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Reimagining Economies: The Move Towards a Digital, Sustainable and Resilient Future

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Under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, The Annual Investment Meeting, organized by theUAE Ministry of Economy, scheduled to be held from 20th to 22nd October 2020, under the theme “ Reimagining Economies: The Move Towards a Digital, Sustainable and Resilient Future.”

As the very first digital edition of the Annual Investment Meeting, AIM Digital will be the first mega digital event in the region to surmount the COVID -19 pandemic that will set a new benchmark for future virtual events in the UAE. It will utilize digital technology to create, showcase, and facilitate new investment opportunities for investors from different parts of the world, providing boundless possibilities across diverse sectors leading towards economic recovery, transformation, and sustainability.

To continue AIM’s mission of creating a roadmap to build a resilient future for the global economy despite the current pandemic, the three-day digital event will support and strengthen the investment environment and generate the most attractive and secure investment projects and opportunities for investors.

In this regard, His Excellency Abdullah bin Touq Al Marri, Minister of Economy, said: “The Annual Investment Meeting is an important global platform that brings together officials, experts, investors and major local, regional and international companies to exchange ideas and experiences and work together to develop the investment climate and link stakeholders to enhance development opportunities and come up with innovative solutions. The UAE has managed over the past years to consolidate its position as a pioneering and attractive investment destination for value-added projects, especially in the new economy sectors, and the country has also succeeded in developing its capabilities in planning and anticipating the future, and developing proactive solutions to enhance the resilience of its national economy in the face of global economic changes.

His Excellency added that the UAE government launched a comprehensive plan of 33 initiatives to support all economic sectors in the country and create a more flexible economic environment capable of generating diverse and sustainable opportunities, and encouraging investment in future sectors, especially digital transformation, advanced industries, applications of modern technology, research, development and innovation.” He said that the development of a digital model for a global platform for dialogue, such as the annual investment forum, is gaining great importance under the current circumstances and strengthens the country’s ability to review its future vision and promote the opportunities offered in its priority sectors to attract and attract investments to it through innovative means.

His Excellency Dr. Ahmad Belhoul Al Falasi, Minister of State for Entrepreneurship and Small and Medium Enterprises, said: “The UAE continues its pioneering role as a hub for trade, investment development and business activities, whether in its local markets or at the regional and global levels, and is confirmed today by launching the first digital version of the Investment Forum. Its ability to adapt to the changes in the economic landscape and find innovative solutions to various challenges, such as those that we are witnessing today as a result of the spread of the Covid-19 pandemic, which highlighted the importance of adopting new methods in economic activity, stressing that the establishment of the forum hypothetically at this huge level with the participation of 170 countries represents a new success story that reflects the readiness of the country’s economic and trade system to rapidly shift towards digital activities and adopt a more competitive, resilient and sustainable economic model.

Al Falasi added that the Annual Investment Meeting has provided over the past years a pioneering platform to support emerging companies and small and medium enterprises. His Excellency explained by saying: “We will work through this year’s edition of AIM to continue supporting and encouraging entrepreneurs and owners of small and medium enterprises by providing them with vital channels for communication with their counterparts in other participating countries to acquire new ideas and knowledge, exchange experiences and attend relevant exhibitions, as well as to establish partnerships and open new markets for their products and services, and this would immediately reflect on their commercial success and their ability to continue and expand. ”stressing that the transition to the digital model this year It will allow for wider participation from different countries of the world and will thus increase opportunities for cooperation and growth for entrepreneurs.

“This year’s Annual Investment Meeting, in its first digital edtion of its kind, is being held under unusual circumstances that the global economy is going through that requires intensifying dialogue and creating new links that support commercial and investment activities in various world markets.”He explained thatthe event will focus on discussing the countries and institutions efforts to provide new solutions and measures that support sustainability, business continuity and flexibility in facing various challenges. said His Excellency Dr. Thani Bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade.

His Excellency added: “Through this year’s edition of AIM, we will make sure to allow businessmen and capital owners to meet and conclude strategic agreements and partnerships, and to open new and vital channels for work in various investment fields, explaining that the forum’s agenda for this year will be rich in sessions, dialogues and digital exhibitions. Over the course of three days, and expressing optimism that the outcomes of this session will contribute to creating more creative ideas, initiatives and qualitative projects that represent an added value to international efforts in enhancing the global economic climate and preparing it for the post-Covid-19 phase.

AIM’s unique digital exhibition will be participated by Ministries and Government Departments, International and Regional Organisations, Investment Promotion Agencies, Special Economic Zones, Private Equities, Angel Investors, Venture Capitalists, Banking & Financial Institutions, International Investment Institutions, Startups, Incubators and Special Programmes, SME Financing Institutions, Smart City Solution Providers, and Technology Providers, among others, from more than 170 countries, which means even more abundant opportunities for economic productivity and expansion.

“We are all aware that the global economy has been severely affected by the COVID-19 pandemic. However, this global outbreak must not cause economic paralysis and impede recovery but must serve as a stimulus to persistently look for opportunities to surmount the challenges. Technology is one of the tools available to us that we need to take advantage of to fight the impact of pandemic, which is why AIM Digital was conceived. It is indeed a major initiative that brings innovation and investment opportunities together in one virtual platform for investors to fuel economic resilience and transformation” said Mr. Dawood Al Shezawi, the Head of the Organizing Committee of the Annual Investment Meeting.


Diverse topics have been meticulously discussed such as Economic Fallout of Covid 19 on Female Founders, Accelerating Technologies during Time of Crisis, Ensuring Food Security & Sustainability against Pandemic: Innovation and Business Opportunities of Agriculture in SMEs, Strengthening the Global Partnership in International Trade during Pandemic Crisis, Post-Pandemic Cities: What Will They Look Like, Business Opportunities of Agriculture in SMEs, The Vision From Investors in The Middle East, Urban Mobility: Road To Recovery And The Effectiveness Of Attracting FDI in The Times Of Crisis, Smart Cities Of The Future Workshop, Challenges For Agribusiness in Latin America And The Vision From Investors in The Middle East. Additionally, AIM Digital continues to offer interactive investment activities 365 days of the year to support the global investment community.

AIM Digital Features

Placing the spotlight on AIM’s six pillars – Foreign Direct Investment, Foreign Portfolio Investment, Small and Medium-sized Enterprises, Startups, Future Cities, and One Belt, One Road, AIM Digital will showcase different features that will extensively boost investment opportunities in various sectors.

Pre-Conference Workshop: Conducted by renowned industry experts from across the globe, this series of interactive professional coaching sessions have been tailor-made to enrich the experience of its participants and prepare them in finding lucrative opportunities for investment.

Conference: A platform where expert insights, best practices, and ideal investment policies are shared with participants. Leaders and specialists from the investment community will lead the virtual discussions to explore relevant topics about each of the six pillars of AIM.

Exhibition: Participated by the best local and international exhibitors across the globe, the Exhibition features different countries, smart city solution providers, startup companies, and SMEs, with the ultimate goal of achieving economic growth for their respective country and region.

Digital Country Presentation: It unveils the world’s best investment destinations by featuring every country’s key economic and investment environment features digitally. A platform for municipalities, cities, and countries to promote investment opportunities at their location and highlight the potential of their sector to prospective investors.

Startups Virtual Pitch Competition: An opportunity to present business ideas to a diverse array of global investors on the lookout for the next big thing. The winners of the start-up virtual pitch competition will compete for the National Champions League. Individual startups may register for the Global Technopreneurs.

Conglomerate Presentations: A virtual line up of Large Multi-Industry Groups keen on showcasing their investment roadmaps and key sectors of interest to an impressive panel of AIM investment promotion agencies, SMEs and government officials enthusiastic about making sustainable investments in their respective countries.

Awards: Recognizing the outstanding contributions of Investment Promotion Agencies, SMEs and Start-ups in bolstering and securing investment for a particular location. Awards will be presented to various investments made to regions and countries that have resulted in significant economic growth.

Investors’ Hub: Held within a digitally secured environment, a virtual meeting where top investors will have an audience with official government representatives to cultivate the formation of investment partnerships and collaboration.

Regional Focus Sessions: Centered on three regional conversations that examine the economic landscapes of Africa, Asia and Latin America, the discussions will be an informed exploration of the regions’ risks, challenges and opportunities for growth that are waiting to be harnessed through regional cooperation.

Made in Series: This viable digital feature is open to all SMEs who wish to showcase their local products and services to an international platform. Being a part of the series could help the participating country to promote their locally manufactured products or services, present value proposition to a focus global audience, and network with potential global partners for future collaboration.

Investment Roundtables:The investment roundtable feature of AIM 2020 is a gathering of Ministers, Deputy Ministers and Heads of Investment Promotion Agencies (IPAs), Investors and Decision Makers. The main objective of this feature is to facilitate a platform for government decision makers to discuss with investment companies to create a feasible investment model matching government and investor requirements. At the end of the sessions, a feasible investment model shall be developed.

Networking Features: A medium to strengthen business relationships and serve to the expansion of business portfolios. Vast features are conveniently available and accessible for ease of communication and networking on the platform.

The Annual Investment Meeting also plans to expand its footprint across the economic landscape as it gears up for its upcoming hybrid edition which will take place on March 21 – 23 followed by its Mega edition during EXPO2020, the World’s Greatest Show. The Hybrid Edition will be primed to feature massive investment opportunities from more than 170 countries, securing the highest return of investments for investors across the globe.

Furthermore, the Annual Investment Meeting is also delighted to launch its official e-magazine, Global Catalyst, which will serve as the global investment community’s no.1 digital source of the latest news, feature articles on trending topics, and critical analysis on fundamental issues affecting the investment environment, serving as a powerful catalyst for global economic growth. The Global Catalyst, is a quarterly digital publication that provides a captivating blend of news and features about the investment environment, as well as thorough analyses and research studies on major issues concerning the global economy. It also features success stories and in-depth interviews from prominent personalities in the global investment community to offer invaluable insights. In its first issue, Global Catalyst will give emphasis on its theme, “Rebooting the Future of Global Economy” which sparks the revitalising idea of starting anew, finding innovative methods and strategies, and building new perspectives in relation to the global economy.

Acknowledging the shift to the digital landscape and integrating technological advancements assists in developing smart, digital and sustainable nations as AIM Digital generates boundless possibilities towards economic recovery, transformation, and sustainability. 

For more information on AIM Digital, visit www.aimcongress.com

About the Annual Investment Meeting

The Annual Investment Meeting (AIM) is an initiative of the UAE Ministry of Economy, held under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE, and Ruler of Dubai. AIM is the world’s leading investment platform with over 16,000 participants coming from more than 140 countries. Over 400 exhibitors and co-exhibitors, 60+ high-level dignitaries, 150+ investment specialists and experts have participated in AIM 2019.

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Energy News

As fuel prices rise, companies look to energy efficient solutions

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With fossil fuel prices reaching record highs, companies around the world are focusing on energy efficiency to save money and reduce the emissions driving the climate crisis.

Research shows that a safe future below 1.5°C requires the world to cut 30 gigatonnes greenhouse gas emissions (CO2) annually by 2030. Carbon emissions need to be cut by building smart cities and managing land and resources more efficiently.  Transport and buildings are among the largest contributors.

– a United Nations Environment Programme (UNEP)-led global effort supporting developing countries to move their markets to energy-efficient appliances and equipment.

“This improvement in energy efficiency will also reduce electricity bills for companies and support the scale-up of renewable energy,” he added.

Improving energy efficiency

Energy efficiency can take many forms, with U4E focusing on lighting, refrigeration, air conditioning, distribution transformers and electric motors. 

LED lamps, for example, are not only more efficient than conventional lamps, but they also last 20 times longer. Research shows that by switching to LED lighting in 156 developing countries, over 110 terawatt-hours (TWh) could be saved by 2030, nearly the same as the current electricity consumption of the Netherlands.

Similarly, by increasing efficiency in distribution transformers, which adjust voltage and current and are placed between the power plant and the consumer, 60 TWh could be saved by 2040, or the same as the current consumption of the Czech Republic.

“Half of the near-term reductions in emissions in the energy sector can be achieved through energy efficiency, for example, by using more energy-efficient appliances and lighting and more efficient motors,” said Miriam Hinostroza, Head of the Global Climate Action Unit, at UNEP’s Energy and Climate Branch.

Cost effective solutions

Companies have found that energy efficiency is a double win, it’s good for their bottom line but it’s also good for the environment. Hitachi Energy, a global technology leader that is advancing a sustainable energy future for all, has been working with U4E to improve the efficiency of distribution transformers in developing regions like Africa.

These transformers are a key product in the power value chain, with electricity typically passing through five of them between the power plant and the consumer.

U4E research shows that a transition across the African continent to the most energy-efficient transformers could save 5.7 TWh a year, worth around US$ 400m by 2040.

This transition would also reduce CO2 emissions by 4.7 million tonnes a year. The transformers also have the added benefit of being more stable, reducing outages and increasing energy security.

“Transformers are critical for enabling an efficient and safe flow of electricity, operating continuously around the clock,” said Bruno Melles, Head of the Transformer Business at Hitachi Energy.

“Energy efficiency brings energy savings and reduces environmental impact, but also means more efficient use of existing infrastructure, which is in line with Hitachi Energy’s Sustainability 2030 strategic plan, which includes the target to achieve carbon-neutrality in our own operations.”

“In developing countries, energy efficiency also contributes to increasing the availability and access to electrical energy, contributing to key UN Sustainable Development Goals,” added Melles.

It is not just in Africa where U4E is helping to drive change. In Türkiye, U4E has been working in the industrial sector to help improve efficiency in motor-drive systems. Around 46 per cent of net electricity consumption in Türkiye comes from the industrial sector, and about 70 per cent of this comes from electric motor-drive systems, many of which are inefficient.

UNEP, through U4E, has been providing technical assistance to the Promoting Energy-Efficient Motors in Small and Medium Sized Enterprises in Türkiye (TEVMOT) project.

“The TEVMOT project was conceived to tap into this huge potential for energy savings through the transition to higher efficiency motors and to tackle the challenge of achieving these savings in an industrial sector,” said Özge Renklidağ, a Project Manager with UNDP.

“More than 90 per cent of the enterprises are small and medium-size enterprises, which have traditionally had difficulties in obtaining access to finance for energy-efficient products.”

The project, which started in 2017, and has been extended until the end of 2023, will contribute to Türkiye’s intended Nationally Determined Contribution commitment to reduce its greenhouse gas emissions by 21 per cent from the business-as-usual level by 2030.

“Through projects such as these, increased energy efficiency has been shown to offer real contributions in reducing greenhouse gas emissions,” said Blake, “U4E is working across the world to ensure that sustainable, cost-effective solutions are offered.” 

UNEP

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World News

WFP: First Ukrainian humanitarian grain shipment leaves for Horn of Africa

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photo © UNOCHA/Levent Kulu

The first vessel transporting Ukrainian wheat grain to support humanitarian operations run by the World Food Programme (WFP) has left the port of Yuzhny, also known as Pivdennyi, the UN agency reported on Tuesday. 

The MV Brave Commander departed with 23,000 metric tonnes of wheat grain for WFP’s response in the Horn of Africa, where the threat of famine is looming due to severe drought. 

This is the first shipment of humanitarian food assistance under the Black Sea Grain Initiative signed by Ukraine, Russia, Türkiye and the UN in July. 

Feeding the world’s hungry 

It marks another important milestone in efforts to get much-needed Ukrainian grain out of the war-torn country and back into global markets, to reach people worst affected by the global food crisis. 

“Getting the Black Sea Ports open is the single most important thing we can do right now to help the world’s hungry,” said WFP Executive Director David Beasley.  

“It will take more than grain ships out of Ukraine to stop world hunger, but with Ukrainian grain back on global markets we have a chance to stop this global food crisis from spiraling even further.” 

WFP will use the wheat grain shipment to scale-up its efforts in southern and south-eastern Ethiopia, supporting more than 1.5 million people affected by drought. 

Globally, a record 345 million people in more than 80 countries are currently facing acute food insecurity, while up to 50 million people in 45 countries are at risk of being pushed into famine without humanitarian support. 

The current hunger crisis is being driven by several factors including conflict, climate impacts, and the COVID-19 pandemic.  

The war in Ukraine is another catalyst as the country is a major grain exporter.  Ukraine was exporting up to six million tonnes of grain a month prior to the start of the conflict in February, but volumes now are at an average of one million tonnes per month. 

More action needed 

WFP said that with commercial and humanitarian maritime traffic now resuming in and out of Ukraine’s Black Sea Port, some global supply disruptions will ease, which will bring relief to countries facing the worst of the global food crisis. 

Crucially, Ukraine will also be able to empty its grain storage silos ahead of the summer season harvest, the agency added. 

However, despite these developments, the unprecedented food crisis continues. 

WFP stressed the need for immediate action that brings together the humanitarian community, governments, and the private sector to save lives and invest in long term solutions, warning that “failure will see people around the world slip into devastating famines with destabilizing impacts felt by us all.” 

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Health & Wellness

More Global Approach Needed to Control Monkeypox

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With increasing numbers of monkeypox virus among 1.3 billion people, African health experts have expressed worriness over lack of appropriate vaccines to contain the outbreak in Africa. That however in mid-August, the acting director of the Africa Centers for Disease Control and Prevention, Ahmed Ogwell, said there two partners “largely multilateral institutions and non-African governments” have shown some interest in helping out with manufacturing of vaccines without offering detailed information.

“Let us get vaccines onto the continent,” Ogwell, said in a weekly media briefing pointing to another instance of 1.3 billion people on the continent without access to a vaccine, as it has been with the Covid-19 pandemic. Africa remains the only part of the world with no doses of the vaccine, according to the Africa Centers for Disease Control and Prevention.

More monkeypox deaths have been reported on the African continent this year than anywhere in the world. Since May, nearly 90 countries have reported more than 31,000 cases. At least 2,947 monkeypox cases have been reported in 11 African countries this year, including 104 deaths, but most of the cases reported are suspect ones because the African continent also lacks enough diagnostic resources for thorough testing, the Africa CDC director Ogwell said.

The lack of vaccine doses and shortage of diagnostics is an echo of the challenges that Africa’s 54 countries faced for months during the Covid-19 pandemic as richer countries elsewhere raced to secure supplies. Given the continuous spread of the monkeypox virus especially in central and west African regions, raises the question of exploring the accesibility of vaccine supply. It relates closely plans to provide educational materials and educating the public about the virus spread, the risk of contracting it (means of transmission) – there has to be a stark acknowledgment of a preventive approach.  

Although the current explosion of cases has occurred in men, experts say there is no biological reason the virus will remain largely within the community of men who have sex with men. “We certainly know it’s going to spread to family members and to other non-male partners that people have,” said Dr. Jay Varma, director of the Cornell Center for Pandemic Prevention and Response. The real question, he said, is whether it spreads as efficiently in those groups as it does among close sexual networks of men who have sex with men.

The World Health Organization classified the escalating outbreak of the once-rare monkeypox disease as an international emergency in July. Outside of Africa, 98% of cases are among men who have sex with men. With a limited global supply of vaccines, authorities are racing to stop monkeypox before it becomes entrenched. WHO has, however, warned against supply discrimination. 

Early August, Wendy Orent, the author of “Plague: The Mysterious Past and Terrifying Future of the World’s Most Dangerous Disease” and “Ticked: The Battle Over Lyme Disease in the South” wrote in Los Angeles Times Op-Ed: Monkeypox is not the next Covid. But it’s spreading from the same failures.

The expert explained that monkeypox a well-studied disease: In the past, it has been concentrated primarily in rural West or Central Africa and transmitted from a bush animal to a person, who then would spread it to limited family members in close contact. During the 2003 outbreak in the U.S., people caught it directly from pet prairie dogs that got infected by small mammals imported from West Africa. None of the U.S. cases that year spread to another person.

In contrast, the recent outbreak is spreading more widely person-to-person. But if governments take the right steps and help block transmission by giving key resources to those most at risk – currently gay and queer men – monkeypox can be contained. The global alarm sounded on this virus should be a warning to intervene now while the disease is manageable and take steps to limit future outbreaks, two goals well within reach.

Monkeypox was first detected among monkeys kept in a Denmark laboratory in 1958. Only in 1970 did doctors record a human case, indicating that monkeypox could also infect people. The disease, which closely resembles smallpox, wasn’t distinguished as a separate infection until smallpox was nearly eliminated. Smallpox vaccination campaigns kept both diseases at bay until 1980, when the World Health Organization declared smallpox eradicated and vaccination campaigns ended.

Smallpox spread only through humans, with no animal population keeping it alive. It evolved over millennia to become a true human specialist, effective at transmission and overcoming immunity. Centuries of an arms race in Africa, Asia and Europe allowed the smallpox virus to fine-tune its attacks on the human immune system. When it burst into the previously unexposed populations of the Western hemisphere via European invaders, the sharpened teeth of smallpox met no resistance. Some scholars estimate that 90% of native Americans died of it.

That monkeypox is spreading rapidly is undeniable. While monkeypox isn’t at this point a truly sexually transmitted disease like gonorrhea or syphilis, sexual contact has driven this outbreak. Monkeypox spreads through intimate physical contact, including direct contact with monkeypox pustules loaded with virus. People may not realize that their malaise is monkeypox in its early phase. Although anyone touching an infected person or their sheets, clothing and towels could theoretically catch monkeypox, the highest risk remains in concentrated networks of friends, companions and lovers.

The scandal of monkeypox is that this worldwide outbreak has happened at all. An epidemic has persisted in Nigeria since 2017. A more deadly strain has caused thousands of suspected cases and likely killed hundreds in the Democratic Republic of Congo (DRC). We have for years had the capacity to vaccinate those most at risk via two doses of Jynneos, the safer, updated version of the old smallpox vaccine. But we haven’t done so, and now the virus has reached the Western world. Now millions of doses have been ordered for the U.S. alone – and none yet for Africa.

Why do we in the West only pay attention when a disease outbreak directly threatens us? That’s the real outrage, the real question. The only answer is a more global approach to health, a recognition that when disease breaks out in one part of the world, it often will – as Covid and now monkeypox have shown us – affect us all.

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