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UAE seeks to reach net-zero emissions by 2050

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The UAE seeks to reach net-zero emissions by 2050 with a $163B plan. It is one of the countries in the Middle East and North Africa (MENA) region since its founding that wants to effectively attract investments through diversification of its economy.
The country is one of the biggest oil exporters in the world. It announced an ambitious plan to achieve zero carbon emissions that would see the Gulf nation spending $163 billion on renewable energy. The plan to be completed by 2050, puts this country at the top of the MENA region in terms of concrete climate commitment.

The above image is for illustration and is of Abu Dhabi’s Crown Prince Sheikh Mohammed bin Zayed al-Nahyan as seen during the World Future Energy Summit in Abu Dhabi, United Arab Emirates January 13, 2020. WAM/Handout via REUTERS

UAE seeks to reach net-zero emissions by 2050 with $163B plan

BY REUTERS

This file photo dated July 8, 2020, shows hydropanels, produced by Zero Mass Water Inc., at the planned site of the IBV drinking water plant in Lehbab, Dubai, United Arab Emirates, using technology to extract moisture from the atmosphere using energy from the sun. (Christopher Pike/Bloomberg via Getty Images)

The United Arab Emirates on Thursday announced a plan for net-zero emissions by 2050, and would oversee 600 billion dirhams ($163 billion) in investment in renewable energy.

This makes it the first country in the Middle East and North Africa region to launch a concrete initiative to achieve that climate commitment.

The Gulf state has launched several measures over the past year – coinciding with 50 years since the country’s founding – to attract investment and foreigners to help the economy recover from the effects of the COVID-19 pandemic.

The economic initiatives also come amid a growing economic rivalry with Gulf neighbour Saudi Arabia to be the region’s trade and business hub. read moreReport ad

“We are committed to seize the opportunity to cement our leadership on climate change within our region and take this key economic opportunity to drive development, growth and new jobs as we pivot our economy and nation to net zero,” said Sheikh Mohammed bin Rashid Al Maktoum, vice president and prime minister of the United Arab Emirates and Ruler of Dubai.

The UAE, an OPEC member, has in the past 15 years invested $40 billion in clean energy, the government said. Its first nuclear power plant, Barakah, has been connected to the national grid and the UAE aims to produce 14 GW of clean energy by 2030, up from about 100 MW in 2015, it said. read more

No further details on the 600 billion dirhams of investment were given.

The UAE will use the path to net zero as a way to create economic value, increase industrial competitiveness and enhance investment, said Sultan Al Jaber, minister of industry and advanced technology and special envoy for climate change.Report ad

The UAE is bidding to host the COP28 global climate talks in 2023.

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The anxiety list for MENA entrepreneurs is long, as is the one curing it

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Hadi Khatib on AMEInfo of 18 September 2021 came up with this deep statement on the anxiety list for MENA entrepreneurs that is long, as is the one curing it

The anxiety list for MENA entrepreneurs is long, as is the one curing it

A research report on the mental health challenges and wellbeing of entrepreneurs due to COVID-19 in the MENA region revealed anxiety has several facets in the minds of these leaders. But all of these insecurities have cures.

  • 55% of startup founders said that raising investment has caused the most stress.
  • More than 95% of entrepreneurs view co-founders as family members and/or friends.
  • Research finds that entrepreneurs are happier than people in jobs.

EMPWR, a UAE-based digital media agency dedicated to mental health and an exclusive mental health partner for WAMDA and Microsoft for startups, published a research report on the mental health challenges and wellbeing of entrepreneurs due to COVID-19 in the MENA region.

The research indicated that startup founders undergo higher levels of stress than the rest of the region, with twice the likelihood of developing depression issues.

55% of startup founders said that raising investment has caused the most stress; the pandemic was the second most-cited reason cited by 33.7% of respondents.   44.2% spend at least 2 hours a week trying to de-stress. 

Other insights, uncovered by the report, include:

  • A good relationship between co-founders can help startups navigate the pandemic-hit market. More than 95% of entrepreneurs view co-founders as family members and/or friends
  • Many entrepreneurs live well below their means to fund their ventures, leading to stress that is detrimental to their health

With only 2% of healthcare budgets in the MENA region currently spent on addressing mental health, the impact of the COVID-19 pandemic on young entrepreneurs and achievers could lead to an economic burden of $1 trillion, by 2030, according to the report.

EMPWR’s MENA partners shared special offers on their mental health services for the region’s entrepreneur community.

From Saudi Arabia:

Labayh is offering the technology ecosystem a 20% discount on their online mental health services for 2 months. Promo code: empwr, with the offer valid until October 29.

From Egypt:

O7 Therapy are offering 50% off their online mental health services, for 50 Entrepreneurs in the MENA region. Promo code: Entrepreneur50, valid until December 1, 2021.

From the UAE:

My Wellbeing Lab is offering 20 one-on-one coaching sessions to entrepreneurs that wish to be coached and helped; alongside unlimited access for any entrepreneur to their “Discovery Lab”, a platform that gives entrepreneurs and leaders insights into their mental wellbeing as well as their teams. Promo code: MWL21.

Takalam is offering 10% off for 3 months. Promo code: Impact.

Mindtales is offering the MENA ecosystem 50% off their services for one month. Their App can be downloaded here.

H.A.D Consultants is offering 20 one on one coaching sessions to entrepreneurs. Promo code: HAD_SME01.

From Oman:

Nafas, a meditation app focused on reducing stress, anxiety, and help with insomnia, is offering access to its platform. Register as a user via this link to redeem benefits. 

Entrepreneurs’ mixed emotions

Entrepreneurs must grapple with uncertainty and being personally responsible for any decision they make. They likely have the longest working hours of any occupational group and need to rapidly develop expertise across all areas of management while managing day-to-day business.

Yet despite all this, research finds that entrepreneurs are happier than people in jobs.

To understand this, a comprehensive and systematic review of 144 empirical studies of this topic, covering 50 years revealed:

1. It’s not all about pay

Work on the economics of entrepreneurship traditionally assumed that entrepreneurs bear all the stresses and uncertainties in the hope that over the long term they can expect high financial rewards for their effort. It’s false.

2. Highly stressful, but…

High workload and work intensity, as well as financial problems facing their business, are at the top of the entrepreneurs’ stress list.

But some stressors have an upside. While they require more effort in the here and now, they may lead to positive consequences such as business growth in the long term. Some entrepreneurs appear to interpret their long working hours as a challenge and therefore turn them into a positive signal.

3. Autonomy is both good and bad

The autonomy that comes with being an entrepreneur can be a double-edged sword. Entrepreneurs can make decisions about when and what they work on – and with whom they work. But recent research into how entrepreneurs experience their autonomy suggests that, at times, they struggle profoundly with it. The sheer number of decisions to make and the uncertainty about what is the best way forward can be overwhelming.

4. An addictive mix

The evidence review confirms that, by any stretch of imagination, entrepreneurs’ work is highly demanding and challenging. This, along with the positive aspects of being their own boss coupled with an often competitive personality, can lead entrepreneurs to be so engaged with their work that it can become obsessive.

So the most critical skill of entrepreneurs is perhaps how they are able to manage themselves and allow time for recovery.  

Stress management tips for entrepreneurs

Identify what the actual source of your stress is. Is it tight deadlines, procurement issues, raising capital, managing investors’ expectations, building a talented team, or delay in landing the first sale for your new startup business?

Even if numbering more than a few, break them down because unmanageable tasks look simpler when broken down into smaller segments. Then, list down how you plan to successfully tackle each issue. Meanwhile, exercising multiple times a week has been rated as one of the best tactics for managing stress.  

Another technique for handling stress is to take a break. Rest as much as you can before going back to continue with the tasks.  It’s also a good idea to reach out to friends, family, and social networks because they are likely to understand what you’re going through and offer words of wisdom and courage.

Stay away from energy-sapping junk food. Eating healthy keeps you fueled for the next challenge. Finally, get enough sleep, and power naps. Sleep helps your body and mind recover.   

Hadi Khatib is a business editor with more than 15 years of experience delivering news and copy of relevance to a wide range of audiences. If newsworthy and actionable, you will find this editor interested in hearing about your sector developments and writing about them. He can be reached at:  hadi.khatib@thewickfirm.com

A ‘value proposition framework’ for sustainable development

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It’s all about Value. It’s the name of the game. Create it economically; capture it distinctively. So, a ‘value proposition framework’ for sustainable development is put forward here by Green Biz authors.

A ‘value proposition framework’ for sustainable development

By Neil Hawkins & Laura Asiala

Whatever theoretical economic framework (such as game theory or decision analysis) or business model you want to select, value is at the heart of it. Individuals, organizations businesses and governments act to increase value — also referred to as utility — from their perspectives.

We believe this is a key to understanding the actions of various stakeholders in sustainable development, developing new strategies for making sustainability progress and, most important, for building effective collaborations across and between stakeholders upon which real sustainability rests and relies. 

Collaboration requires a desire for shared value — finding the commonalities in seeking defined outcomes, then working together to increase utility or value propositions for all involved stakeholders. Not everyone needs to like each other or agree on every outcome to build effective collaborations, but they also can’t be at odds. This requires all parties to understand perspectives and find the common ground.

Businesses — with their human, financial and capital wealth — represent an enormous (or potentially enormous) powerful force when it comes to sustainable development. Therefore, we think it critical to understand the value propositions that all businesses face — both danger and opportunity — in terms of sustainability. In the long run, their viability and success also depend upon it.Collaboration requires a desire for shared value — finding the commonalities in seeking defined outcomes, then working together to increase utility or value propositions for all involved stakeholders.

All companies have in common five primary value propositions, although not everyone regards them as a set. Each has a direct connection to sustainability:

  1. Profit
  2. Revenue
  3. Talent
  4. Capital
  5. Collaboration

Growing the bottom line: Profit

It’s the bottom line — revenues minus the costs — that still makes the ultimate business case.

It’s also one of the easiest cases to make for sustainability. A company can increase its profit directly by reducing costs, and for many companies, energy, water and waste costs can be significant.

Reducing these through focused measurement, process improvement and/or specific projects can directly improve the bottom line while also improving the sustainability of the overall enterprise. It is where many companies start their sustainability engagement and with good reason: The economics can be enormous.

Dow Inc., in its first set of 10-year sustainability goals, returned $4 billion to the company on a $1 billion investment in projects. Energy reduction also reduces costs and carbon emissions. Reducing its environmental “footprint” is also often the most immediate way for a company to build credibility for its sustainability efforts. Companies that talk a good game about sustainability but don’t take meaningful action to reduce their own footprint lose credibility and reputation, which hurts them in markets for products and services, talent and investment. 

Growing the top line: Revenue

Revenues grow through increasing market share or successful development of new products and services in response to society’s needs and desires, and it’s clear that sustainability trends have become big drivers.

Tesla is one example of visionary and bold investment in a single, although major, sustainability driver: electrification of mobility. Tesla has been very successful in this regard, but looking across all auto companies, you see the accelerating interest — and new product announcements — to capitalize on this incredibly important driver. (It will be interesting to see if GM and Ford can make the transition to become leaders in the future of electric mobility; we like their chances).

In the water area, companies such as EcoLab have built entire platforms around the management of water, cleaning water and recycling of water. The list goes on, but the key principle here is to identify the trends, invest in R&D and new products and processes, and ride the wave all the way to successful business growth.

Attracting, developing and retaining top talent

Employees are the core of any successful company. Top talent is drawn to — and kept in — companies that are successful in developing and implementing the kind of proactive sustainability strategies for their companies that make a material and purposeful difference.

Very few top students want to join a company whose activities are viewed as making climate change worse or polluting rivers and oceans or harming biodiversity and nature. Sustainability is the new “table stakes” for attracting top talent today.

When Neil was CSO at Dow, Dow attracted thousands of new employees in China from top universities with a “Green Jobs” program where recruits could join Dow to have real sustainability impact in applying their degrees (and Dow’s retention rates for these students was much higher than peer companies). When Laura was director of communication/citizenship at Dow Corning, top students didn’t wait for on-campus recruiting. When the company launched its first Citizen Service Corps, students started calling the company’s media center.

Look at any companies on campus these days and you will see that their efforts in sustainability are featured prominently. What is more interesting is the importance of sustainability to developing and retaining top leadership talent.

Like a customer you don’t want to lose, retaining the most valuable employees is critical. The drivers for hiring new talent are really the same as “rehiring” current employees. Dow very successfully used sustainability experiences — special projects, in-field assignments, academies and simulations — to develop leadership and strategy skills, while integrating sustainability across the company. Many of these future leaders remained because of the skills that Dow invested in for them in sustainability.

Attracting and retaining investors

All companies require capital. And the pace of acceleration for consideration of environmental, social and governance (ESG) factors has increased significantly. Virtually no company can survive and thrive anymore with its investor base without addressing sustainability concerns as an enterprise.

Dow started third-party verified Global Reporting Initiative (GRI) reporting more than 15 years ago, and it learned and grew along the way; it worked with other reporting programs such as CDP as well. In 2020, Dow was named to the Dow Jones Sustainability World Index (DJSI) by S&P Global, the 21st year Dow has achieved this prestigious ranking due to its comprehensive sustainability programs. Dow became much more involved more than five years ago after the Paris climate talks when Michael Bloomberg and Mark Carney appointed Neil (then Dow’s CSO) to join the Task Force on Climate-related Financial Disclosures, part of the Financial Stability Board.

Dow helped establish the reporting criteria, but beyond that, the experience provided Dow real learning and insight into where banks, financial institutions, insurance companies, bond underwriters and investors were headed. All companies today need to pay careful attention because investors are paying careful attention. One has only to read BlackRock CEO Lawrence Fink’s growing expectations in his annual letter or observe ExxonMobil’s abrupt board member changes to see that the term “activist investor” has been redefined. Times have changed.

Collaborating for mutual success while addressing key challenges

Finding safe places to collaborate to create the healthy ecosystems in which enterprise thrives is critical: supply chains, marketplaces, workforces, communities, industries — no company goes it alone.

Finding safe places to collaborate is neither easy nor simple. Competitors have antitrust concerns. Customers and suppliers have adversarial positions relative to costs. NGOs often have adversarial advocacy positions to individual companies or to whole industry sectors, and governments view their roles as to regulate and tax companies.

All of that adversarial energy can be put to better use if the focus is on more narrow objectives, especially those that involve sustainable development of regions, countries and the world as a whole. There is usually widespread agreement that we cannot regulate or litigate to stop negative trends in nature, public health, social equity and ecosystems, and that if we work together we can accelerate progress. But to do that requires a maturity of perspective on the part of stakeholders that we can agree to disagree on many things, but still find common ground to solve more narrow challenges.Adversarial energy can be put to better use if the focus is on more narrow objectives, especially those that involve sustainable development of regions, countries and the world as a whole.

The collaboration between The Nature Conservancy (TNC) and Dow, which recently celebrated its 10th anniversary, is one such example. Finding ways to incorporate the value of nature inside the company to better inform strategic decisions was of interest to Dow, and TNC was interested in preserving nature. Both saw that valuing the services of nature would help them to meet their respective goals, and they could collaborate with integrity. It set a new standard and example for collaboration, which continues to benefit both organizations, serve as an example to companies and organizations across industries, and preserve and enhance nature, using the power of capital in a way that no mere philanthropic strategy ever could. 

When Dow worked with the University of Michigan to establish the Dow Graduate Sustainability Fellows more than a decade ago, significant faculty concerns were raised about their independence and intellectual academic freedom. Together, the company and the university put in place safeguards in response to those concerns, and hundreds of Dow Sustainability Fellows have benefitted, as have the University and those communities whose projects were addressed and implemented.

Neither example would have occurred without a strong platform for collaborating on sustainability challenges. These collaborations have helped Dow advance its business strategies and helped it learn and grow, positioning the company for future success. At the same time, these stakeholders also thrived. Win-win.

Value propositions for corporate sustainability

What company does not want top- and bottom-line growth? What company does not want top talent in their sector? What company does not want access to capital that is lower cost and more plentiful? And what company does not need platforms to collaborate with their value chain, in their communities and with their governments?

This five-part value proposition framework holds that promise for companies. Nothing short of their survival and growth is at stake today.

But we also believe that the other major stakeholder groups can benefit from understanding this framework for companies, by surfacing new ideas and creating proposals for collaboration that are more sophisticated in understanding the aspirations of their prospective company partners. At the end of the day, we all want to drive more sustainable action and bringing all stakeholders into collaborations will help us accelerate progress. Show comments for this story. 

International MSMEs Day 2021

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FP Trending‘s came up with all you need to know about the day that marks the recognition of small businesses of the international MSMEs day 2021.

Small and medium enterprises (SMEs), including tiny and micro firms, have always been critical to economic growth in all countries, the world over.
These enterprises play a crucial role in employment creation and product innovation. It is, therefore, necessary to devise a coordinated plan to mitigate the impact of the pandemic on SMEs. Restoring confidence in economic growth in a safe, sustainable and inclusive way has never been more critical in the MENA region.

Micro, small and medium enterprises (MSMEs) have not always benefited in the MENA region from any help and faced a significant challenge in promoting more vital financial inclusion for SMEs. According to the World Bank, as a percentage of total financing demand by region, the MENA has the largest global finance gap for SMEs, estimated at 84 per cent.

International MSMEs Day 2021: All you need to know about day that marks recognition of small businesses

June 25, 2021

The UN resolution passed in April 2017 stressed the importance of encouraging formalisation of MSME segment that accounts for over 90% of all firms globally, around 70% of total employment.

Representational image. Credit: CNBC-TV18

Micro, Small and Medium-sized Enterprises (MSMEs) Day is celebrated every year on 27 June. The day is marked to recognise the contribution of these industries in the implementation of the Sustainable Development Goals (SDGs).

As many as 90 percent of businesses are generated from MSMEs. As per a blog on the United Nations (UN) website, these businesses provide 60 to 70 percent of employment.

The contribution of MSME to GDP worldwide is 50 percent.

Micro, Small and Medium-sized Enterprises Day history:

The UN designated 27 June as Micro, Small and Medium-sized Enterprises Day through a resolution passed in the UN General Assembly in April 2017.

A month later in May 2017, a program titled ‘Enhancing National Capacities for Unleashing Full Potentials of MSMEs in Achieving the SDGs in Developing Countries’ was launched. It has been funded by the 2030 Agenda for Sustainable Development Sub-Fund of the United Nations Peace and Development Fund.

Micro, Small and Medium-sized Enterprises Day significance:

By observing the MSMEs Day, the UN wants countries to recognise sustainable development goals and create awareness about them. Member states organise presentations, workshops, discussions with business owners, and other events to celebrate this day.

Micro, Small and Medium-sized Enterprises Day theme:

A virtual event titled Key to an inclusive and sustainable recovery, co-organised by the UN Department of Economic and Social Affairs with other departments, is scheduled for this year. The theme is ‘Achieving the SDGs, and an economy that is greener and fairer, requires resilient and flourishing MSMEs everywhere’.

With this theme, the UNDESA will be discussing actions that can be taken to ensure a quick COVID-19 recovery for the MSMEs while also keeping sustainable development goals in mind. It will also discuss ways to enhance creativity and innovation while providing decent work for all.

Saraya Aqaba Waterpark set to open on July 3 in Jordan

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A story by Bea Mitchell on blooloop of 15 Jun 2021 illustrates well the ambitions of those countries around the Red Sea in terms of diversified economic development. It is about the Saraya Aqaba Waterpark set to open on July 3 in Jordan. The employment of Jordanian people will obviously improve as of this summer. But not only; here is the story.

The picture above is for illustration and is of Mashable ME.

Saraya Aqaba Waterpark set to open on July 3 in Jordan

Saraya Aqaba Waterpark, the first world-class water park in Aqaba and the largest in Jordan, is scheduled to open on July 3.  

Saraya Aqaba Waterpark in Jordan features more than 25 rides, slides and experiences across more than 28,500 square metres. It opens in Aqaba on July 3.

The water park’s rides and attractions are inspired by Jordan’s iconic landmarks, including Dead Sea Drop, Wadi Rum Race and Aqua Jerash.

Dead Sea Drop guests will take a vertical plunge, while Wadi Rum Race is a competitive multi-racer. Aqua Jerash features play attractions for young guests, including slides, waterfalls and rotating water jets.

“We are excited to announce that Saraya Aqaba Waterpark will be the first of its kind waterpark in Aqaba and the largest in the kingdom,” said Chris Van Der Merwe, general manager of Saraya Aqaba Waterpark.

25 rides, slides and experiences

“At Saraya Aqaba Waterpark, guests from Jordan and around the world are in for an aquatic adventure like no other with slides, rides and experiences suitable for guests of all ages.

“The water park has been carefully designed with families in mind and as such guests can expect a family-friendly environment, both in and out of the water.

“We are looking forward to welcoming you at Saraya Aqaba Waterpark for unforgettable memories that will last for a lifetime,” added Van Der Merwe.

Also opening at the water park is the Rose City Diner, alongside refreshment kiosks around the park serving snacks, ice cream and drinks. The attraction’s signature shopping outlet is called Al Siq Souk.

Jordan’s landmarks inspire rides

Saraya Aqaba Waterpark is located within the Saraya Al Aqaba Residential City, which features a combination of residential, business, leisure and entertainment facilities.

Saraya Aqaba Waterpark was developed by Eagle Hills and is operated by Farah Experience LLC, a subsidiary of Abu Dhabi-based Miral Asset Management LLC.

“Over the years, Farah Experiences has garnered deep industry expertise managing and operating award-winning theme parks and attractions in Abu Dhabi,” said Julien Kauffmann, CEO of Farah Experiences.

Images: Eagle Hills Jordan

Bea Mitchell, A journalist specialising in entertainment and attractions, Bea loves theme parks (mainly Disney) and is particularly interested in things of a gothic, horror or fantasy nature