Latest news with #FederalDecree
Al Etihad
29-07-2025
- Politics
- Al Etihad
UAE President issues Federal Decree promoting Hamdan bin Mohammed to rank of General
29 July 2025 20:11 ABU DHABI (WAM)UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan has issued Federal Decree No. 93 of 2025 promoting His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister of the UAE, and Minister of Defence, to the rank of General. The Decree shall be published in the official gazette and shall be effective from the date of issuance.
Zawya
03-05-2025
- Business
- Zawya
OpEd: GCC missing the mark on carbon markets
For all their controversy, carbon markets appear increasingly indispensable to the energy transition. After decades of development they continue to offer a viable path to help finance it. The world simply cannot relinquish the idea of putting a price on carbon as a tradeable asset in order to reduce planet-warming gases. Carbon is on track to become a trillion-dollar asset class by the mid-2030s, according to some estimates. As the expanding financial districts of Riyadh, Dubai and Abu Dhabi rise to the heights of the world's financial centres, they will need to find their niche in this burgeoning part of global finance: the commodification of carbon. However Saudi Arabia and the UAE are just in the early stages of creating carbon trading infrastructure. In fact, they are falling behind rising players including China, Brazil, India and others, which are building markets for carbon credits and setting up national compliance markets. By falling behind in the commodification of carbon, the Gulf countries risk leaving money – a lot of money – on the table. Moreover, they relinquish sources of funding for new fuels and technologies to meet their climate goals. Missed opportunity A case in point is the loss last year of the world's first fully-regulated carbon exchange. AirCarbon Exchange (ACX), which set up in the Abu Dhabi Global Market (ADGM) in 2023, was backed by Mubadala Investment Company's strategic investment and licensed under ADGM's own regulatory regime. The expansion of ADGM in physical size, assets under management, and regulatory capacity, is truly remarkable. But the announcement that ACX was closing its doors, after just one year of trading there, came as a somber note. The launch of this world-first exchange platform during the year of COP 28 was a missed opportunity to leverage the UAE's presidency and the convening power of the conference. The exchange platform deployed an innovative, connected liquidity model that could have connected the enormous emission reduction potential of the global south with demand from the global north. This would have put ADGM at the center of global carbon trade, connecting buyers and sellers across Europe, Africa and Asia to a liquid market that offered easy access to UAE-based and international companies. Lacking substance Gulf countries have put some legal structure into place for future carbon markets. The UAE's Federal Decree on climate change, coming into force this year, mandates monitoring and control of GHG emissions across sectors while encouraging companies to participate in emission trading schemes and carbon credit markets. The Emirates are also introducing carbon compliance regulations for eventual compliance markets. And Dubai has established a National Register for Carbon Credits to ensure trade of high quality instruments. It has introduced a Measurement, Reporting, and Verification (MRV) programme, which will require entities producing large amounts of carbon emissions to submit annual reports that must be verified. The emissions reporting will be the basis of price discovery and a future compliance market. It's a first step but the legislation lacks detail, leaving unclear its intention and timeline. Meanwhile, with the unfortunate loss of a promising trading platform, Abu Dhabi appears to have ceded the ground to Riyadh. Saudi Arabia is working on a pilot phase of a national carbon emissions compliance system. The government is currently studying the EU's emissions trading system (ETS) and other compliance regimes as it implements a twoto three year pilot phase. In 2022, Saudi Arabia's Public Investment Fund (PIF) and Tadawul Group, the stock exchange operator, established the Regional Voluntary Carbon Market Company (RVCMC). Late last year, RVCMC announced that it had established an exchange platform for regular auctions of 'high quality' carbon credits. With the RVCMC, the Saudis appear to be taking the lead in the region. This work is still awaiting more substance (and transparency), particularly on the operation of its trading platform. Compare this state of affairs with Brazil, where a national ETS is under development. Brazil has complementary markets for its ETS already in place, including a functioning spot power market that allows generators to price in the cost of carbon emissions when bidding into the market. This complements an active market for the trading of renewable energy credits and carbon credits, with the latter planned to be incorporated into the ETS scheme. Light trading Some carbon credit transactions are taking place, and voluntary carbon pricing exists through auctions and bilateral trade. There were two pilot auctions hosted by RVCMC during 2022-23, with purchasers including Aramco, Saudi Electricity Company and ENOWA (subsidiary of NEOM). For its part, the Dubai Financial Market is now assessing its carbon credit trading pilot launched late last year. While these efforts are useful, they are small and still lack the scale and substance seen in other young markets. A related concern is the 5 percent VAT imposed on carbon transactions, which is likely to negatively impact any carbon trading among UAE companies. Private sector trading is also lagging. ADNOC set up a carbon trading desk but its activity has been light. With more active trading, ADNOC would likely generate hundreds of thousands of dollars annually in the EU's mature and liquid compliance market. Sourcing and hedging European carbon allowances (EUAs) on behalf of its European subsidiaries is one possibility. Finding the right model The Gulf countries could follow Singapore's example, where a carbon tax sets a ceiling for price for carbon credits and progressively increases. This pricing provides certainty for investment in climate mitigation projects. Furthermore, through government involvement in determining which credits are eligible under the taxation regime/ETS, the reputational risk faced by firms purchasing these credits is removed. Singapore is also embracing international carbon credits under Article 6. Leveraging the international market will allow its market to compel climate action more cost effectively until critical technologies, such as those for carbon capture and removal, mature. The same advantages can be gained by the Gulf countries. Furthermore, by developing the investment infrastructure in carbon projects in the global south, they can sell services to other nations looking to leverage international credits to meet their nationally determined contributions (NDCs). In fact, the Gulf countries, with their surfeit of capital, could make better returns through investment in mitigation outcomes abroad. The many successful investments of the Abu Dhabi Future Energy Company (Masdar) are a case in point. Taking center stage While the Gulf countries will find their own path, they can profit from the examples of ambitious countries such Singapore and Brazil. And they can leverage their unique geographic position into global influence. As carbon markets continue moving toward centre stage in the energy transition, this region should rise to global leadership. Its financial centres will expand their global reach as they integrate carbon trading infrastructure. The key for the Gulf countries is regional thinking. Their collaboration to commoditize carbon in a large liquid market will maximise potential gains. It is a prospect that aligns with ZETA's mission to shape transparent markets for low-emission products across the MENA region. Subscribe to our Projects' PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa.
Zawya
02-05-2025
- Business
- Zawya
GCC missing the mark on carbon markets
For all their controversy, carbon markets appear increasingly indispensable to the energy transition. After decades of development they continue to offer a viable path to help finance it. The world simply cannot relinquish the idea of putting a price on carbon as a tradeable asset in order to reduce planet-warming gases. Carbon is on track to become a trillion-dollar asset class by the mid-2030s, according to some estimates. As the expanding financial districts of Riyadh, Dubai and Abu Dhabi rise to the heights of the world's financial centres, they will need to find their niche in this burgeoning part of global finance: the commodification of carbon. However Saudi Arabia and the UAE are just in the early stages of creating carbon trading infrastructure. In fact, they are falling behind rising players including China, Brazil, India and others, which are building markets for carbon credits and setting up national compliance markets. By falling behind in the commodification of carbon, the Gulf countries risk leaving money – a lot of money – on the table. Moreover, they relinquish sources of funding for new fuels and technologies to meet their climate goals. Missed opportunity A case in point is the loss last year of the world's first fully-regulated carbon exchange. AirCarbon Exchange (ACX), which set up in the Abu Dhabi Global Market (ADGM) in 2023, was backed by Mubadala Investment Company's strategic investment and licensed under ADGM's own regulatory regime. The expansion of ADGM in physical size, assets under management, and regulatory capacity, is truly remarkable. But the announcement that ACX was closing its doors, after just one year of trading there, came as a somber note. The launch of this world-first exchange platform during the year of COP 28 was a missed opportunity to leverage the UAE's presidency and the convening power of the conference. The exchange platform deployed an innovative, connected liquidity model that could have connected the enormous emission reduction potential of the global south with demand from the global north. This would have put ADGM at the center of global carbon trade, connecting buyers and sellers across Europe, Africa and Asia to a liquid market that offered easy access to UAE-based and international companies. Lacking substance Gulf countries have put some legal structure into place for future carbon markets. The UAE's Federal Decree on climate change, coming into force this year, mandates monitoring and control of GHG emissions across sectors while encouraging companies to participate in emission trading schemes and carbon credit markets. The Emirates are also introducing carbon compliance regulations for eventual compliance markets. And Dubai has established a National Register for Carbon Credits to ensure trade of high quality instruments. It has introduced a Measurement, Reporting, and Verification (MRV) programme, which will require entities producing large amounts of carbon emissions to submit annual reports that must be verified. The emissions reporting will be the basis of price discovery and a future compliance market. It's a first step but the legislation lacks detail, leaving unclear its intention and timeline. Meanwhile, with the unfortunate loss of a promising trading platform, Abu Dhabi appears to have ceded the ground to Riyadh. Saudi Arabia is working on a pilot phase of a national carbon emissions compliance system. The government is currently studying the EU's emissions trading system (ETS) and other compliance regimes as it implements a twoto three year pilot phase. In 2022, Saudi Arabia's Public Investment Fund (PIF) and Tadawul Group, the stock exchange operator, established the Regional Voluntary Carbon Market Company (RVCMC). Late last year, RVCMC announced that it had established an exchange platform for regular auctions of 'high quality' carbon credits. With the RVCMC, the Saudis appear to be taking the lead in the region. This work is still awaiting more substance (and transparency), particularly on the operation of its trading platform. Compare this state of affairs with Brazil, where a national ETS is under development. Brazil has complementary markets for its ETS already in place, including a functioning spot power market that allows generators to price in the cost of carbon emissions when bidding into the market. This complements an active market for the trading of renewable energy credits and carbon credits, with the latter planned to be incorporated into the ETS scheme. Light trading Some carbon credit transactions are taking place, and voluntary carbon pricing exists through auctions and bilateral trade. There were two pilot auctions hosted by RVCMC during 2022-23, with purchasers including Aramco, Saudi Electricity Company and ENOWA (subsidiary of NEOM). For its part, the Dubai Financial Market is now assessing its carbon credit trading pilot launched late last year. While these efforts are useful, they are small and still lack the scale and substance seen in other young markets. A related concern is the 5 percent VAT imposed on carbon transactions, which is likely to negatively impact any carbon trading among UAE companies. Private sector trading is also lagging. ADNOC set up a carbon trading desk but its activity has been light. With more active trading, ADNOC would likely generate hundreds of thousands of dollars annually in the EU's mature and liquid compliance market. Sourcing and hedging European carbon allowances (EUAs) on behalf of its European subsidiaries is one possibility. Finding the right model The Gulf countries could follow Singapore's example, where a carbon tax sets a ceiling for price for carbon credits and progressively increases. This pricing provides certainty for investment in climate mitigation projects. Furthermore, through government involvement in determining which credits are eligible under the taxation regime/ETS, the reputational risk faced by firms purchasing these credits is removed. Singapore is also embracing international carbon credits under Article 6. Leveraging the international market will allow its market to compel climate action more cost effectively until critical technologies, such as those for carbon capture and removal, mature. The same advantages can be gained by the Gulf countries. Furthermore, by developing the investment infrastructure in carbon projects in the global south, they can sell services to other nations looking to leverage international credits to meet their nationally determined contributions (NDCs). In fact, the Gulf countries, with their surfeit of capital, could make better returns through investment in mitigation outcomes abroad. The many successful investments of the Abu Dhabi Future Energy Company (Masdar) are a case in point. Taking center stage While the Gulf countries will find their own path, they can profit from the examples of ambitious countries such Singapore and Brazil. And they can leverage their unique geographic position into global influence. As carbon markets continue moving toward centre stage in the energy transition, this region should rise to global leadership. Its financial centres will expand their global reach as they integrate carbon trading infrastructure. The key for the Gulf countries is regional thinking. Their collaboration to commoditize carbon in a large liquid market will maximise potential gains. It is a prospect that aligns with ZETA's mission to shape transparent markets for low-emission products across the MENA region. (The author is CEO of UAE-based Zero Emissions Traders Alliance (ZETA). Any opinions expressed in this article are the author's own) Subscribe to our Projects' PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa.
Emirates 24/7
04-03-2025
- Business
- Emirates 24/7
UAE President issues Federal Decree appointing Director-General of Federal Authority for Government Human Resources
President His Highness Sheikh Mohamed bin Zayed Al Nahyan has issued a Federal Decree promoting and appointing Faisal Saeed AL Mheiri as Director-General of the Federal Authority for Government Human Resources. Faisal Saeed AL Mheiri has held several leadership positions in human resources, talent development, and national workforce empowerment across government and private sector entities. AL Mheiri previously served as Executive Director of Central Operations at the Ministry of Cabinet Affairs, Director of Human Resources at the Prime Minister's Office, and Executive Director of Career Development at Emirates Telecommunications Corporation (Etisalat). Throughout his career, he has led the development of institutional projects and initiatives aimed at advancing human capital and organisational excellence. Faisal Saeed AL Mheiri holds a Master's degree in Engineering Systems and a Bachelor's degree in Electronics Engineering from the American University of Sharjah. Follow Emirates 24|7 on Google News.
Zawya
20-02-2025
- Business
- Zawya
New digital technologies improve tax compliance as FTA increases inspection visits to ninety-three thousand in 2024; a year-on-year increase of 135%
Abu Dhabi: In efforts that support the protection of consumer rights, the Federal Tax Authority (FTA), in cooperation with the relevant authorities, stepped up its implementation of control plans, in 2024, the aim being to combat tax evasion and increase the level of tax compliance, across the UAE. In 2024, the FTA carried out ninety-three thousand field inspection visits in all seven emirates of the UAE. This represents a significant annual increase of 135.22%, compared to the forty thousand field visits in the previous year. In today's announcement, the FTA outlined that control campaigns, conducted in 2024, resulted in the seizure and confiscation of 11 million packages of non-conforming tobacco products that did not bear 'digital tax stamps'. A further 3.9 million packages of other excise goods, including soft drinks, energy drinks and sweetened beverages were also seized, over the same period. The total value of tax dues and associated fines seized during inspection visits in 2024 exceeded AED 348 million, indicating that effective market surveillance contributed to the detection of many establishments that were in violation of tax laws, with registration notices issued to offending establishments. His Excellency Khalid Ali Al Bustani, Director General of the Federal Tax Authority, said: "The FTA is intensifying its regulatory efforts to monitor taxpayers' compliance with tax laws across all their transactions. Of course, this combats tax evasion, but it also protects consumers from the smuggling of counterfeit excise products that do not meet the quality standards adopted in the UAE. For this reason, we will continue to intensify the Authority's awareness campaigns to encourage and assist taxpayers in self-compliance. "The adoption of the latest digital technologies has greatly contributed to improving the level of tax compliance and increasing the efficiency of our control operations. In addition to adopting new technologies to track, inspect and monitor smuggled and non-compliant products, the FTA's strategic partnerships with government and private sector stakeholders are the other key factors in improving the level of tax compliance. These partnerships result in increasing the effectiveness of market control and raising tax awareness on the business sector and community levels,' His Excellency added. His Excellency further explained that the 'digital tax stamp', which the FTA introduced more than six years ago, is an effective solution to tackle tax evasion, and facilitates inspection and control operations at customs ports and markets. At the same time, it prevents the sale of products that do not meet tax requirements. These stamps, known as digital stamps, are placed on tobacco product packages and are registered in the FTA's database. Each stamp contains electronically registered information that can be read by a special device, confirming the tax payment on these products. The Federal Tax Authority was established by Federal Decree-Law No. (13) of 2016 to help diversify the national economy and increase non-oil revenues in the UAE through the management and collection of federal taxes based on international best practices and standards, as well as to provide all means of support to enable taxpayers to comply with the tax laws and procedures. Since its inception in 2017, the FTA has been committed to cooperate with the competent authorities to establish a comprehensive and balanced system to make the UAE one of the first countries in the world to implement a fully electronic tax system that encourages voluntary compliance, with simple procedures based on the highest standards of transparency and accuracy – beginning from registration, to the submission of tax returns, to the payment of due taxes through the Authority's website:
