to do so for several centuries. The region only started to untap a small piece of that unlimited potential. The Arab world, blessed by formidable climatic conditions to produce solar and wind energy and a vast landmass, can through the methods of hydrogen transport this power to the world. In countries like Egypt, Oman, Saudi Arabia and the UAE, the hydrogen economy is only starting to run-up. European industrial nations, first and foremost Germany, already started to establish infrastructure and logistics to receive hydrogen from the region. Germany will need Arab hydrogen, to divert itself away from fossil fuels and Russian dependency.?
Germany’s Chancellery and Ministry of Economics and Climate?Action were present in Abu Dhabi, through?State Minister Sarah Ryglewski and State Secretary Stefan Wenzel.?In their speeches as part of advancing the existing?German-Emirati Energy Partnership, both highlighted Germany’s need for the region’s energy resources and encouraged businesses from both sides to engage in joint projects and opportunities.?
Beyond politics, the ADSW gave an outlook on how the reality of hydrogen production and export can look like. A number of concrete projects were presented, for example by the?Abu Dhabi National Oil Company, ADNOC.
Masdar, the UAE’s renewable energy giant, backed by Mubadala - one of Abu Dhabi’s sovereign wealth funds - and ADNOC, presented ambitious plans to transform the UAE into the global leader in hydrogen exports.?
Masdar City, one of Masdar’s crown jewel projects, shows the UAE’s vision of a sustainable, net-zero emissions city, from private housing, business, and corporate districts to heavy industrial facilities. Masdar and ADNOC were joined by hundreds of businesses from around the world in presenting state-of-the art technology and solutions to build a sustainable society.?
ADNOC, and its Director General,?H.E. Sultan Ahmed Al Jaber, will hold a key role in this year’s COP. As such, Al Jaber unveiled the official logo of COP28 and formally opened “COP-Season”, which will entail a series of activities and initiatives by the UAE.
All that was seen at ADSW presented a hint of what’s to come and happen in and from the region towards pushing for achieving the global climate targets. The region has much to offer, its push to position itself as a global champion in the push towards climate neutrality will pivot at COP28. COP28 will cement the UAE’s and the region’s ambitions and role as a key energy supplier.?
Insights
Egypt
领英推荐
The IMF announced an ambitious reform programme for Egypt’s economy, but analysts cast doubt on its effectiveness. (18.01.23, AlJazeera)
The plan defines the contours of the state’s future participation in the economy, including those activities it plans to exit, to increase the contribution of the private sector.?(18.01.23, Al Monitor)
Qatar
Qatar Chamber’s recently released quarterly report for last year, highlights major achievements in the country’s exports and imports numbers as well as steady growth due to major investments. (17.01.23, Doha News)?
Qatar Investment Authority (QIA) is searching for opportunities in venture capital, fintech, and sustainability, a top official said. The Gulf state’s wealth fund is eyeing investments across Europe, Asia, and the US, targeting various industries, QIA Chief Executive Officer Mansoor Al Mahmoud said during an interview with Bloomberg Television in Davos. (17.01.23, Doha News)
Oman
Oman plans to build the Middle East’s first space rocket launch centre this year. Located in the?port town of Duqm, the Etlaq Space Launch Complex, a project by the National Aerospace Services Company, could see its first?rocket launch?early next year. (17.01.23, The National News)
United Arab Emirates
The Federal Tax Authority said the early registration is open from January to May for certain categories of companies operating in the UAE (23.01.23, Gulf Business)
Multilateralism and modernising of?supply chains?are critical in overcoming challenges facing?global trade, which is central to the recovery and growth of the world economy this year, the UAE Minister of State for Foreign Trade said on Thursday.?(19.01.23, The National)
Saudi Arabia
Saudi Crown Prince?Mohammed bin Salman?launched Tuesday a new investment fund to support infrastructure related to sports, tourism and more.?(17.01.23, Al Monitor)
The world’s largest oil exporter is seeking to strengthen its relations with crucial trade partners. (18.01.23, Gulf Business)
The Saudi Arabian chemical sector now has an annual capacity of around 118 million tons. With billions being invested, the expansion is continuing. (01.19.23, GTAI)