Good morning, friends, and welcome to a new week — as well as the penultimate day of COP28.

THE BIG STORY here at home remains the slew of agreements signed on the sidelines of COP28 — led once again by homegrown renewables firm Masdar — followed closely by capital markets news.

Is COP28 going into overtime? It’s the next-to-last (regularly scheduled) day of the event — but there are signs the gathering may need to go into overtime to hammer out a final agreement.

What gives? Two things. First: Saudi Arabia and other hydrocarbon producers are digging in their heels, refusing to accept text that speaks to a phase-out of oil and gas. On the other side of the ring, International Energy Agency (IEA) chief Fatih Birol is demanding delegates reach a consensus on an “orderly and just decline in fossil fuels in line with our international climate goals” before the summit wraps up,” he told the Financial Times.

Second: And some developing countries think text on funding for climate adaptation is “weak.” The UN Environment Program has already identified an adaptation funding gap of around USD 387 bn.

ALSO- We’re going to be handing over the COP presidency to Baku: Azerbaijan is set to host COP29 after the Eastern European bloc agreed to have its capital city Baku as the host of the UN climate summit, Bloomberg reported on Saturday. The petrostate won backing from the 23 members of the Eastern European bloc after it pushed Armenia to withdraw its own bid.

Sharjah voting wraps: Sharjah’s Consultative Council elections closed last week, with 25 candidates voted in to fill half of the council’s seats, according to Gulf News, which has the full rundown of the appointments. The elections saw an 87% turnout, with 97% opting for electronic voting.

The UAE secured the 31st position globally in Whiteshield’s inaugural Global Trade Resilience Index (GTRI 2023), according to a press release. The UAE and the top spot among Arab countries in the rankings. Whiteshield has created a methodology to assess countries’ capacity to endure immediate trade disruptions and recover in the medium term.

The top 10 GTRI performers were dominated by nine high-income countries, with Germany securing the top spot, followed by the Netherlands in second place, the USA in third, France in fourth, Japan in fifth, the UK in sixth, Italy in seventh, Singapore in eighth, and Belgium in tenth. Notably, the only upper-middle-income country in this elite group was China, in ninth position.

Dubai aims to become a 20-minute city, wherein 80% of daily services are reachable within a 20-minute walk or cycle, Gulf News reports. Dubai’s Roads and Transport Authority (RTA) Strategic Plan 2024-2030 involves the creation of road and transport systems that promote accessibility. It focuses on enhancing access, extending existing and upcoming mobility services, and mapping out smart mobility solutions.

PSA- Get your umbrellas ready — the weather this week brings a mix of fog, rain, and a drop in temperatures in Abu Dhabi and Dubai, according to The National. Safety alerts are in place due to fog affecting road visibility. The National Centre of Meteorology expects fog and mist today through Wednesday, with a chance of rain in northern and coastal areas. Daytime highs are forecasted to reach 26-27°C, while evenings will cool down to as low as 16-17°C.

THE BIG STORIES ABROAD-

#1- Eyes around the region have turned to the border between Egypt and Gaza, where tens of thousands of refugees are being pushed by Israel’s drive into southern Gaza. UN and Arab officials have warned that “the developments we are witnessing point to attempts to move Palestinians into Egypt” and that conditions on the border could “increase pressure for mass displacement into Egypt.” (LA Times | Reuters | UN remarks)

MORNING MUST-READ-

AI nerds and even the simply curious should read Inside OpenAI’s crisis over the futureof Artificial Intelligence. Not the greatest headline ever written, but the deeply reported piece is a must-read if you want to get not just into why Sam Altman got sacked, but think through what “cracks at the heart of the AI movement” the brawl exposed.

CIRCLE YOUR CALENDAR-

The MENA region’s largest trade show for organic and natural products, Organic &Natural Expo Dubai, returns to Dubai World Trade Centre from 12-14 December.

The Abu Dhabi Center has the world’s first angel investor summit, Super Angels, this Friday and Saturday. The summit kicks off at 8am and wraps at 5pm on both days.

Also on this weekend: Ahlam and Assala will be playing at Dubai’s Coca Cola Arena this Friday night.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

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