Department of Energy – Abu Dhabi and the Global Climate Finance Centre sign MoU
The agreement was witnessed by His Excellency Dr. Abdulla Humaid Al Jarwan, Chairman of the Department of Energy (DoE), and His Excellency Abdulla Balalaa, Assistant Minister of Foreign Affairs for Energy and Sustainability.
The memorandum was signed by His Excellency Engineer Ahmed Al Falasi, Energy Efficiency Sector Executive Director, and Mercedes Vela Monserrate CEO of GCFC, in the presence of several directors and senior officials from both sides.
On this occasion, His Excellency Engineer Ahmed Al Falasi, Energy Efficiency Sector Executive Director, stated: 'This agreement represents a strategic milestone in our ongoing efforts to drive the transition toward a sustainable economic model that helps address climate change challenges. We recognize the importance of activating partnerships with leading institutions such as the Global Climate Finance Centre, given their pivotal role in enhancing our capacity to develop pioneering projects and enabling innovative and flexible financing solutions that benefit both the economy and society.'
He added: 'We look forward to implementing high-impact initiatives through this collaboration, starting with supporting projects such as 'Cooling as a Service', and moving toward building an effective ecosystem that includes government entities, the private sector, and the community at large.'
'As we look ahead to the 2026 UN Water Conference, which the UAE will co-host, we are committed to deepening partnerships that deliver measurable progress and scalable innovation in energy and water efficiency, in line with our national priorities.'
Mercedes Vela Monserrate CEO of GCFC stated: 'This agreement reflects the work already underway between GCFC and the Department of Energy to develop financing mechanisms for energy and water efficiency. It also formalizes our collaboration as we lead the Finance Track for the 2026 UN Water Conference.
Our focus is on mobilizing capital, supporting regulatory frameworks, and delivering practical solutions through a strong pipeline of investable projects.'
The MoU seeks to strengthen bilateral partnership through support for the implementation of Abu Dhabi's Finance Strategy and reinforce the Emirate's position as a leading hub for climate finance and innovation. It also aims to build institutional capacities, exchange knowledge and information, and scale financing for energy and water efficiency projects, including behavioral change and environmental conservation initiatives.
The MoU outlines specific areas of cooperation, including:
Development of financing instruments for energy and water efficiency infrastructure.
Capital structuring tools such as guarantees, linked loans, and bond frameworks.
Technical support and capacity-building for regulators, project developers, and financial institutions.
Policy and regulatory alignment to support investment-readiness.
High-level convenings to support pipeline development and institutional coordination.
GCFC and the DoE will also work together to align financing solutions with Abu Dhabi's strategic priorities and help position the Emirate as a regional leader in climate finance.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arabian Business
37 minutes ago
- Arabian Business
GCC population hits 61.2m in 2024, rising by 2.1m in one year
The population of Gulf Cooperation Council (GCC) countries surged to 61.2 million by the end of 2024, according to the latest figures released by the GCC Statistical Centre (GCC-Stat) to mark World Population Day on July 11. This represents an increase of more than 2.1m people compared to 2023 — a growth rate of 3.6 per cent year-on-year. Since 2021, the region has added around 7.6 million people, reflecting a post-pandemic rebound in migration, employment, and population growth across the Gulf. GCC population growth The data confirms a rapid recovery from the demographic impact of COVID-19, with the Gulf Cooperation Council now home to 0.7 per cent of the world's total population. Key population insights for 2024: Total population: 61.2 million Males: 38.5 million (62.8 per cent) Females: 22.7 million (37.2 per cent) Sex ratio: 169 males per 100 females — significantly higher than the global average of 101 males per 100 females The disproportionate gender balance reflects ongoing labour migration trends across the region, particularly in sectors dominated by male workers.
Arabian Business
37 minutes ago
- Arabian Business
Dubai real estate sector recorded $7bn of transactions last week, including $2.3bn in just one day
The Dubai real estate sector recorded AED25.88bn ($7bn) of transactions last week, according to data from the Land Department. Sales transactions dominated the figures, with AED22.04bn ($6.7bn), according to Land Department data. In total there were 8,328 sales transactions recorded between July 7 and July 11. Dubai real estate last week Among the most expensive sales transactions listed on the Land Department website were: An apartment in Six Senses Residences The Palm in Palm Jumeirah sold for AED116m ($31.6m) An apartment in The Alba Residences in Palm Jumeirah sold for AED70m ($19m) An apartment in Ava at Palm Jumeirah by Omniyat in Palm Jumeirah sold for AED64.5m ($17.5m) The Land Department also showed mortgage deals worth AED2.87bn ($781m) last week. Gift transactions in the same period were valued at AED966m ($264m).
Arabian Business
37 minutes ago
- Arabian Business
Dubai announces major new contracting law
Dubai has announced a new contracting law to regulate activities for businesses in the city and oversee the development of vital industries in the emirate. Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, issued Law No. (7) of 2025 regulating contracting activities in the Emirate of Dubai. The law, which represents a significant step forward in strengthening the legal and governance framework of the emirate's contracting sector, supports Dubai's vision to advance the development of vital industries in line with global best practices. Dubai contracts law The new law sets out a unified regulatory framework for contractor classification, oversight, transparency and accountability, supporting Dubai's goals for sustainable growth. It also aligns with the emirate's building codes, planning regulations, and long-term development strategy. A key provision of the law is the establishment of the 'Contracting Activities Regulation and Development Committee', which will be formed by a decision of the Chairman of The Executive Council of Dubai. The committee, chaired by a representative from Dubai Municipality, will include members from government authorities and entities concerned with contracting activities. The committee will be responsible for: Approving contracting activities in Dubai Identifying entities responsible for supervising each activity Overseeing the implementation of the law Proposing new policies and legislation for the sector Resolving any jurisdictional disputes that may arise between regulatory entities The committee will also adopt a code of ethics for the sector, coordinate with both public and private stakeholders, and review and act upon recommendations submitted by the authorities. The law applies to all contractors operating in Dubai, including those based in special development zones and free zones such as the Dubai International Financial Centre. Contracting activities related to airports and their associated infrastructure, as well as any other activities exempted by a decision from the Chairman of The Executive Council based on the committee's recommendation, are excluded from the scope of the law. Dubai Municipality has been assigned the responsibility of establishing, operating, and managing an integrated electronic system for all contracting activities in the emirate. This new system will be linked to the 'Invest in Dubai' platform and serve as the central registry for contractors in the emirate. Dubai Municipality is also tasked with preparing a code of conduct for the sector, classifying contractors engaged in construction, building, and demolition activities, and issuing professional competency certificates to technical personnel. The law outlines rules for contractor registration. Contractors must comply with all relevant legislation and operate within their approved classification and capacity. They are prohibited from exceeding their technical or financial limits or subcontracting without prior approval. Penalties for violating the provisions of the law or any related decisions include fines ranging from AED1,000 ($272) to AED100,000 ($27,200). Repeat violations within a year may result in doubled fines, up to a maximum of AED200,000 ($54,400). Additional actions may include suspension from contracting activities for up to one year, downgrading of classification, removal from the registry, cancellation of commercial licenses, and suspension or de-registration of technical staff and revocation of their professional certificates. All contractors operating in Dubai at the time the law comes into force are required to regularise their status within a year. This period may be extended by the Committee for another year if necessary. Contractors whose registration expires during this period will be allowed to renew it upon submitting a declaration pledging to comply with the law's provisions within the given timeframe. Any existing legislation that conflicts with this law will be annulled. The law will be effective six months after its publication in the Official Gazette.
