{"id":87434,"date":"2023-12-12T00:00:00","date_gmt":"2023-12-12T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/its-the-last-day-of-cop28-us-federal-reserve-begins-its-meeting\/"},"modified":"2023-12-12T00:00:00","modified_gmt":"2023-12-12T00:00:00","slug":"its-the-last-day-of-cop28-us-federal-reserve-begins-its-meeting","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2023\/12\/12\/its-the-last-day-of-cop28-us-federal-reserve-begins-its-meeting\/","title":{"rendered":"It\u2019s the last day of COP28 + US Federal Reserve begins its meeting"},"content":{"rendered":"

Good morning, wonderful people.<\/strong> Compared to the last several days of the avalanche-style news flow, we bring you a lighter (but still plenty meaty) issue with which to start your Tuesday.<\/p>\n

THE BIG STORY here at home is the winding-down of COP28<\/strong> as we enter the final (official) day of the climate summit in Dubai, including the progress on a draft policy agreement as well as another cohort of energy agreements being signed at the event. <\/p>\n

<\/a> A BRIEF LOOK AT COPLAND- We have a draft agreement \u2014 with no phase out:<\/strong> Only hours after UN head Ant\u00f3nio Guterres called on<\/a> world leaders to \u201cend the fossil fuel age and deliver climate justice,\u201d a draft plan \u2014 the first to propose a shift away from fossil fuels \u2014 has dodged any references to the phaseout of fossil fuels, the Financial Times<\/a> reports. Instead it includes language pertaining to the reduction in \u201cconsumption and production of fossil fuels, in a just, orderly and equitable manner so as to achieve net zero [carbon emissions] by, before, or around 2050 in keeping with the science.\u201d <\/p>\n

What happens now: <\/strong>Delegates from each participating country are lobbying and being lobbied on the final language, with the EU, small nations, and the United States firmly in one camp, and Arab and producing countries in the other. If there\u2019s no agreement today, talks go into overtime. Under UN rules, any single country can block the adoption of the agreement.<\/strong><\/p>\n

** We have chapter and verse in the news well below.<\/p>\n

** You\u2019re reading Zero Issue #12 of EnterpriseAM UAE. <\/strong><\/p>\n

** Think of a zero issue as a \u201cbeta.\u201d<\/strong> This issue has not been published or distributed to a wide audience. <\/p>\n

** Did you receive this as a forward?<\/strong> Email editorial@enterprisemea.com and let us know if you\u2019d like to be added to our list of beta readers ahead of our launch.<\/p>\n

** Have a comment, criticism, or story tip? <\/strong>Hit up patrick@enterprisemea.com<\/a>. <\/p>\n

\n

\n

<\/a> SIGN OF THE TIMES- Dubai rent is still rising: <\/strong>Rent in Dubai increased by another 5% y-o-y in 3Q 2023, making it the 11th consecutive quarter of rent price increases, according to the Autumn 2023 Dubai Residential Market Review<\/a>. The luxury property segment was the main driver of price increases, with luxury estate prices up by 4.5% Q-o-Q and villa prices surging past their 2014 market peak by nearly 9%. Average market prices still sit below their 2014 record, making room for further growth anticipated to reach 15% in the next year<\/a>.<\/p>\n

Tenants are holding onto longer contracts:<\/strong> Dubai tenants are increasingly opting for multi-year contracts to safeguard against potential increases, Zawya<\/a> reports, citing a leasing manager at Better Homes. Property Finder data<\/a> also indicates an 11% y-o-y increase in rental contracts, approximately half of which are renewals locking in initial prices.<\/p>\n

<\/a> Abu Dhabi has licensed the region\u2019s first brewery<\/strong>, reports Bloomberg<\/a>.Scheduled to soft launch before the end of December, commercial beer brewery Craft by Side Hustle is set to produce up to 25k pints of beer a month from its Abu Dhabi Al Maryah Island site. Craft\u2019s parent company first introduced the UAE to its US-produced alcoholic beverages in 2019. The restaurant plans to serve 75 different types of beer over the next year, initially importing most of its ingredients. <\/p>\n

Remember: <\/strong>Abu Dhabi\u2019s Department of Culture and Tourism issued a rule change in 2021<\/a>, allowing license holders to ferment ethanolic drinks on-site.<\/p>\n

Startup develops new method of harnessing clean energy:<\/strong> Dubai-based startup Hydro<\/a>Wind Energy<\/a> has developed a hybrid hydro-wind energy system to generate clean energy, The National<\/a> reports. The system integrates two renewable energy sources \u2014 offshore altitude wind harnessed using kites or vertical axis wind rotors and subsea oceanic pressure \u2014 to generate low-cost clean electrical energy and grid scale energy storage, according to the company\u2019s website<\/a>. <\/p>\n

No traditional limitations:<\/strong> The company\u2019s tech can harness energy from hurricane-level winds with speeds of up to 40 meters per second, which conventional wind turbines cannot do, CEO Lee Kind told the National. The tech is also cost-effective, costing a fraction of conventional offshore wind farms which have high construction costs. It is also omnidirectional \u2014 capturing wind from all angles \u2014 unlike current offshore turbines. <\/p>\n

\n

\n

THE BIG STORY ABROAD-<\/strong><\/p>\n

The two big stories this morning vying for your attention aren\u2019t business-related.<\/strong><\/p>\n

<\/a> #1- Arab world steps up diplomatic pressure for Gaza ceasefire:<\/strong> The UN General Assembly will convene today to vote on a non-binding resolution<\/a> demanding an immediate ceasefire in Gaza as the humanitarian crisis on the ground reaches catastrophic levels. The emergency meeting was called by Egypt and Mauritania after the US blocked another resolution<\/a> at the Security Council last week despite the UN and aid agencies warning of starvation conditions and the imminent collapse of public order. <\/p>\n

The UAE flew a dozen envoys of UN Security Council members into Rafah<\/strong>, on Egypt\u2019s border with Gaza. Several reiterated calls for an immediate ceasefire after the visit. China, Russia, and the UK were among the P5 members to attend. The US and France gave the visit a pass. <\/p>\n

IN BUSINESS news:<\/strong><\/p>\n