Tag: GCC

Albudaiwi referred to the final communique issued by the GCC Supreme Council in its 43rd session in 2022….reports Asian Lite News

Jassem Mohamed Albudaiwi, Secretary-General of the Gulf Cooperation Council (GCC), said Sunday that GCC member states are determined to continue their efforts to address climate change repercussions and make COP28 a turning point.

Addressing a meeting by GCC ministers in charge of climate affairs on the sidelines of the Middle East and North Africa (MENA) Climate Week in Riyadh,

Albudaiwi referred to the final communique issued by the GCC Supreme Council in its 43rd session in 2022.

The communique stressed the adoption of the basic pillars of energy transition and the achievements and efforts made by member states in the circular economy approach of carbon emissions reduction, reuse, recycling and removal, KUNA quoted Albudaiwi as saying.

The ministers discussed the strategies required to defend climate action to ensure secure growth and economic prosperity in the region.

They also discussed several climate issues and shared ideas and views in this regard.

‘Adaptation front and center of Climate agenda’

Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and COP28 President-Designate, delivered a formal address at the opening ceremony for MENA Climate Week today, where he called on nations in the region to expand on their legacy of climate leadership to drive inclusive progress ahead of COP28.

Regional wind and solar investments have grown over four times in the past decade, and will double again in the next five years, while the region is also the world’s leading producer of clean hydrogen, Dr. Al Jaber told delegates at the event in Riyadh.

He also cited the success of the Saudi and Middle East Green Initiative in driving investment in both mitigation and adaptation measures.

“I am filled with confidence that this region has the leadership, the vision and the capacity to shape a better future, not just for the Middle East and North Africa, but for the entire world,” the President said. “Over the course of my lifetime, I have seen first-hand the transformative abilities of our region. I have experienced our resilience in the face of global events and climate change. And I can tell you that the track record, actions and political will of the UAE leadership and the COP28 team’s determination to build a better future is absolutely unwavering.”

“With just 53 days to go before COP28, I am determined to rally the world behind an ambitious and comprehensive climate agenda,” Dr. Al Jaber declared. Ladies and Gentlemen, we have had 27 COPs, and you might be surprised to learn that 17 of them have been hosted in fossil fuel producing nations. The fact is, energy is fundamental to everyone, everywhere. And figuring out a fair, just, equitable and well managed energy transition is essential for economic and climate progress,”added Dr. Al Jaber.

The President reiterated that global renewable energy capacity needs to triple and energy efficiency double by 2030 – “and I am pleased that 85 per cent of the world’s economies, including the G20 have endorsed this goal,” he said.

On his call for oil & gas companies to align around net zero by or before 2050, zero out methane emissions, and eliminate routine flaring by 2030, he said “over 20 companies have stepped up, and I’m pushing everyone to get on board by COP28.”

“This region has the resources, the leadership and the experience to create a climate positive future of new industries, new technologies, new jobs and new hope,” the President said. “Let’s apply our capacities, our capital, our know-how and scale to deliver positive outcomes,” he added.

Following the opening ceremony, the President participated in two high-level sessions: a regional dialogue on the global stocktake, in which policymakers and other key stakeholders, discussed regional perspectives on the progress of the stocktake, and a GCC Ministerial meeting, where Dr. Al Jaber highlighted the role of COP28 in positioning the region as a climate leader and the importance of the region’s support in delivering tangible climate action.

Dr. Al Jaber also had discussions with key attendees at MENA Climate Week, including with H.R.H Prince Abdulaziz bin Salman, Saudi Arabia’s Minister of Energy, Jassem AlBudaiwi, Secretary General of the GCC, Ajay Banga, President of the World Bank, Borge Brende, President of the World Economic Forum, Jim Skea, Chair of the Intergovernmental Panel on Climate Change, Ahmad Aslam, Minister for Climate Change and Environmental Coordination of Pakistan, and Saad Nasser Al Barrak, Kuwait’s Deputy Prime Minister and Minister of Oil.

Taking place in Riyadh this week and hosted by the Government of Saudi Arabia, MENA Climate Week is one of four regional events being held this year to build momentum ahead of COP28 and the conclusion of the first global stocktake.

ALSO READ: Middle East Tensions Push Oil Prices Higher

Dr Thani bin Ahmed Al Zeyoudi said the structural reforms has increased the volume of the foreign trade and strengthened GCC’s position as permanent FDI hubs for investment…reports Asian Lite News

The structural reforms to the economic policies of GCC countries over the past years have contributed to diversifying their economies and raising the contribution of non-oil sectors, especially the industrial sector, said UAE Minister of State for Foreign Trade, Dr. Thani bin Ahmed Al Zeyoudi.

Al Zeyoudi led the UAE delegation at the 65th GCC Trade Cooperation Committee meeting, the 51st GCC Industrial Cooperation Committee meeting, and the sixth meeting of the GCC Ministerial Committee for Standardisation, in Salalah, Oman.

The Minister asserted that the UAE, led by President His Highness Sheikh Mohamed bin Zayed Al Nahyan, is keen on enhancing cooperation and driving further development of GCC economies, thus fostering shared economic prosperity, global competitiveness, and the well-being of their people.

“The structural reforms has also increased the volume of their foreign trade and strengthened their position as permanent FDI hubs for investment in various sectors,” Al Zeyoudi said.

“Nonetheless, there are still further enhancements needed in the GCC’s economic and industrial strategies and approaches to create more opportunities for the new economic models such as startups, cooperatives, and family businesses, among others. Embracing the pillars of the future economy, which are knowledge, innovation, and advanced technology is equally important in order to enable these sectors to make significant contributions to supporting the growth of GCC economies,” he added.

Al Zeyoudi explained that the UAE appreciates the key role played by the GCC’s sub committees, especially those concerned with consolidating trade, industrial and investment cooperation to create new paths that support joint GCC action in all areas of common interest. The key topics on their agenda support economic and industrial integration of the GCC countries and consolidate their position as attractive FDI destinations. This will lead to the creation of more employment opportunities, especially in the sectors of the new economy and increase the contribution of these sectors to the national GDPs, thus driving the diversification of GCC economies and accelerating the growth of non-oil sectors.

Furthermore, Al Zeyoudi reiterated the UAE’s support for all important outcomes of the trade cooperation, ministerial cooperation and standardisation affairs committee meetings, in a way that contributes to advancing the GCC’s progress and strengthens its leading position on the global economic landscape. He pointed out the importance of strengthening Public-Private Partnership in the GCC countries and providing all enablers for the growth of foreign trade and industrial sectors to provide more opportunities for the private sector.

With the participation of the ministers of trade and industry; members of the Ministerial Committee for Standardisation Affairs; and Jassim Mohammed AlBudaiwi, GCC Secretary General, the three committee meetings addressed several issues that concern the GCC’s private sector and contribute to the trade, industrial and investment integration between them.

The 65th GCC Trade Cooperation Committee meeting discussed several important topics that support frameworks for GCC’s economic and trade integration, including the creation of a permanent committee concerned with investment issues and stimulating investment exchanges among the GCC countries. This committee shall adopt innovative legislation, flexible mechanisms, and the means to increase trade exchanges between the GCC countries, through the development of a set of trade laws. Most notably, these include the Consumer Protection Law and the Competition Law, in addition to the preparation of a unified mandatory legislative framework for e-commerce in the GCC countries.

Meanwhile, the 51st Industrial Cooperation Committee meeting addressed the adoption of the executive regulations for the Unified Industrial Regulatory System, as well as the amended regulations exempting industry inputs from customs duties. The meeting discussed the proposal to establish an e-information platform featuring GCC’s industrial projects, and another proposal regarding the white paper for industry field, and goods subjected to collective protection. It also discussed a report on the experiences of the GCC countries in future industries, and another report on developments in finding a unified definition for local products and the standards they must follow.

Moreover, the sixth Ministerial Committee for Standardization Affairs meeting discussed the report submitted by the standardization authority and its role in defining technical frameworks to guide sustainable development in economic sectors; ensuring the safety of products and services; facilitating trade exchanges; and developing innovation methodologies in various relevant fields. It is also relevant to supporting national trends in establishing and developing new industries in line with the unified GCC standards and specifications that are compatible with international ones. The Committee also discussed recommendations for adopting a set of new GCC technical regulations, and the agreement to establish the Gulf Accreditation Center, to be submitted to the GCC Supreme Council.

ALSO READ: 11 New Educational Complexes Launched in UAE

The number of Gulf nationals whose service finished at the end of the last quarter of 2022 and worked in the UAE reached 9,718 insured persons….reports Asian Lite News

The General Pension and Social Security Authority (GPSSA) has concluded its unified campaign, which was launched in cooperation with the retirement and social security authorities in Gulf countries. Through this campaign, the Authority raised awareness of the insurance protection extension system for GCC nationals working in GCC countries by introducing the protection extension system, subscription conditions, the mechanism for paying contributions, and benefiting from the insurance benefits for subscribers.

According to the system, insurance is provided to GCC nationals by their employers in the country where the work is located. At the end of the employee’s service period, he will receive a retirement pension or an end-of-service benefit according to the retirement law he is subjected to in the employee’s home country. The insurance benefits of the system extend to the beneficiaries who are supported by the insured or the pensioner during his lifetime.

GPSSA said that according to the latest statistics, the number of active workers in the UAE who are citizens of GCC countries in both public and private sectors until the end of the last quarter of 2022 reached 6,755 insured persons from various countries. The total is distributed as: 4,266 insured persons from the Sultanate of Oman, 87 insured persons from the State of Kuwait, 1120 insured persons from the Kingdom of Bahrain, and 11 insured persons from the State of Qatar, in addition to 1,271 insured persons from the Kingdom of Saudi Arabia. The number of Gulf nationals whose service finished at the end of the last quarter of 2022 and worked in the UAE reached 9,718 insured persons.

The insurance protection extension system requires employers to subscribe on behalf of GCC nationals who work for them to the insurance system established in their country in terms of registration and subscription. The employer must pay the contributions due on their behalf, not exceeding the employer’s share prescribed for UAE nationals working for him, and the GCC employee shall bear the subscription differences, if any.

The unified campaign for the Insurance Protection Extension System was launched in conjunction with the unified campaign launched by the GCC countries to raise awareness of the insurance benefits for Gulf insureds working outside their countries, to contribute to enhancing insurance awareness among individuals, and to ensure fulfillment of obligations for them.

ALSO READ: Heavy rains, winds lash UAE