PIF-owned real estate company extends benchmark mortgage maturity to 30 years

DUBAI: A “Global Alliance for the Green Economy” was launched at the 8th Global Green Economy Summit, which concluded in Dubai.

The summit was held under the theme “Leading Climate Action Through Collaboration: The Roadmap to Net-Zero”. A large number of ministers, experts, decision makers, civil servants, representatives of institutions and the academic community from all over the world took part in the summit.

The alliance aims to build a coalition of countries, prioritizing a green economy in the context of climate action and sustainable development, to build the capacity of developing countries, to support their transition projects to a green economy and exchange knowledge on implementation.

“If we want to accelerate our transition to a green economy, we all need to work together, and to do that, we need a platform with a common goal. The UAE Global Alliance for Green Economy seeks to provide such a platform,” said Mariam bint Mohammed Almheiri, UAE Minister for Climate Change and Environment.

Focus on technology

The United Arab Emirates, which already owns the tallest skyscraper in the world and has launched a daring mission to Mars, now hopes to become a pioneer in the depths of the metaverse.

In a project launched at Dubai’s stellar Museum of the Future, he announced the UAE’s Ministry of Economy is moving into the immersive virtual world now taking shape.

If we are to accelerate our transition to a green economy, we must all work together.

Mariam bint Mohammed Almheiri, Minister of Climate Change and Environment of the United Arab Emirates

Those who wear their virtual reality goggles or use other means to venture inside will find a ministry open to business with companies and even willing to sign bilateral agreements with foreign governments, officials said.

The Metaverse is an online world where users will eventually be able to play, work and study, its proponents say – although it is still in a “testing” phase, the UAE economy minister conceded.

Abdulla bin Touq Al-Marri was speaking at the first meeting of the Dubai Metaverse, held at the museum whose innovative ring shape decorated with Arabic calligraphy flanks the city’s main thoroughfare.

Representatives from tech giants mingled with entrepreneurs and developers exploring the potential of the Metaverse, a network of digital spaces designed as an extension of the physical world.

DFM adopts a new methodology

The Dubai Financial Market said on Monday it plans to adopt a new methodology for its main equity indices, which will come into effect in the fourth quarter, according to Reuters.

The general index of the Dubai Stock Exchange, the Shariah index and the sector indices, will be calculated by the S&P Dow Jones indices, it said in a press release.

A key improvement among the changes is a limit on a listed company’s weighting to 10% from 20%, which should result in greater company representation on DFM benchmarks, he said. .

The Dubai Stock Exchange said the index calculation will be based on actual free float-adjusted market capitalization and the indices will be rebalanced on a quarterly basis, versus semi-annually currently.

The exchange plans to align its sectors with an industry classification standard followed by institutional clients, she said.

DFM will include seven sectors: financials, industrials, real estate, utilities, communication services, materials and consumer staples.

The exchange has invited market participants for consultations on the index methodology ahead of possible changes, with the revised indices due to launch in the fourth quarter, he said.

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