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Mohammed bin Rashid Launches Dubai 2040 Urban Master Plan

Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, launches the Dubai 2040 Urban Master Plan - WAM
Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, launches the Dubai 2040 Urban Master Plan - WAM
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Mohammed bin Rashid Launches Dubai 2040 Urban Master Plan

Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, launches the Dubai 2040 Urban Master Plan - WAM
Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, launches the Dubai 2040 Urban Master Plan - WAM

Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, made the announcement on Saturday under the Dubai 2040 Urban Master Plan that maps out a comprehensive future map for sustainable urban development in the city.

Aligned with the UAE’s vision for the next 50 years, the Plan is focused on enhancing people’s happiness and quality of life.

The people-centric Plan focuses on reinforcing Dubai’s competitiveness as a global destination by providing a wide diversity of lifestyle and investment opportunities for citizens, residents and visitors over the next 20 years.

Designed to realize the president's vision to make Dubai the city with the world’s best quality of life, the plan aims to provide the highest standards of urban infrastructure and facilities.

Sheikh Mohammed bin Rashid Al Maktoum said the visionary development journey started by the late Sheikh Rashid bin Saeed Al Maktoum in the sixties continues to guide Dubai’s evolution into a city that promotes the greatest human values and possibilities and an environment where people from around the world can thrive.

"Our strategic development plans are focused on creating the best possible environment and infrastructure to enhance the community’s happiness and wellbeing and support the fulfilment of the greatest human aspirations for both our citizens and people from around the world. Drawing inspiration from global best practices and adapting them to local needs and requirements, we have created a development model that offers the best possible quality of life and creates the conditions for sustainable prosperity," he said.

"Our goal is to create a truly inclusive environment that not only meets the needs of Dubai’s diverse population, but also inspires them to tap into their creative and innovative capacities and realize their true potential," he added.

"By constantly striving to raise benchmarks and implementing diligent strategic planning, we have joined the ranks of the world’s leaders in various spheres and sectors. With a clear vision and a deep understanding of what it takes to succeed in an evolving global environment, we continue to work to shape an even greater future rich with opportunities," Sheikh Mohammed noted.

The new Master Plan is the seventh such plan developed for the emirate since 1960. Between 1960 and 2020, the population of Dubai has multiplied 80 times from 40,000 in 1960 to 3.3 million by the end of 2020 and increased in cultural diversity to include people from over 200 nationalities, state news agency WAM reported.

The urban and built area of the emirate increased 170-fold from 3.2 square km in the same period.

The new Master Plan also seeks to provide sustainable and flexible means of mobility as well a foster greater economic activity and attract foreign investments to new sectors.

Other objectives include enhancing environmental sustainability, safeguarding the emirate’s cultural and urban heritage and developing a comprehensive legislation and planning governance model.

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Business

COP31 in Antalya: From Pledges to Investment

Murat Kurum, Turkish Minister of Environment, Urbanization and Climate Change and President of COP 31, during the press conference in Istanbul. (Asharq Al-Awsat)
Murat Kurum, Turkish Minister of Environment, Urbanization and Climate Change and President of COP 31, during the press conference in Istanbul. (Asharq Al-Awsat)
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COP31 in Antalya: From Pledges to Investment

Murat Kurum, Turkish Minister of Environment, Urbanization and Climate Change and President of COP 31, during the press conference in Istanbul. (Asharq Al-Awsat)
Murat Kurum, Turkish Minister of Environment, Urbanization and Climate Change and President of COP 31, during the press conference in Istanbul. (Asharq Al-Awsat)

Türkiye plans to make implementation of climate commitments and financing a central focus of its presidency of the UN COP31 climate conference, seeking to move negotiations from agreements and pledges toward concrete projects and investments as energy security, debt, extreme weather and the development needs of emerging economies increasingly intersect.

Türkiye’s presidency will pursue three main pillars, “dialogue, consensus and action”, Environment, Urbanization and Climate Change Minister and COP31 President Murat Kurum explained.

He stressed that success in Antalya would be measured not only by the decisions reached, but by the ability to turn them into viable projects, attract financing and deliver results people can see in their daily lives.

At a news conference Friday, Kurum noted that climate change could no longer be treated as a separate environmental issue, but had become closely linked to energy, industry, cities, trade, water and development, amid the growing impact of heat waves, extreme weather and threats to food and water security.

Communities, he added, want to see the impact of climate decisions on the ground, and the world must move from “words to implementation.” While the Paris Agreement established an important path for climate action, the challenge in its second decade is the speed with which decisions and commitments are carried out.

Dialogue, consensus and action

Kurum argued that lasting results require listening to different parties, finding common ground and translating consensus into practical steps.

Türkiye wants COP31 to become a turning point by “turning words into projects, projects into investments, and investments into results that affect people’s lives,” he added.

Ankara has begun broad consultations with the UN system, governments, financial institutions, cities and the private sector to identify obstacles to implementation. Those consultations helped shape an “Action Agenda” focused on areas including clean energy, electricity, cities, industry, youth and food.

Financing at the forefront

Kurum placed climate finance at the top of Türkiye’s priorities, emphasizing that the challenge is no longer limited to announcing how much money will be made available, but ensuring that it reaches the countries and projects that need it at the right time.

He pointed to delays in meeting the previous pledge to provide developing countries with $100 billion annually, noting that the experience showed that confidence in the financing system depends on pledged funds actually reaching projects.

COP29 in Baku concluded with an agreement to raise the financing target for developing countries to at least $300 billion a year by 2035, while working to increase climate finance flows from public and private sources to $1.3 trillion annually.

Kurum described a global paradox in which capital is seeking investment opportunities while climate investment needs are enormous, yet the two “do not always meet.”

Many developing countries, he explained, have potential and projects but need technical and technological support, as well as help preparing projects so they can attract financing.

Türkiye’s presidency is therefore working on mechanisms to turn climate needs into investable projects, particularly in cities, water and infrastructure, and connect them with financial institutions and investors.

Private sector and the most vulnerable countries

Kurum underscored Türkiye’s aim of securing strong private-sector participation in Antalya, particularly from companies with climate technologies and solutions.

At the same time, he stressed that the needs of least-developed countries and small island developing states must remain at the heart of discussions, especially in terms of access to financing.

Türkiye will also bring its domestic experience to COP31, including its 2053 net-zero target and policies on the circular economy, waste management, energy efficiency and renewable energy.

Kurum also cited Türkiye’s reconstruction of earthquake-hit areas, noting that the country had completed and delivered around 455,000 housing units over two years, with an emphasis on disaster resilience and energy efficiency.

Kurum outlined plans to link the Action Agenda to measurable goals through 2035, including raising electricity’s share of global energy consumption to 35%, reducing waste-related resource consumption by 25% and increasing the use of secondary and recycled materials in industry to 15%.

Türkiye wants COP31 to mark the beginning of a phase in which climate action shifts more decisively from negotiation to implementation, with success measured by the ability to turn “words into projects, projects into investments, and investments into results.”

Business

Fitch Keeps Qatar at 'AA'

The skyline of illuminated high-rise buildings is seen along the Corniche Promenade in Doha on September 4, 2026. (AFP)
The skyline of illuminated high-rise buildings is seen along the Corniche Promenade in Doha on September 4, 2026. (AFP)
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Fitch Keeps Qatar at 'AA'

The skyline of illuminated high-rise buildings is seen along the Corniche Promenade in Doha on September 4, 2026. (AFP)
The skyline of illuminated high-rise buildings is seen along the Corniche Promenade in Doha on September 4, 2026. (AFP)

Global ratings ‌agency Fitch removed Qatar from "Rating Watch Negative" and maintained its sovereign rating at "AA" on Friday, citing reduced risks to its LNG facilities since March.

However, the agency kept Qatar's outlook at "negative", citing lingering risks from the disruption of LNG exports through the Strait of Hormuz.

"The impact of the war on the credit profile will take longer to discern," the ⁠agency said in a statement.

One of ‌the world's largest liquefied natural gas exporters, Qatar ‌has been dealing with disruptions ‌to exports through the Strait of Hormuz and shortages linked to damage at energy facilities.

The affirmation comes months after Fitch ‌warned of a downgrade of the Qatar sovereign as concerns about ⁠the ⁠security and economic fallout from the Iran war intensified.

Peers S&P and Moody's had also affirmed Qatar earlier this year, saying the country's "sizable" fiscal profile cushions the impact of the US-Israeli war on Iran.

Business

Jeddah to Host Saudi Industry Forum 2026 from September 14 to 16

A view of Jeddah, Saudi Arabia. (SPA)
A view of Jeddah, Saudi Arabia. (SPA)
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Jeddah to Host Saudi Industry Forum 2026 from September 14 to 16

A view of Jeddah, Saudi Arabia. (SPA)
A view of Jeddah, Saudi Arabia. (SPA)

Under the patronage of Advisor to the Custodian of the Two Holy Mosques and Governor of Makkah Region Prince Khalid bin Faisal bin Abdulaziz, Jeddah will host the second edition of the Saudi Industry Forum 2026 from September 14 to 16 at Jeddah Superdome, reported the Saudi Press Agency on Friday.

The forum is organized by the Federation of Saudi Chambers of Commerce, represented by the National Committee of Industry, in cooperation with the Jeddah Chamber.

The forum is held in strategic partnership with the Ministry of Industry and Mineral Resources and its ecosystem, with the participation of several government entities, national companies, universities, academic institutions, and research centers, as well as prominent leaders, officials, experts, and specialists from within and outside the Kingdom.

The forum will feature panel discussions and specialized workshops addressing key developments and opportunities in the industrial sector, the future of national industries, the enhancement of supply chains and logistics services, and the development of an integrated industrial base in strategic sectors, particularly the automotive industry, as well as the food and pharmaceutical industries.

The forum will discuss ways to enhance integration between the industrial sector, universities, and research and development centers; align academic and research outputs with the sector's needs; and utilize modern technologies to advance industry. It will also address strengthening local content, increasing the contribution of national enterprises, and highlighting promising investment opportunities.

The forum will witness the signing of several agreements and memoranda of understanding among government and private entities, as well as educational and research institutions, aimed at strengthening partnerships and integration among stakeholders in the industrial ecosystem, stimulating investment, and enhancing the competitiveness of national industry.

The forum comes amid the rapid growth and transformation of the Kingdom's industrial sector and its expanding role in diversifying the economic base, strengthening local content, and attracting investment, in support of the objectives of Saudi Vision 2030.