SEOUL, July 14 (Yonhap) — The average price of Republic of Korean automobiles shipped overseas hit a new record high in the first half of 2024, data showed Sunday, following the growing demand for premium models, Yonhap News Agency reported.

According to data compiled by the Korea Automobile & Mobility Association, the average price of car exports reached US$25,224 over the January-June period, up 0.5 percent from $25,079 recorded a year earlier.

The increase came amid growing demand for eco-friendly models, as well as SUVs and commercial cars, which typically come with higher price tags.

The combined value of automobile exports, meanwhile, reached $37 billion in the first half of this year, up 3.9 percent over the period.

South Korea’s exports of hybrid cars rose 19.5 percent on-year in the first half, with those of commercial vehicles also increasing by 6 percent, according to separate data compiled by the Ministry of Trade, Industry and Energy.

YEKATERINBURG, Russia, 10th July, 2024 (WAM) — Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, highlighted that the UAE’s participation as a Partner Country at INNOPROM 2024 International Industrial Trade Fair in Yekaterinburg, Russia, underscores the country’s commitment to showcasing its dynamic business environment and the unique opportunities it offers international industrial companies.

Speaking to the Emirates News Agency (WAM) on the sidelines of the event, Dr. Al Zeyoudi emphasised the event’s significance in showcasing the UAE’s latest business developments and the unique advantages it provides to international industrial companies seeking growth and expansion opportunities.

This is particularly pertinent as the UAE continues to expand its investment partners worldwide through the Comprehensive Economic Partnership Agreements (CEPA), facilitating faster and broader access for industrial companies and exporters to some of the world’s largest and fastest-growing markets.

He noted that the fair, organised by the Russian Ministry of Industry and Trade, serves as a crucial international platform for industrial companies to showcase advancements, discuss opportunities, address key challenges, and explore industry trends.

The INNOPROM 2024, which will conclude on Thursday, features industry leaders, government representatives, and delegations from around the world. It provides an opportunity to showcase cutting-edge technologies, access the international market, and serves as an effective B2B platform for productive networking.

News Highlights:

1.     Investment in green projects coupled with sustainable finance could help the GCC countries to unlock up to US$2 trillion (Dh7.3 trillion) in GDP contribution by 2030;

2.     Increasing recycling rates in the GCC to an achievable 40 percent would create about 50,000 new jobs to support a US$6 billion market;

3.     Globally, an estimated investment of US$4.2 trillion per annum is required to meet the UN Sustainable Development Goals (SDGs). This looks achievable because the total financial assets industry is at US$379 trillion.

4.     By End-2022, the global investments in sustainable assets touched US$30.3 trillion with non-US markets showing 20 percent growth in assets.

Investment in green projects coupled with sustainable finance could help the GCC countries to unlock up to US$2 trillion (Dh7.3 trillion) in GDP contribution by 2030, if investment opportunities are tapped across key industries, according to a recent report by Strategy& that recommends the GCC governments to open up the region’s capital markets to help accelerate investment in sustainable projects.

Today, GCC countries recycle, reuse, or recover only around 10 percent of plastic and metal waste, resulting in significant waste. Increasing recycling rates in the GCC to an achievable 40 percent would create about 50,000 new jobs to support a US$6 billion market, the report says.

Experts at the first conference on ‘Is Investing in Sustainability Economically Viable?’ said, it is not only viable and profitable, but will unlock a huge potential for the region’s economy, going forward. Organised by Dubai Stockbrokers and Investment Services Group (DSIG) and held at the Dubai Chambers,speakers at the seminar urged all industry stakeholders to work closely to unlock this huge potential that will be a game-changer for the GCC countries and help them in their transformational journey from hydrocarbon-dependent economy to a more sustainable economy.

“Increased investment in green projects, sustainable finance such as Green Bond, Green Sukuk or even Green Sovereign Wealth Funds will help the green economy to flourish and help the region to double the GDP by 2030,” Sameera Fernandes, Chairwoman of DSIG and Chief Sustainability Officer and Board Member of Century Financial, told delegates at the seminar.

“These will help accelerate the growth of the green economy and help our economies to become more climate resilient and sustainable. As DSIG Chair, I urge all stakeholders to work together to find ways to increase investment in sustainable projects and help our world become a better place to live and breathe in and we need to do this for our future generation to ensure a pollution-free and a carbon-neutral world.

“As the report suggests and I quote, the GCC governments need to continue opening up and strengthening the region’s capital markets that are relatively underdeveloped. Building up these capital markets will allow investors to exit successful investments easily. In addition, it will help investors access GCC funds, such as those held by high-net-worth individuals and families.”

Green finance represents a significant, and currently untapped, opportunity for the countries of the Middle East, in particular the GCC countries, which have well-developed capital markets. Investors around the world are pouring capital into projects with a strong environmental, social, and governance (ESG) angle, precisely the area in which the GCC countries have an advantage because of their abundant and low-cost renewable energy, according to the latest report by Strategy&, part of PriceWaterhouseCoopers (PWC).

“We looked at six major non-oil sectors in the GCC to quantify the benefits of green investing in terms of economic diversification and growth. These were agriculture and food, construction, power, transport, water, and waste management. We estimate that the cumulative GDP contribution of these sectors can reach US$2 trillion through 2030. With the expansion of these sectors, we estimate the GCC countries could add over 1 million jobs by 2030,” the report says.

“To capitalise on this opportunity, and continue the process of diversifying regional economies away from fossil fuel–based industries, governments in the region need to focus on four priorities: promoting environmental sustainability; creating a green sovereign wealth fund; strengthening capital markets; and developing standard and transparent reporting mechanisms for environmental performance.”

For example, in the agriculture and food sector, governments can take steps to restructure supply chains, safeguard imports, and make the overall sector more sustainable — a critical need following the COVID-19 pandemic.

“Investors in the sector can expect healthy operating margins of above 15 percent in various opportunities across the value chain, such as waste electrical and electronic equipment recycling, plastics and packaging recycling, secondary metal semi-finished producers, or car spare parts manufacturing,” the report says.

Green hydrogen is a clear opportunity. Production technology for green hydrogen is easily accessible, reducing the barriers to entry. According to its global supply and demand analysis, exporting countries can potentially capture a market of approximately 200 million tonnes of green hydrogen by 2050, worth US$300 billion yearly. The green hydrogen export market can also create up to 400,000 operations and maintenance jobs.

The UAE has been a pioneer in sustainable finance in the GCC region, marked by the Dubai and Abu Dhabi Sustainable Finance Declarations in 2019, as well as the publication of its first guiding principles on sustainable finance in January 2020. The UAE Sustainable Finance Framework 2021-2031 has set a common national agenda for sustainable finance, while ADGM and DIFC have collaborated with global organisations to provide training programs for finance professionals. 

UAE was the first government within the region to commit to a net-zero emission objective with substantial initiatives, including mandating ESG reporting from publicly traded corporations. Recently, Abu Dhabi’s sovereign wealth fund, Mubadala, established an independent ESG business and Dubai’s Emirates NBD raised US$1.75 billion in the Gulf region’s first sustainability-linked loan. Additionally, Masdar Green is issuing green bonds to facilitate sustainable asset development for Masdar City’s future growth.

Sameera Fernandes said, “The UAE is a pioneer in green economy in the Middle East. Under our wise leadership, we have undertaken a number of green projects that are currently giving economic dividends, such as establishment of a number of solar power parks, nuclear power plants that have reduced our dependence on fossil fuels.

“Under the Green Economy for Sustainable Development initiative, our country seeks to become a global hub and a successful model of the new green economy. With innovative projects such as the Masdar City and the Sustainability City, the UAE aims to become one of the world leaders in sustainability as well as a centre for the export and re-export of green products and technologies, and to maintain a sustainable environment to support long-term economic growth while protecting the environment.”

The financial sector is a significant contributor to the GDP of the GCC countries. This presents an opportunity to accelerate the adoption of sustainable finance practices in the region. According to the World Bank, the GCC countries have made significant progress in developing sustainable finance frameworks, with a focus on promoting sustainable investments, supporting green projects, and encouraging sustainable financial institutions.

Such projects include developing sustainable cities powered by renewable energy, such as NEOM in Saudi Arabia, facilitating carbon-neutral urban development projects such as Masdar City in UAE, and diversifying energy sources to reduce the carbon footprint across all GCC nations. The GCC countries have adopted various policies and regulations to support sustainable finance, including guidelines for green bonds, environmental risk assessments for financing, and sustainability reporting requirements for companies.

Specifically, green finance is experiencing a surge in popularity in the GCC, as evidenced by the record high total value of over US$8.5 billion in green and sustainable bonds and Sukuk issuance in 2022, compared to just US$605 million in 2021.  

Fadi Alfaris, CEO at NZE Solutions, The Sustainable City part of SEE Holding, says, “While the public sector is leading in sustainable project, we, at SEE Holding, has also delivered the region’s first Sustainable City – a low-carbon mixed-use master-planned project in Dubai that has become a benchmark development that we are now replicating in other parts of the region.

“We are greatly encouraged by the vision of the UAE leadership in supporting and facilitating environmentally-friendly and sustainable projects that will help use develop a clean, green and sustainable world for the next generation.”

Globally, an estimated investment of US4.2 trillion per annum is required to meet the Sustainable Development Goals (SDGs) as laid down by the UN. This looks achievable because the total financial assets industry (banks, asset managers and institutional investors) is at US$379 trillion.

By end-2022, the global investments in sustainable assets touched US$30.3 trillion with non-US markets showing 20 percent growth in assets. There is surely a long way to go on a path already laid down, but sustainable investments are a force that capital markets cannot ignore, and the industry is showing signs of strength every year.

The total value of sustainable investment products, encompassing bonds and funds, reached more than US$7 trillion in 2023, a 20 per cent increase from 2022, according to the latest World Investment Report 2024 published by the United Nations on June 30 this year. The sustainable finance market continues to grow, it shows.

“Although the picture is nuanced, the overall positive trend in the sustainable finance market points to continued investor confidence and the resilience of sustainable investment strategies,” the World Investment Report says. “Sustainable bonds were the main driver of growth in sustainable capital market products. Issuance climbed to US$872 billion, a 3 per cent rise from 2022, bringing the cumulative value of the market since 2018 to more than US$4 trillion.

“Despite continued growth in number and asset value, though, sustainable funds experienced strong headwinds in 2023. Net inflows dropped from US$161 billion in 2022 to US$63 billion in 2023. Greenwashing remains the most significant challenge to the sustainable fund market,” it said.

The Dubai Stockbrokers and Investment Services Group (DSIG) is one of the 105 Business Groups and more than 50 Business Councils that operate under the umbrella of Dubai Chamber of Commerce, one of the three chambers under Dubai Chambers. Sector-specific Business Groups and country-specific Business Councils advance the interests of Dubai’s dynamic business community, empowering companies to explore greater economic opportunities in the UAE and beyond – and play a greater role in the global economy.

The launch of the DSIG comes when the market capitalisation of Arab stock exchanges exceeded US$4.36 trillion at the end of April 2024, according to the Arab Monetary Fund (AMF). Data from the Abu Dhabi and Dubai markets shows that institutional investors had purchased Dh302.7 billion worth of stocks from January to December 2023, compared to total sales of approximately Dh295.8 billion.

Stockbrokers, investment advisors, fund managers, wealth managers and private equity managers play a significant role in the growth of the stock market and the overall economy. DSIG acts as a platform for secured investment. Coupled with innovation and sustainability, the Business Group will not only implement ideas, but also empower people through its educational programmes. Poised to become the leading business group in the Middle East, DSIG is committed to facilitate more cross-border investments and market expansion.

Ends

Editors’ Notes

About Dubai Stockbrokers and Investment Services Group (DSIG)

Dubai Stockbrokers and Investment Services Group (DSIG) is one of the 105 Business Groups launched by Dubai Chambers to represent and organise the emirate’s stockbrokers and investment community to play a greater role in attracting foreign investment into the UAE economy. DSIG represents the UAE’s stockbrokers who contribute to the US$3.92 trillion market capitalisation of the UAE bourses.

DSIG acts as a platform for secured investment. Coupled with innovation and sustainability, the association will not only implement ideas, but also empower people through its educational programmes. Poised to become the leading business group in the Middle East, DSIG is committed to facilitate more cross-border investments and market expansion.

Press Contact

Sameera Fernandes

Chairperson of Dubai Stockbrokers and Investment Services Group

PO Box            : 65777, Dubai, UAE

Tel        : +9714 3562800

Cell       : +971508194335

Email    : sameera.f@century.ae

ABU DHABI, 28th June, 2024 (WAM) — The first round of the Khaled bin Mohammed bin Zayed Jiu-Jitsu Championship kicked off with fervour at Mubadala Arena in Zayed Sports City on Friday. The competitions attracted top athletes from leading local clubs and academies, leading to intense competitions that lived up to the event’s hype as an exciting addition to the local sporting calendar.

The opening day included competitions across the U18, adults, and masters categories, with 700 male and female athletes from various parts of the country showcasing impressive technical skills and prowess. As the competitions on Friday came to a close, M.O.D UAE took the lead, followed by Al Wahda Jiu-Jitsu Club and Baniyas Jiu-Jitsu Club in second and third places, respectively.

The championship features a comprehensive ranking system to recognise athletes and clubs based on their performance and results through all rounds of the championship. This system is a motivating factor for clubs to invest optimally in talent and register the largest possible number of athletes in all categories throughout all five rounds of the championship, to gain more points and ensure strong competition for the title.

Friday’s competitions were attended by Abdulmunem Alsayed Mohammed Alhashmi, Chairman of the UAE Jiu-Jitsu Federation, President of the Asian Jiu-Jitsu Union, and Senior Vice President of the International Jiu-Jitsu Federation; Dr Mugheer Khamis Al Khaili, Chairman of the Department of Community Development; Mansoor Ibrahim Al Mansoori, Chairman of the Department of Health – Abu Dhabi; Saleh Mohamed Al Geziry, Director-General of Tourism at the Department of Culture and Tourism – Abu Dhabi (DCT); Rashed Lahej Al Mansoori, Director-General of Abu Dhabi Customs; Mohamed Salem Al Dhaheri, Vice Chairman of the UAE Jiu-Jitsu Federation; Mohamed Humaid bin Dalmuj Al Dhaheri; Youssef Abdullah Al-Batran and Mansour Al Dhaheri, Board members of the Federation, and Fahad Ali Al Shamsi, Secretary General of the UAEJJF.

Mohamed Salem Al Dhaheri, Vice Chairman of the UAE Jiu-Jitsu Federation, noted that the championship is a significant milestone in promoting and developing the jiu-jitsu sport locally and internationally. “The Khaled bin Mohammed bin Zayed Jiu-Jitsu Championship underscores the Federation’s commitment to achieving excellence at all levels, supported by our wise leadership’s limitless support for sports, and particularly jiu-jitsu.”

“Today, we witnessed the passion, determination, and resilience of our athletes, which are the core values of jiu-jitsu. This championship marks a further step in their journey towards achieving their full potential and signifies our efforts to build a healthy, active society through sports, leaving a legacy for future generations.”

“We take pride in our Emirati athletes who continually prove the success of our strategy and programs to nurture strong generations of talented athletes. Their dedication reflects our commitment to developing talents, enhancing their potential, and contributing to shaping a bright future for our country and society under the guidance of our wise leadership.”

Igor Lacerda, a coach of Sharjah Self-Defence Sports Club, said, “This championship has showcased high competitiveness among athletes today. We’ve enjoyed outstanding performances from all clubs and academies and are pleased with our team’s performance. Today’s competitions mark the start of our journey through this championship, aiming to accumulate maximum points across its five rounds and compete for its trophy.”

Ariadne Oliveira, coach of Al Ain Jiu-Jitsu Club, added, “This championship plays a crucial role in developing the players’ skills by allowing them to participate in its various rounds in a competitive atmosphere. The championship attracts elite athletes, making it a true test of their skills and an unparalleled opportunity for development, resulting in enthusiastic competitions throughout the year.”

Omar Alfadhli of Al Wahda Club Jiu-Jitsu Academy, who won gold in the Men Adults -69kg category, said, “Each of my competitions was tough, facing skilled opponents both technically and physically. Winning the gold medal today is a huge honour for me. I’m really excited about this achievement.”

Dana Ali Albreiki of Al Jazira Jiu-Jitsu Club, who won gold in the Youth Women’s / 40kg category, said, “It’s not just about winning; competing against experienced athletes and facing new challenges was amazing. My passion for jiu-jitsu keeps pushing me forward.”

Andre Luiz De Almeida of Al Ain Jiu-Jitsu Club, who won gold in the Masters -85kg category, said, “I’m thrilled with this victory and the gold medal that helps our club move forward in the championship. I’m grateful to the technical and administrative staff, coaches, and teammates whose support was invaluable during these competitions.”

ABU DHABI, 28th June, 2024 (WAM) — The Abu Dhabi Arabic Language Centre (ALC) has supplied its Khazanat Al Kutub initiative with a new collection of its publications to be distributed at various locations across Al Ain and Abu Dhabi, as part of the Centre’s mission to expand readers’ knowledge, promote reading as a culture and daily habit, and facilitate access to and ownership of books for all members of the community.

The initiative’s activities for the summer season and the third quarter of 2024 include seven events the Centre will be organising across the country, to reach as many readers as possible and provide visitors with the ALC’s latest publications.

The Khazanat Al Kutub stand will be available at the Department of Municipalities and Transport in Abu Dhabi and Al Ain Municipality from 27th June to 12th July 2024, offering the public more than 250 titles, alongside special publications from the Kalima Project for Translation and the Basaer (Insights) series of research papers and studies. Held for the third time at Al Ain Municipality, the event aims to promote the ALC’s publications among employees of the municipality and visitors.

Readers in the capital, Abu Dhabi, will have the opportunity to explore over 250 titles at Bawabat Al Sharq Mall from 30th June to 15th July. The titles were selected from the publications of the Kalima Project for Translation and the Basaer (Insights) series of research papers and studies. The event is held at this prominent mall as part of the Centre’s objective to diversify the locations covered by the initiative across shopping centres, which serves to promote the ALC’s new publications and enable visitors to Bawabat Al Sharq Mall to acquire them.

Khazanat Al Kutub is popular among visitors who are keen to acquire some of the titles it offers across various fields, including children’s and young adult books, travel literature, heritage, history, geography, biography, literature, arts, sports, natural sciences, social sciences, philosophy, psychology, and general knowledge. The initiative has seen growing interest on weekends from enthusiasts and readers, particularly in the field of children’s and young people’s literature.