Business

DIFC mobilizes action on climate finance in the run up to COP28

Dubai International Financial Centre (DIFC), the leading global financial centre in the Middle East, Africa, and South Asia (MEASA) region, is building momentum on the critical role of finance in addressing global sustainability challenges ahead of COP28 as it opened the second Sustainable Finance Summit on June 7, 2023.

The Summit, held at the DIFC Atrium as part of the DIFC-hosted Global Ethical Finance Initiative’s (GEFI) ‘Path to COP28’ program, outlined strategies for finance to decarbonise the real economy.

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It brought together some of the brightest minds in the finance industry to explore ways for the sector to lead action on climate change and deliver a just transition to a sustainable economy. Reflecting the importance of the finance industry to accelerating climate change initiatives, welcome remarks were provided via video by COP28 Director General Ambassador, Majid Al Suwaidi.

As the UAE prepares to host COP28, the summit aligns with the United Nations Sustainable Development Goals that focusse on making finance flows consistent with a pathway towards low greenhouse gas emissions and climate-resilient development.

Commenting on the ‘Path to COP28’ program, Arif Amiri, CEO of DIFC Authority, said: “Collaborating with Global Ethical Finance Initiative for the ‘Path to COP28’ program, including the second Sustainable Finance Summit supports DIFC’s commitment to play a leading role in advancing the nation’s COP28 priorities which include accelerating net zero goals. The Summit also builds on our vision of paving the way for coordinated global solutions to deliver on the climate financing needs of emerging markets and developing economies, whilst supporting sustainable economic growth for Dubai, UAE and wider region.”

High demand led to more than 1,000 industry professionals registering for 300 places at the Summit where discussions centered around COP28 priorities for the sector including environmental and social impact, climate aware investing, and financing nature.

Omar Sheikh, Managing Director of the Global Ethical Finance Initiative, commented: “The global stock take at COP28 will be a critical turning point, marking progress toward the achievement of the goals of the Paris Agreement. The UAE is expected to lead the way in terms of finding the realistic, practical, and pragmatic solutions required to accelerate the global energy transition. Our ‘Path to COP28,’ with 50+ global partners, is the first, and now one of the largest, finance-focused campaigns for COP28. Together with DIFC, and supported by our partners from across the globe, we are delivering an integrated programme of advocacy activities, including the Summit, to raise awareness, and help expedite climate action across the finance sector.”

Global industry stalwarts were leading discussions on the crucial role of finance in driving and shaping the transition to a net-zero economy. In his keynote address, Nick Robins, Professor in Practice for Sustainable Finance at the London School of Economics, and author of ‘The Road to Net Zero Finance,’ highlighted the responsibility of the sector in financing a more just and equitable transition. Robins discussed the need to mobilise finance for climate action and explore how the financial system can support the restoration of nature.

In an in-depth conversation, Satya Tripathi, Secretary General, Global Alliance for a Sustainable Planet, and a development economist, lawyer and changemaker, explored ways to make nature count in global finance and to build an inclusive, sustainable world. Having served with the UN for more than two decades in key positions across the planet and with experience in leveraging ‘private finance for public good’, Tripathi discussed how the financial system must innovate to successfully integrate nature-related risks and opportunities.

Other speakers at the event included Alya Al Zarouni, Chief Operating Officer, DIFC Authority; Christian Kunz, Chief Strategy, Innovation and Ventures Officer, DIFC Authority; Eline Sleurink, Head of UK & Ireland and Middle East, Signatory Relations, PRI; David Sheasby, Head of Stewardship, Sustainability and Impact, Martin Currie; Vijay Bains, Chief Sustainability Officer, Emirates NBD; and Christian Guckel, Chief Risk Officer, Sedco Capital, amongst others.

On the side lines of the Summit, GEFI and DIFC Academy, the executive education centre of DIFC, hosted the third Climate Finance Training Series session to support finance practitioners develop better understanding of the COP process, global trends in climate finance and best practice approaches to developing and implementing net zero strategies. At the invitation only Power Round Table Series, global and local experts enriched their understanding of local financial institutions and stakeholders on the opportunities and challenges presented by COP28 including responsible banking, investment, and Islamic finance.

Since the debut of the ‘Path to COP28’ program, DIFC and GEFI organised the world’s first finance summit, which attracted leading investment firms, banks, policymakers, and financial service providers. In addition to several roundtables and the ‘Women in Finance’ symposium, the second Climate Finance Training Series session was also held where finance practitioners gained insights on how to navigate global and local climate finance regulations, initiatives, and frameworks.

In the months ahead, DIFC will continue to work towards shared solutions to address the issues of the climate challenge. Upcoming events include the DIFC Future Sustainability Forum, a session exploring expectations of COP28 for the finance industry and the International Corporate Governance Network Global Conference. DIFC will also host and participate in a series of discussions and other events throughout the duration of COP28 until December 12, 2023.

Al Jaber emphasizes need to reform to unlock trillions in climate finance

Abu Dhabi utility major TAQA establishes new green finance framework

Business

Almarai signs multiple agreements to localize jobs through training and recruitment programs

Almarai signed a cooperation memorandum with the Food Industries Polytechnic, the
Transport General Authority, and the Saudi Logistics Academy to localize jobs in the
food and beverages sector through training and rehabilitation programs ending in
employment. This came within the first international conference on the labor market,
organized by the Ministry of Human Resources and Social Development on 13 – 14
December 2023 at the King Abdulaziz Convention Center in Riyadh.

‘These agreements are part of Almarai’s corporate program for the social responsibility
to achieve localization in the food industry sector, which is one of the top priorities of the
comprehensive strategic plans in Almarai, especially since the company is one of the
largest working environments in the kingdom, with more than 9,000 Saudi employees,
including more than 900 Saudi female employees.”Fahad Aldrees, Chief Human
Resources Officer of Almarai, said.

He added that the agreements signed to train and qualify young people are part of the
integrated initiatives and training and rehabilitation programs for national human
resources in Almarai. He pointed out that the company provided about half a million
employee training hours during 2022, raising its retention rate to 90% during 2022.

It is worth mentioning that Almarai is the world’s largest vertically integrated dairy
company, and the largest food and beverage producer and distributor in the Middle
East. Almarai was ranked among LinkedIn’s top 15 Saudi companies for professional
career development for 2022.

Business

SEBA Bank rebrands to AMINA Bank and continues to write its success story

a fully licensed Swiss crypto bank, announced today its new brand identity: AMINA Bank AG. The group operates
globally from its regulated hubs in Zug, Abu Dhabi and Hong Kong, offering its clients traditional and crypto banking services.
SEBA Bank made history in 2019 by becoming one of the first FINMA-regulated institutions to provide crypto banking services. This rebrand marks a new chapter for the company, which has proudly been in operation for more than four years. AMINA Bank is inspired by the same trailblazing ambition to lead the way for its clients and to write its own future as a Swiss-
regulated crypto bank offering services to its traditional and crypto savvy clients around the globe. The name ‘AMINA’ stems from the term ‘transAMINAtion’, meaning transference of one compound to another. AMINA is a brand driven by perpetual change, bringing together the various ‘compounds’ of traditional, digital, and crypto banking to unlock new potential and
growth for our clients. This vision of change represents the transformation of our clients’ financial future. Franz Bergmueller, CEO of AMINA, said: “We are delighted to introduce the world to our new brand identity. While we say goodbye to the SEBA name, we remain forever proud of the achievements made by the group under the former brand. “Our brand signifies a new era in the company’s growth and strategy; we are a key player in crypto banking and are here to define the future of finance. With our client-focused approach, our years of traversing traditional and crypto finance, we offer a platform for investors to build
wealth safely and under the highest regulatory standards.” “We are grateful to be encouraged by our supportive and committed investors who have been very helpful, supporting the growth of the company. We thank our employees in all the regions
for their dedication and client focus. As we look forward to 2024, our ambition is to accelerate the growth of our strategic hubs in Switzerland, Hong Kong, and Abu Dhabi, and to continue our global expansion, building on all the successes we have laid down over the past years.” Current clients of AMINA Bank (formerly SEBA Bank) will be unaffected by the rebrand other than encountering the new name; all operations will be business as usual across the board. The branch office based in Abu Dhabi and the subsidiaries in Hong Kong and Singapore will subsequently apply for a name change to align with the head office in Zug.

Business

Uptime Appoints Mustapha Louni Chief Business Officer

Uptime Institute is pleased to announce the appointment of Mustapha Louni to the position of Chief Business Officer, a role specifically created to drive strategic leadership and client success. In this new role, Mr. Louni will assume responsibility for the global Uptime sales and marketing organizations and drive overall business value for all Uptime clients. He will retain his existing responsibilities overseeing operations in the Middle East, India, Africa, and the Asia Pacific regions. In this elevated capacity, Mr. Louni is poised to play a pivotal role in driving Uptime’s next phase of global expansion through strategic initiatives to enhance market awareness of the dramatically expanding global service lines and delivery capabilities of Uptime that uniquely support the global data center industry in its pursuit of ever higher performance through elevated availability, resiliency, sustainability, and cyber-security of digital infrastructure. Louni’s appointment renews and expands Uptime

Institute 39;s 30-year commitment to advancing excellence in the data center sector on a global scale. “Today we are experiencing the next phase of the one-time, planetary transformation from analog to digital. This unprecedented, once-in-a-generation growth in data center demand is primarily driven by continuing cloud adoption, the new promise of AI, and the demonstrable fact
that hybrid digital infrastructure is here to stay for the foreseeable future,” said Martin McCarthy, CEO, Uptime Institute. “These complex and nuanced market demands require a visionary talent like Mustapha Louni. He is someone who cannot only deftly manage specific aspects of the business but also remain ahead of accelerating changes and trends. He continues to earn client
trust and respect by timely delivery on demanding commitments while he also inspires and energizes colleagues and clients alike. I am delighted to announce Mr. Louni’s new position and know that he will continue to expand the impact that he has already brought to Uptime since his arrival.” In 2014, Mr. Louni joined the Uptime organization in the United Arab Emirates, leveraging his extensive experience from roles at Panduit and Schneider Electric in Paris and Dubai. As the company’s first commercial resource in the Middle East and Africa region, Mr. Louni played a pivotal role in expanding Uptime’s presence. Within a year, he successfully established what became and remains Uptime’s fastest growing regional office. Under his leadership, Uptime has
extended his impressive trajectory of growth in MEA to the Asia-Pacific regions, augmenting the Uptime workforce with dedicated team members spanning more than a dozen countries across these regions. A new Uptime office has been inaugurated in Riyadh, Kingdom of Saudi Arabia (KSA) this year, further fortifying the company’s ability to meet its commitment to sustained
growth and excellence and serve clients in critical, accelerating markets for digital infrastructure.

Uptime Institute began development of its proprietary and now globally recognized Tier Standards and its Tier Certifications 30 years ago to ensure that the mission critical computing needs of all organizations could be met with confidence and understood by executive management. Since that time, Uptime Tier Certification as well as other Uptime offerings including assessments and awards in digital infrastructure for ensuring business performance in areas of management and operations, risk and resilience, sustainability, and more recently cyber- security have gained global adoption. Uptime’s expanding success is based on delivering a
unique business service that is based upon unparalleled engineering excellence and technical mastery, while remaining vendor independent and technology agnostic.