Category: Market

The Ministry of Foreign Affairs and International Cooperation (MoFAIC) is launching a comprehensive integrated attestation system with various stakeholders in the UAE to improve customer experience. This new system will enhance and facilitate business within a series of changes, including digital transformation, that align UAE government policies.

The system aims to organize and facilitate some business and trade procedures. As one of the smart government systems, it will also enhance the seamless data exchange between authorities to better serve the customer as a one stop shop for the different services from various entities.

His Excellency Faisal Eissa Lutfi, Assistant Undersecretary for Consular Affairs at the Ministry of Foreign Affairs and International Cooperation, said: “The new system, dubbed eDAS (Electronic Digital Attestation System), contributes to improving the UAE’s ranking and score in the ease of doing business indicator through the overall automation of services. The Ministry works on setting new parameters for the attestation service provided to customers, entrepreneurs and companies. This will facilitate their tasks and raise the quality of service in line with their business requirements. The key partners for the first and second phase of the system are: the Ministry of Finance, the Ministry of Industry and Advanced Technology and the Central Bank. As phase three comes in, the Federal Authority for Identity and Nationality, Customs and Ports Security and local customs departments will be key partners as well”.

His Excellency added: “As a smart government initiative, the system aims to organize and facilitate trade-related procedures as well as the seamless data exchange between the entities’ systems. The customer will have a one stop shop without the need to visit multiple government smart services to complete the attestation service.”

The system uses artificial intelligence (AI) to reduce transaction time to 3 minutes provided that all conditions are met. The rate of human intervention is limited to 2% when needed. It then provides the customer with an attested copy certified with an electronic stamp: a QR code.

The Ministry of Foreign Affairs and International Cooperation has processed more than 200,000 transactions through the system since the launch of the phase 1 on April 27, 2022. It expects to process 500,000 transactions through the system by February 2023.

In preparing for the next phase of the project, the Ministry of Foreign Affairs and International Cooperation has trained more than 2,000 employees on using the system. The training was done in collaboration with the Central Bank, Chambers of Commerce and Industry in the country and a number of private sector institutions. The training is crucial to enhance service use and implement relevant decisions that support harmonization, coordination and integration between the concerned authorities. This contributes to improving customer experience and enables the concerned authorities to seamlessly access data from multiple sources, thus providing government services based on the most reliable and up-to-date sources.

In preparation for the system’s comprehensive launch in February 2023, the Ministry invites all concerned institutions in the public sector and in the business, trade and industry sectors to sign up employees who deal with attestations for eDAS training courses organized by the Consular Affairs Sector from December 2022 to January 2023 by contacting MoFAIC on 065068888.

Source: Ministry of Foreign Affairs & International Cooperation

Oil price settled lower in volatile trading on Friday, with both benchmarks recording their biggest weekly declines in months, as growing recession fears negated any supply woes after weak economic data from China, Europe and the United States.

U.S. West Texas Intermediate crude settled 44 cents lower at $71.02 a barrel, a new low for 2022. Brent crude settled 5 cents lower at $76.10 per barrel, Reuters reported.

“Any concerns about supply are secondary to worries about the economy,” Mizuho analyst Robert Yawger said.

Oil prices had found some support and risen more than 1% earlier in the session after Russian President Vladimir Putin said the world’s biggest energy exporter could cut output in response to a price cap on its crude oil exports.

However, a slightly higher-than-expected rise in U.S. producer prices in November, and news of a partial restart on the Keystone Pipeline undid those gains and pushed the benchmarks more than a dollar lower. Keystone shut earlier this week after a 14,000 barrel oil leak in Kansas.

The U.S. producer prices index (PPI) rose slightly more than expected in November amid a jump in the costs of services, according to a report from the U.S. Labor Department.

The increase may make it more likely that the Federal Reserve will “step on the accelerator” on interest rate hikes, furthering fears of a looming recession, Yawger said.

Both crude benchmarks posted weekly losses of around 10% each. It was the biggest weekly decline since April for the U.S. WTI futures, and since early August for Brent.

Both Yawger and Walter Zimmerman, chief technical analyst at ICAP, warned that if U.S. crude falls below $70 per barrel, it could enter a freefall and hit the low $60s range over the upcoming sessions.

The market structure for WTI contracts switched to trade in contango over the next year for the first time since Nov. 2020, with contracts for near-term delivery cheaper than one year later . Brent contracts have also switched to trade in contango over the next six months.

A market in contango suggests less worry about the current supply situation due to weakened demand, and encourages traders to put barrels in storage.

In China, surging COVID-19 infections will likely depress economic growth in the next few months despite some restrictions being eased, economists said.

Economists polled by Reuters forecast the U.S. economy will hit a short and shallow recession in the coming year. Forecasters expect the U.S. Federal Reserve to raise rates by 50 basis points (bps) on Dec. 14.

The European Central Bank will also likely lift its deposit rate by 50 bps next week to 2%, even as the euro zone economy is believed to already be in recession.

Source: Bahrain News Agency

H.H. Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, has met with Subrahmanyam Jaishankar, Minister of External Affairs of India.

During the meeting, which took place in New Delhi, the two ministers discussed ways of strengthening the historic UAE-India relations, under the framework of the comprehensive strategic partnership between their countries.

They also discussed the prospects for boosting trade and economic bilateral relations, within the framework of the Comprehensive Economic Partnership Agreement (CEPA), which their countries signed in 2022. Moreover, the meeting explored bolstering the two countries’ collaboration in the health and technology sectors, given their vitality as drivers of their developmental goals.

Sheikh Abdullah and Jaishankar exchanged views on a number of issues of mutual concern, as well as on the latest developments in the regional and global scenes.

In addition, the meeting discussed India’s priorities as the 2023 President of the Group of Twenty (G20), and ways to enhance the UAE’s participation in the Group’s activities, serving as a guest country for the second consecutive year, as well as boosting the contributions of the private sector in both countries to the G20’s activities, given the sector’s pivotal role in driving sustainable development.

They also reviewed the prospects of the UAE-India cooperation at the level of multilateral groups and organisations, be it through existing partnerships such as the I2U2 Group, or future cooperation opportunities with BRICS, an informal grouping of Brazil, Russia, India, China and South Africa, and the Shanghai Cooperation Organisation.

Sheikh Abdullah stressed that the UAE and India and their leaderships share strong, historical ties, with their partnership yielding many an achievement that drive sustainable development in the two countries.

In line with the UAE-India CEPA, we are seeking to boost our economic cooperation to achieve our ambitious goal of raising our non-oil trade value to around US$100 billion in the next five years, H.H. Sheikh Abdullah added.

He underscored that the various successes achieved through the UAE-India ties are the fruits of the visions of their leaderships to establish a world-leading model of partnership and cooperation that boost sustainable economic growth and prosperity.

Sheikh Abdullah expressed his eagerness to see a new and prosperous chapter in their countries’ cooperation and multipartite work that would contribute to raising their status regionally and globally.

He went on to highlight the UAE’s keenness on furthering its participation in the G20 during India’s presidency, as well as supporting the private sector’s participation in the group’s work.

After the meeting, Jaishankar hosted a luncheon in honour of H.H. Sheikh Abdullah and his accompanying delegation.

Present at the meeting were Reem bint Ibrahim Al Hashemy, Minister of State for International Cooperation; Dr. Abdul Nasser Al Shaali, UAE Ambassador to India; Saeed Mubarak Al Hajeri, Assistant Foreign Minister for Economic and Trade Affairs at the Ministry of Foreign Affairs and International Cooperation (MoFAIC); and Omran Anwar Sharaf Al Hashemi, Assistant Minister for Advanced Sciences and Technology Affairs at MoFAIC.

Source: Ministry of Foreign Affairs & International Cooperation

In a joint press conference with HE US Secretary of State Antony Blinken on the sidelines of the fifth US-Qatar Strategic Dialogue, currently held in Doha, His Excellency considered this round of the dialogue as an important platform in strengthening those relations that enjoy stable and solid foundations and multifaceted partnership.

His Excellency indicated that the US-Qatar Strategic Dialogue represented an opportunity to address several issues ranging from regional issues and today’s global challenges, discuss the latest development concerning the nuclear deal, the developments in Iraq, Lebanon, and Libya, and the Palestinian cause that Qatar sees as its central cause; in addition to joint efforts in Afghanistan.

His Excellency pointed out that this round of dialogue discussed joint cooperation in responding to global challenges, especially the challenges of energy, food security, and other developmental challenges that the world faces today.

HE Sheikh Mohammed bin Abdulrahman Al-Thani added that the State of Qatar and the US share the same point of view regarding these issues, and they look forward to working together among the team works that will resume the talks between the concerned institutions in both countries.

His Excellency added that the State of Qatar always looks forward to strengthening its cooperation with the US, and always having an open dialogue and a relationship based on transparency and mutual trust between the two countries.

His Excellency valued the cooperation shown by the US with its various institutions in support of hosting the FIFA World Cup Qatar 2022. His Excellency extended his thanks for all the efforts, especially those of the US security and cybersecurity institutions, for the support they provided to Qatar in favor of hosting this tournament, pointing out that this is seen as a part of the cooperation that extends beyond the multiple partnerships between the two countries.

In his response to the media attack on the State of Qatar, HE Deputy Prime Minister and Minister of Foreign Affairs Sheikh Mohammed bin Abdulrahman Al-Thani noted that the State of Qatar, when it was awarded the honor to host FIFA World Cup Qatar 2022, was determined to have multi-faceted tasks to attain this organization that impressed the entire world.

He said that many people think that the world cup was the main reason behind the reforms that have been made in the recent years, however, Qatar sees the world cup as merely a catalyst for that process. He stressed that change is an ongoing process, unconnected to a specific event or stage, noting in this regard that the vision of HH the Amir Sheikh Tamim bin Hamad Al-Thani is a transformational vision for the State of Qatar in terms of keeping pace with developments taking place around the world.

He confirmed that the human rights issue in the State of Qatar is the state’s responsibility toward the Qatari people and everyone who lives on the land of Qatar, stressing that the State of Qatar has been decisive on this matter, pointing out that the reforms adopted are intended to serve this objective.

HE Deputy Prime Minister and Minister of Foreign Affairs said that some media institutions did not take the reforms that have been made by the State of Qatar into consideration, but they came out with a prejudgment even without visiting the State of Qatar or engaging in a conversation with the state’s officials, even though the State of Qatar always opens its doors to everyone and has been engaging in dialogue since the start of these attacks.

He added that the State of Qatar cannot alter the opinions of those who want to compromise its reputation to attain their goals or other intentions, adding that such goals have nothing to do with the State of Qatar, however, the vast majority of people and football masses when they came to Doha were surprised by the success of the preparations. His Excellency also pointed out that the State of Qatar and the Qatari people are always generous and welcome all people.

His Excellency pointed to the joy in the eyes of people by hosting this event, including the happiness of the masses and the joy at their participation and their enjoyment of trying something new that has not been tried before.

HE Deputy Prime Minister and Minister of Foreign Affairs noted the existence of a work program through which the State of Qatar and the United States have teamed up to build the capacities among the various institutions and the law enforcement agencies, in addition to learning and utilizing the expertise available in the United States, pointing out that there are points of agreement and points of disagreement, because such matters are usually appropriate in the society in which they are applied.

His Excellency conveyed a message to the media and public opinion that the State of Qatar welcomes all people and its doors remain open, calling for the importance of focusing on football and everything that happens on the pitch, adding that those who would like to launch prejudgments solely for achieving other goals, will only have a temporary impact, but ultimately the reality on the ground will prevail to talk about itself.

He looked forward to making the tournament in Qatar a station for the convergence of peoples, cultures and all civilizations to enjoy the atmospheres provided by Qatar in Doha, as well as the hospitality experience of the Qatari people and the residents on the land of Qatar.

For his part, HE US Secretary of State Antony Blinken said that the State of Qatar has outdone the United States in hosting this amazing and detailed dialogue, just like it did in terms of entertainment.

He added that bilateral relations are at the peak point of the 50-year diplomatic relations and that cooperation is now stronger than ever before, the result of which is that the US and Qatari peoples are now in a better situation. His Excellency also said that the security relationship with Qatar is the most powerful one, highlighted by the fact that Qatar hosts one of the largest US military bases in the region, noting that it serves as an anchor for regional security and stability.

He pointed out that the US president Joe Biden designated Qatar as a major non-NATO Ally last March. He also said that this was followed several months later by delivering F-15 aircraft to Qatar Amiri Air Force to augment its defensive capabilities and made the armies amenable to interoperability.

HE US Secretary of State Blinken affirmed that the United Sates and the State of Qatar are engaging in the region and outside the region to bolster stability, defuse tensions and end the conflicts, noting that Qatar had provided vital economic aid to the Palestinian people, helped pay the salaries of the security forces in Lebanon and has been a mediator in the peace agreement between the Chadian transitional government and the opposition groups, adding that Qatar is constantly working to heal the regional rifts which is essential in addressing the common challenges facing the US and its partners.

Source: Ministry of Foreign Affairs

The first Political Consultation Committee between the UAE Ministry of Foreign Affairs and International Cooperation (MoFAIC) and the Ministry for Foreign Affairs of the Republic of Finland took place on the evening of Thursday, 17 November , at the headquarters of the Ministry of Foreign Affairs and International Cooperation in Abu Dhabi.

The meeting was chaired by Her Excellency Ambassador Lana Zaki Nusseibeh, Assistant Minister of Foreign Affairs and International Cooperation for Political Affairs and UAE Permanent Representative to the United Nations, and Mr. Kai Sauer, Under-Secretary of State, Foreign and Security Policy, in the Ministry for Foreign Affairs of Finland.

They reviewed the bilateral relationship and discussed opportunities to enhance ties through collaboration on shared interests, including economic development, technology, climate change, and international peace and mediation.

The parties agreed on specific steps to bolster and expand trade and economic relations, including opportunities to deepen business-to-business ties and foster entrepreneurship.

Both countries confirmed their shared commitment to addressing the challenge of climate change and to advancing climate security. They discussed concrete initiatives to cooperate on those issues in the run-up to COP28, which the UAE will host in Dubai in 2023 in Expo city Dubai

The Committee reviewed the global political situation, including the latest regional developments in the Middle East and Europe. Both countries expressed their shared commitment to the peaceful resolution of conflicts and the role that regional and international organizations can play in that regard.

They concluded by emphasizing the importance of concrete, actionable outcomes to their consultations and a continual review process to ensure agreed targets are met.

Non-oil bilateral trade between the UAE and Finland increased 9.5 percent between 2020 and 2021. It is now USD 274.7 million in total.

The UAE has maintained diplomatic relations with Finland since 1975.

Source: Ministry of Foreign Affairs & International Cooperation

The Ministry of Foreign Affairs and International Cooperation (MoFAIC) and the Abu Dhabi Investment Office (ADIO) have signed a Memorandum of Understanding (MoU) to promote cooperation in attracting foreign investments and capacity building.

Both entities agreed to strengthen the UAE’s profile as an ideal destination for trade and investment, principally by enhancing the efforts of UAE missions abroad to promote and facilitate investment opportunities within the UAE.

The MoU sets out a framework for MoFAIC to facilitate trade and investment meetings through its diplomatic missions abroad, engage in information exchange, and develop the capabilities of the diplomatic corps in the field of investment and trade promotion.

ADIO also pledged to engage in a series of workshops dedicated to Emirati diplomats, with cooperation from UAE stakeholders and entities, to provide an overview of Abu Dhabi’s investment environment and priority industry sectors.

His Excellency Dr. Abdulnasser Alshaali, UAE Ambassador to the Republic of India, said: “This MoU comes at a crucial time, bringing together MoFAIC and leading investment promotion entities within the UAE to support the UAE’s economic diplomacy objectives. This MoU will enable Emirati diplomats to draw upon the networks and experiences of ADIO to strengthen their trade and investment promotion skillsets, as well as increase their knowledge of the UAE’s business environment. I strongly believe that this MoU will deepen the strategic partnership with ADIO and MoFAIC, ultimately enhancing the capabilities of UAE missions abroad.”

Eng. Abdulla Al Shamsi, Acting Director General of ADIO, welcomed the initiative and said: “ADIO is excited to build on our partnership with MoFAIC by working together to further strengthen Abu Dhabi’s position as a top business destination for companies from around the world. ADIO and MoFAIC are similarly aligned in our mission to introduce global companies to the advantages of doing business in the UAE, and this agreement will complement our collective efforts to support investors.”

The successful signing of the MoU comes as MoFAIC grows its “Invest Emirates” website into a focal point connecting emirate-level IPAs, chambers of commerce, UAE missions abroad, and foreign investors with the aim of attracting additional investment into the UAE’s strategic and growing economic sectors.

Source: Ministry of Foreign Affairs & International Cooperation

The United Arab Emirates has welcomed the extension of the Black Sea grain export deal for four additional months and commended efforts by the Republic of Türkiye and the United Nations.

In a statement, the Ministry of Foreign Affairs and International Cooperation (MoFAIC) reaffirmed that the extension of the deal is a positive step that will contribute to facilitating the transportation of grain from Ukraine and Russia across the Black Sea, thereby alleviating global food shortages.

The Ministry stated that the UAE expresses its appreciation to both the Government of the Russian Federation and the Government of Ukraine for their response to these efforts. The Ministry also underscored its hope that these endeavors would contribute to the establishment of peace between the two countries, noting the importance of converging views to promote regional and international peace and stability.

Source: Ministry of Foreign Affairs & International Cooperation

President His Highness Sheikh Mohamed bin Zayed Al Nahyan participated in the main session of the G20 Summit which started today in Bali, Indonesia.

Chaired by Indonesian President Joko Widodo, the 17th G20 Heads of State and Government Summit is a platform for world leaders and officials to engage in dialogue and address major global issues.

In a speech to the summit attendees, His Highness Sheikh Mohamed began by thanking Indonesia for its presidency of the G20 and its efforts in leading and coordinating the group’s work. He then conveyed his best wishes to India as it prepares to take over the presidency next year.

His Highness then turned to the topic of the session, which was titled ‘Food and Energy Security,’ stating, “We in the UAE believe that a balanced approach is the most successful in achieving sustainability.

“The UAE is committed to its responsible role in energy markets, including its priorities in the clean energy sector.

“We have reflected this commitment with investments worth $50 billion in clean energy in more than 40 countries around the world.”

His Highness went on to explain that the UAE has established the Mangrove Climate Alliance in partnership with the Republic of Indonesia, as well as launching the Energy Transition Accelerator Financing (ETAF) platform in cooperation with the International Renewable Energy Agency (IRENA).

His Highness Sheikh Mohamed continued, “As a global economic hub, the UAE will continue its concerted efforts to ensure more resilient and sustainable food and medical supply chains.

“We are also committed to harnessing the UAE’s global trade network, aviation capabilities, and advanced logistics facilities, to support food security initiatives and goals.”

His Highness concluded by thanking the G20 delegates and stating that he was looking forward to welcoming them to the UAE next year during COP28.

The official delegation participating with the President of the UAE at the summit included H.H. Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of the Presidential Court; H.H. Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation; and Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure.

Source: Ministry of Foreign Affairs & International Cooperation

UAE Ambassador meets Singaporean Minister for Trade and Industry

His Excellency Jamal Abdulla Al Suwaidi, UAE Ambassador to the Republic of Singapore, met with His Excellency Gan Kim Yong, Minister for Trade and Industry of Singapore, during the Singapore Week of Innovation and Technology.

During the meeting, His Excellency Jamal Al Suwaidi praised relations between the UAE and Singapore, stressing the UAE’s keenness to strengthen cooperation and bilateral ties to achieve the aspirations of the leadership and peoples of the two countries.

For his part, His Excellency Gan Kim Yong remarked, “As part of further expanding Singapore’s international relations and facilitating contacts between Singaporean and foreign companies under Singapore’s Global Innovation Alliance program, two new economic offices will be opened in Abu Dhabi and Seoul. The Abu Dhabi office will be the first of its kind in the Middle East, as it will work to facilitate the entry of Singaporean companies into the UAE market and the region to explore new investment opportunities. The office will also accelerate trade exchange between businessmen and consumers in the two countries.”

The Abu Dhabi office is the 17th branch in the Global Innovation Alliance program, which selects notable cities worldwide to form an international economic network.

Source: Ministry of Foreign Affairs & International Cooperation

The UAE will participate in the G20 Summit in Bali, Indonesia, held from 15th-16th November under the slogan: “Recover Together… Recover Stronger,” with a high-level delegation of UAE ministers.

The high-level gathering, which includes major global economic powers, will discuss strengthening economic cooperation worldwide to address economic and developmental challenges.

H.H. Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, stated that the UAE’s participation in the G20 Summit is of great importance to the country, given the challenges facing the global economy. He also noted that in light of challenges faced by developing countries in particular, the UAE remains committed to strengthening economic cooperation, serving as a reliable and responsible energy supplier, and ensuring the stability of global energy markets. He also underscored the UAE’s commitment to its ambitious agenda for innovation and clean energy investment.

“The UAE’s participation in the G20 Summit as a guest country comes as part of its commitment to working with international partners to stimulate economic growth and achieve equitable development around the world,” H.H. Sheikh Abdullah said.

He remarked that the UAE is keen to bolster cooperation regionally and internationally and support stabilisation and development. Moreover, it will double its commitments to effective global action to achieve these goals.

Sheikh Abdullah added, “Improving economic outcomes in key sectors and ensuring that all societies live in dignity remain the UAE’s top priorities during its participation in the G20 process this year. This is an extension of the UAE’s foreign policy, which consistently seeks to support international partners and elevate the voices of other countries that are not represented in such meetings.”

Furthermore, His Highness noted that in its participation, the UAE will emphasise that dialogue and diplomacy remain the best options to enhance international solidarity and trust, address crises, and build on common interests.

For his part, Ahmed Ali Al Sayegh, Minister of State and UAE G20 Sherpa, explained that the UAE, under the leadership of President His Highness Sheikh Mohamed bin Zayed Al Nahyan, is keen to cooperate with the international community and support all efforts to address global challenges while enhancing prosperity.

He underscored that the UAE strongly supports theG20 process to address shared challenges and encourage balanced, sustainable, and comprehensive global economic recovery.

Al Sayegh added, “The UAE affirms its commitment to supporting the priorities outlined in G20 meetings and highlights the importance of this platform as a major economic forum that contributes to enhancing international cooperation and economic stability.”

Moreover, he underscored the significance of the G20 Summit’s outcomes in promoting cooperation to address urgent global challenges in a manner that serves humanity at large. Al Sayegh said, “Based on our successful experience as a guest country invited by the Kingdom of Saudi Arabia at the G20 Summit in 2020, the UAE seeks to strengthen cooperation across a number of major issues through special committees and by focusing on global health, food security, climate challenges, combating corruption, digital innovation, women’s empowerment, and other files raised in this year’s G20 process.”

For his part, Abdul Rahman bin Mohammad bin Nasser Al Owais, Minister of Health and Prevention, said that the Ministry of Health and Prevention plays a pivotal role in international issues at the G20 Summit. Al Owais noted that the UAE leadership has prioritised enhancing cooperation to achieve a resilient future capable of facing health challenges and supporting the Sustainable Development Goals.

He underscored the important role the G20 plays in supporting global efforts to combat the COVID-19 pandemic while fostering cooperation, coordination, and the exchange of experiences between participating countries to enable health systems to recover.

Al Owais added, “The UAE has been keen to work in the spirit of solidarity with the international community since the outbreak of the COVID-19 pandemic. It was at the forefront of countries in providing medical aid that reached more than 135 countries and helped reduce the pandemic’s impact. Moreover, the UAE supported the establishment of fully equipped field hospitals in various countries and harnessed its advanced transportation capabilities to help expedite the delivery of COVID-19 vaccines around the world.”

He stated that the UAE, based on the directives and support of its leadership, adeptly handled the COVID-19 pandemic as a result of the country’s advanced medical system, national strategy, preventative measures, and forward-looking vision.

Mohamed Hadi Al Hussaini, Minister of State for Financial Affairs, noted that the UAE, through its participation this year in the G20 Finance Track, took part in advancing critical global flagship initiatives such as the launch of the Pandemic Fund, which will play a key role in bridging pandemic prevention, preparedness, and response funding gaps.

He also stated that the UAE contributed to the launch of the Agriculture Innovation Mission for Climate, which aims to raise investment in sustainable and innovative global food systems that are resistant to climate change. He noted that this comes in addition to the country’s efforts to ensure global financial stability and promote long-term fiscal sustainability while advancing the G20 Sustainable Finance Roadmap and agenda on scaling up sustainable infrastructure investments.

“We look forward to the Leaders’ Summit outcomes on the most pressing challenges facing the global economy. These include achieving economic recovery from the COVID-19 pandemic, tackling inflation, and controlling food, fertiliser, and energy prices. This is in addition to identifying the best way to combat climate change and mitigate its impact, as well as implement the G20’s sustainable finance plans,” Al Hussaini stated.

For his part, Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure, affirmed the need for international cooperation and joint action to decisively address energy and climate challenges resulting from rapid global changes in recent years. He stated that the UAE is consistently working with various countries to advance sustainable development and implement world-leading projects in the energy field. He also noted that the UAE supports the commitments and priorities outlined by international charters and norms that align with UAE Government directives.

Al Mazrouei explained that the UAE is committed to enhancing dialogue with all countries through international organisations to address energy and climate challenges. He noted that the UAE is committed to upholding international standards and fostering partnerships in efforts to achieve comprehensive sustainable development.

In this vein, he also affirmed that the UAE seeks to maximise energy efficiency in parallel with its efforts to reduce carbon emissions and consumption. He remarked that the UAE maintains a clear and ambitious approach in diversifying its energy mix while advancing the transition to clean sources. Current efforts, he continued, are focused on achieving a balance between cost, sustainability, and security, in addition to furthering development and prosperity.

For her part, Mariam bint Mohammed Almheiri, Minister of Climate Change and the Environment, said, “We thank the Republic of Indonesia for inviting the UAE to take part in the G20 process this year. We reaffirm our commitment to cooperating with all nations through the G20 framework to foster equitable sustainable development around the world, particularly in under-represented countries. We hope the Leaders’ Summit will focus on stepping up collective climate action; protecting, preserving, and restoring ecosystems; and addressing the transformation of food systems and food security challenges worldwide.

“The need of the hour is to adopt a participatory approach that brings together governments, private sector stakeholders, non-profits, academia, and civil society while empowering youth, women, and indigenous communities. We must demonstrate solidarity by forging meaningful regional and global partnerships that can help tackle common challenges in a proactive and systematic way rather than a reactive one.”

Omar bin Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications, reiterated the UAE’s belief in joint action, global cooperation, and efforts to design whole-of-society solutions guaranteeing economic growth, improving healthcare, and boosting digital transformation through advanced technologies.

He said that the Summit represents a global platform to drive economic collaboration and anticipate the next phase of development, adding that digital transformation is a key pillar in the UAE’s vision for a better future based on knowledge, data, technology, and multilateral collaboration with international enterprises.

Al Olama further commended Indonesia’s efforts in hosting the G20 Summit and the year-round Ministerial Meetings, Working Groups, and Engagement Groups. He also praised the adoption of digital economy as a priority in the G20 agenda to promote social development and enhance international efforts to achieve global prosperity.

Source: Ministry of Foreign Affairs & International Cooperation