Latest news with #DFC
Hi Dubai
2 days ago
- Sport
- Hi Dubai
Dubai Fitness Challenge Unveils New Brand and Launches Ninth Edition for 2025
The Dubai Fitness Challenge (DFC) has revealed a refreshed brand identity ahead of its highly anticipated ninth edition, set to run from 1 to 30 November 2025. The announcement, made at a special gathering honouring partners and contributors, highlights DFC's growing impact on the city's health, wellbeing, and sense of community. Launched in 2017 by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the initiative encourages residents and visitors to commit to 30 minutes of activity daily for 30 days. Since its inception, over 13 million people have participated, with engagement rising by 200% over eight editions. His Excellency Khalfan Belhoul, Vice Chairman of the Dubai Sports Council, praised the dedication of the community in his keynote address and emphasised the role of DFC in supporting the Dubai Economic Agenda D33. He described the Challenge as a movement that has turned Dubai into a 'world-class sporting hub.' The 2025 edition coincides with the UAE's Year of Community, with a renewed focus on inclusivity and wellbeing. His Excellency Ahmed Al Khaja, CEO of Dubai Festivals and Retail Establishment, introduced the initiative's new visual identity, designed to reflect its bold, inclusive spirit and growing momentum. This year's programme includes a calendar of free fitness events across the city, from community classes to large-scale gatherings. Signature events like Dubai Ride, Dubai Run, and Dubai Stand-Up Paddle return, while a new flagship event, Dubai Yoga, will close the month with a sunset session on 30 November. The 2024 edition saw over 2.7 million participants, with many reporting improved physical fitness, better mental wellbeing, and increased self-esteem — a trend organisers aim to build on as DFC continues to shape a healthier, more connected Dubai. News Source: Dubai Media Office
Time Out Dubai
2 days ago
- Entertainment
- Time Out Dubai
Dubai Fitness Challenge 2025: Everything you need to know
The Dubai Fitness Challenge (DFC) will return to Dubai for its ninth edition this year, after the official dates were announced. The event encourages residents to take up 30 minutes of exercise for 30 days from Saturday November 1 until Sunday November 30. The huge annual city-wide fitness challenge is not to be missed. First launched in 2017 by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Dubai Crown Prince and Chairman of The Executive Council of Dubai, Dubai Fitness Challenge aims to get everyone to put their trainers on and work up a sweat. If you like this: 16 of the best gyms in Dubai to try for your next workout Since its launch, over 13 million people have taken part, so if you're wondering how you can get involved this year, this is everything you need to know. What is the Dubai Fitness Challenge? (Credit: Supplied) First launched as the 30×30 challenge in 2017, the initiative was launched to try and get Dubai residents committing to 30 minutes of exercise every day for one month. Since then, it's grown into a huge city-wide event, with some of Dubai's largest sporting events also held within the month. This year, the challenge will even be sporting a brand new logo, to keep up the motivation to make Dubai the best place to visit, live and work in. What events will be in the 2025 edition? Credit: Dubai Fitness Challenge On Thursday May 29, a 2025 highlight calendar was shared to make sure you mark all of the biggest events in your diaries. Designed to get everyone moving, there will be 30 days of free and inclusive fitness events, fitness villages, community hubs and classes, turning Dubai into a city-wide gym. Calling all yoga-lovers, there's also a brand new event coming to town, Dubai Yoga. Bringing the 30-day challenge to a close, there will be a huge sunset yoga session to promote holistic wellbeing. Some familiar favourites are also back on the schedule, from the DP World Dubai Ride on Sunday November 2, Dubai Stand-Up Paddle on Saturday November 8 and Sunday November 9. Finally, the iconic Dubai Run, which sees participants jog along a section of Sheikh Zayed Road, will be held on Sunday November 23. How do I sign up? Registration for the series of fitness classes and challenges is not yet open, however you will be able to do so on the Dubai Fitness Challenge website later in the year. Nov 1-30. In other Dubai news 13 top-tier Dubai attractions remaining open for summer 2025 There's still lots to enjoy during the warmer months 22 rare photos that show Dubai's epic transformation since the 1950s Get ready for a wild journey A brand new mall has opened in Dubai This is what you need to know before you go
The Print
4 days ago
- Business
- The Print
US climate pullback threatens planned debt-for-nature deals
LONDON (Reuters) -Billions of dollars of debt deals aimed at protecting vital ecosystems from Africa to Latin America are at risk of unravelling or may need reworking amid concerns that crucial U.S. backing is about to dry up under President Donald Trump. The 'debt-for-nature' swaps, which reduce a country's debt in return for conservation commitments, have gained traction in recent years with deals involving the Galapagos Islands, coral reefs and the Amazon rainforest among the most prominent. The U.S. International Development Finance Corporation (DFC) has been a key player, providing political risk insurance for over half of the deals done over the last five years, accounting for nearly 90% of $6 billion of swapped debt. A source with direct knowledge of the plans said the DFC had about five swaps in the pipeline which are now in question with CEO-in-waiting Ben Black and U.S. government efficiency chief Elon Musk both criticising its climate work. The source did not specify how much debt was covered by the swaps but pointed out that the last few DFC-backed deals involved over $1 billion each. Spokespeople for the White House and the DFC did not respond to requests for comment on future DFC involvement in such deals. A DFC official who spoke on condition of anonymity confirmed to Reuters it stepped down earlier this year as co-chair of a global task force set up in 2023 to expand the use of debt swaps. U.S. Treasury Secretary Scott Bessent has also hit out at multilateral lenders for climate change work amid a broader U.S. retreat that has seen it withdraw from the Paris Agreement to curb global warming. Angola and Zambia and at least one Latin American country are among those whose 'debt-for-nature' swap plans risk needing to be reworked or even abandoned due to DFC uncertainty, four sources that have been directly involved in the projects said. Angolan Finance Minister Vera Daves de Sousa said her country, which is one of the most indebted in Africa and whose rivers feed the Okavango basin vital for endangered elephants and lions, has been talking to the DFC about two potential swaps. One is a debt-for-nature deal, the other a broader 'debt-for-development' swap tied to education and young people. 'We feel openness from them (DFC), but especially on the debt-for-development swap,' de Sousa recently told Reuters. 'We respect their vision,' she added. 'For us there is no difference – we have opportunities on the development side, and we have opportunities on the nature side.' In Zambia, which late last year was looking closely at a swap linked to its vast national parks that are home to over 40% of Africa's elephants, things have changed too. 'We are not completely shutting (the swap) down but we are not actively at it right now,' its Finance Minister Situmbeko Musokotwane told Reuters, declining to specify the reason for the shift. NEW REALITY Generating money for conservation by exchanging costly government bonds for cheaper ones is seen as an obvious choice for smaller nations grappling with heavy debt loads and climate change pressures. The UK-based, non-profit International Institute for Environment and Development estimates that the world's 49 poorest countries seen most at risk of debt crises could swap a quarter of the over $430 billion they now owe. Given the signals coming from Washington, those that do should drop hopes of DFC support and look at alternatives, said White Advisory managing director Sebastian Espinosa, who has advised Barbados, Belize and Seychelles on such swaps. Those could include credit guarantees from major multilateral development banks, potentially alongside private sector insurers and guarantors, as pioneered by the Bahamas last year. Historically, though, DFC backing has been crucial in scaling up deals, offering up to $1 billion in political risk insurance. That protects those who buy the new lower-cost bonds if the governments involved fail to make payments. 'Who's going to step in? (to replace DFC) I don't know,' said Eva Mayerhofer at the European Investment Bank, which backed a 2024 Barbados swap. 'We won't be able to do debt conversions that regularly.' The Inter-American Development Bank, involved in five of the last nine debt-for-nature swaps, sometimes alongside the DFC —declined to comment on whether any of its plans were being affected. Investment firm Nuveen's Stephen Liberatore, who has been a cornerstone investor in some debt swaps, said while substitutes for the DFC could be found, the knock-on effects were yet to be seen. 'What is the price for a private entity (to provide risk insurance) versus a public entity like the DFC?' Liberatore said. 'Does it change the amount of savings?' which are then spent on conservation. 'That's the ultimate question.' (Additional reporting by Karin Strohecker in London, Chris Mfula in Zambia, Alexandra Valencia in Quito, Duncan Miriri in Nairobi, Libby George in London and Kate Abnett in Brussels; Editing by Simon Jessop and Emelia Sithole-Matarise) Disclaimer: This report is auto generated from the Reuters news service. ThePrint holds no responsibility for its content.
Reuters
5 days ago
- Business
- Reuters
Breaking ground: U.S.-Ukraine mineral deal ratified in Ukraine, paving the way for reconstruction
May 22, 2025 - On May 8, the Ukrainian parliament voted to ratify the landmark mineral deal with the United States, marking a significant step in the relationship between the two nations and potentially U.S.-Ukraine reconstruction efforts. This agreement aims to align and entwine the economic incentives of Ukraine and the United States, while bolstering Ukraine's security and economic recovery by leveraging its natural resources and utilizing U.S. mineral extraction technologies. The ratification sets the stage for substantial investments in infrastructure and development. As Ukraine looks for ways to strengthen its ability to fend off military aggression and navigates the complexities of rebuilding, this deal could be a cornerstone in revitalizing its economy and fostering long-term stability. This article will address the legal framework, key details and issues that are still in development. A. Mining the details: unpacking the deal's mechanics The document ratified this month is a framework agreement between the United States and Ukraine. The framework agreement contemplates a "limited partnership agreement," (the "LPA") the draft text of which has not been officially disclosed, that will be entered into by the U.S. International Development Finance Corporation (the "DFC") and the Ukrainian Agency on Support Public-Private Partnership (the "PPP Agency"). It is anticipated that the negotiation and signing of two technical accords under this framework agreement will occur over the coming month. The DFC, established in 2019 through the Better Utilization of Investments Leading to Development (BUILD) Act of 2018, is the United States' development finance agency. The DFC's mission is to partner with the private sector to finance solutions to critical challenges in developing countries, thereby advancing U.S. foreign policy and economic interests abroad. The PPP Agency, established in 2018, is the Ukrainian government body charged with promoting and implementing PPPs whose track record includes the execution of two major seaport concession projects Olvia and Kherson in 2020. Ukraine will initially contribute to the fund rights to 50% of the revenue received from (i) new minerals and hydrocarbon licenses and (ii) licenses that, although awarded, have not yet been industrially exploited. The framework agreement covers 55 minerals, oil, natural gas and such other minerals and hydrocarbons as DFC and the PPP Agency may agree in the future. The United States will have counted towards its capital contributions the value of the military aid that it provides to Ukraine starting from the date on which the framework agreement becomes effective. The new fund will invest in infrastructure projects in Ukraine. As governmental authorities in Ukraine issue new licenses, production sharing agreements (PSAs) and concessions to develop resources, they must require that the investors that were awarded mining or concession rights make available to the new fund the opportunity to participate in capital raises for the projects. Further, the investors cannot grant to any third party materially more favorable financial or economic terms for a substantially similar investment opportunity as that offered to the new fund. The United States also receives the right to negotiate offtake arrangements on market-based commercial terms with the holders of the newly issued licenses. The licenses will additionally (i) require their holders to refrain, for a specified period and under conditions to be outlined in the forthcoming LPA, from offering materially more favorable terms for offtake of a substantially similar quality or quantity of product to any persons other than DFC or its designees and (ii) contain restrictions on the persons with whom offtake arrangements can be entered into. B. Unearthing unknowns: issues to develop As the U.S.-Ukraine mineral deal moves forward, several critical issues remain to be addressed. These uncertainties will shape the effectiveness and impact of the framework agreement, raising important questions about its implementation and long-term benefits. Fund governance structure: Despite the new fund being described as a limited partnership, there is no mention of a general partner, a person typically responsible for management of the limited partnership and exposed to unlimited liability, in the framework agreement. Nonetheless, Ukrainian officials have stated that they expect a general partner to be hired. Who such person will be is to be seen. As is the exact contour of such person's role and relationship with the six-member board described by the White House on May 1, 2025, which is to be comprised of three Ukrainian and three American directors. The exact nature of the entity (e.g., supranational organization vs. Delaware limited liability company or limited partnership) is to be seen as is how, if at all, the fund will address deadlock risk in decision making. It is clear though that it will not follow the trust fund management model utilized by the World Bank's multi-donor Ukraine Relief, Recovery, Reconstruction and Reform Trust Fund, which combines donor grants within a trust managed by the Bank, or the European Union's "EU for Ukraine Fund", operating as a trust fund administered by the European Investment Bank. Cash for investment: Large amounts of cash will be necessary to develop Ukraine's mineral resources and ultimately to make the new fund successful. While some mineral extraction, like Titanium, is already occurring in Ukraine, much of the rare earth minerals discussed is not. Mining consultants estimate that a country's mining sector can take 10 to 20 years to establish and that it costs approximately US$2 billion to reach an operational stage for a single rare earth minerals mine. Another immediate hurdle is that much of Ukraine's infrastructure has suffered under the war, Ukraine's mineral reserves require further mapping and confirmation as its current geological information is non-comprehensive and outdated and many deposits may be in occupied territory. Because the revenue rights being contributed by Ukraine are only theoretical as a result of their derivation from new and unexploited licenses, an additional source of funds will be necessary to jump start projects, build infrastructure to transport natural resources and create the virtuous cycle of reinvestment contemplated under the new fund. Ukrainian officials have voiced an expectation that the United States will provide some startup capital for the new fund. Existing rights holders: While it remains to be seen how LPA and any technical accords will frame Ukraine's obligations to ensure the fund's capital raising participation and product offtake rights under the future license awards, there are also questions about whether it will ultimately be extended to reach the existing minerals projects that have not progressed to the actual mining stage and if not so extended how development of such existing projects will be incentivized. As the resources covered by most existing PSAs are in close proximity to the frontline, they remain dormant in anticipation of a peace agreement. There also are multiple idle non-PSA mining licenses. To date, there has been no official public report stating the exact number of such projects. The minerals deal could serve as a catalyst to withdraw and re-tender these idle non-PSA licenses, which may be withdrawn if no exploitation has commenced within six or 12 months following the award date depending on the type of minerals covered by license, and though, less likely, PSAs which generally contain more robust investor protections. Following the vote to ratify the framework agreement, Mr Fedir Venislavskyi, MP and Member of Parliamentary Committee on National Security, Defense and Intelligence, stated that large-scale audits of the dormant licenses should occur to identify the steps to be taken to tackle the issue. If the deal were to be extended to reach these dormant mining projects, the Ukrainian Parliament would have to put in place new legislation. Presently there is no clear mechanism to incorporate the abovementioned fund's rights into the already awarded mining licenses and PSAs. Unless amicably agreed with existing PSA investors, extension of the deal's arrangements beyond newly issued PSAs could be particularly challenging because such existing PSA investors enjoy legislative stability protections against adverse changes in laws (except where such changes concern environmental protection, defense, national security or public safety). If the new fund's reach is not extended to touch these dormant mining projects, then additional questions are raised about how development of these projects will be propelled forward to advance Ukraine's rebuilding and ultimately the success of the new fund which will share in 50% of the revenues ultimately generated by such projects. Role of the private sector: Given the need for funds for investment and desire for strategic alignment through economic investment, it would be natural for there to be an enhanced role for U.S. private sector investment. The framework agreement does not provide clues as to how U.S. companies will participate in reconstruction efforts. Possible avenues that the United States and Ukraine may pursue include: •fast tracking the issuance of Ukrainian mineral and hydrocarbon licenses to entities with significant U.S. investment; •permitting U.S. companies to bid for projects with the new fund offering financing or guarantees; •the new fund favoring investments in projects with U.S. co-investors; and •the DFC and PPP Agency issuing bonds financed by U.S. investors. Ukrainian officials have already noted their expectation that the new fund will look for investors in projects offered to the fund — including U.S. companies. As Ukraine embarks on this transformative journey, the ratified mineral deal with the United States offers a promising path forward. While challenges remain, the success of this framework agreement could shape the future of both nations and set a precedent for global reconstruction efforts.
Business Upturn
6 days ago
- Business
- Business Upturn
Jefferies maintains buy on CONCOR, sees 14.3% upside, expects 13% volume growth in FY26
By News Desk Published on May 26, 2025, 08:21 IST Jefferies has maintained its Buy rating on Container Corporation of India (CONCOR) and raised its target price to ₹825, implying a 14.3% upside from the current market price of ₹722.00. The Q4 results missed expectations, with EBITDA falling short due to weak volume growth and lower EXIM realisations impacting margins. However, management remains upbeat and has guided for a 13% YoY volume growth in FY26, led by steady 10% growth in the EXIM segment. Jefferies has trimmed its FY26–27 EBITDA estimates by 1–6% to reflect the Q4 miss but continues to see long-term growth drivers intact. A key catalyst identified by the brokerage is the Dedicated Freight Corridor (DFC) connectivity to JNPT, which is expected to significantly enhance operational efficiency and support volume expansion. Disclaimer: This article is for informational purposes only. Business Upturn does not provide any investment advice or stock recommendations. Investors are advised to consult a qualified financial advisor before making any investment decisions. News desk at
