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Dubai Plans Emissions-Free Public Transport by 2050

Dubai has provided incentives and advantages for using zero-emission transportation. (Asharq Al-Awsat)
Dubai has provided incentives and advantages for using zero-emission transportation. (Asharq Al-Awsat)
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Dubai Plans Emissions-Free Public Transport by 2050

Dubai has provided incentives and advantages for using zero-emission transportation. (Asharq Al-Awsat)
Dubai has provided incentives and advantages for using zero-emission transportation. (Asharq Al-Awsat)

Dubai plans to make public transport in the emirate emissions-free by 2050, the government's media office said on Monday.

“The Roads and Transport Authority (RTA) is making continued efforts to plan for sustainable and environmental-friendly public transport and integrate it as part of its strategic plans as reflected in its Strategic Goal: Safety and Environmental Sustainability,” said Nasir Bu Shehab, CEO of Strategy and Corporate Governance Sector, RTA.

“Such a drive contributes to curbing climate change and supports the long-term national initiative rolled out by Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE, Ruler of Dubai, in 2012 to foster a green economy in the UAE under the theme: Green Economy for Sustainable Development,” he added.

"This also supports the commitment of the UAE to the Paris Agreement on climate change to reduce the emissions in the UAE by 23.5 percent by 2030,” he remarked.

The highlights include broadening the use of electric and hydrogen-powered vehicles and buses in the fleets of public transport, school buses, taxis and limousines to reach the targeted 100 percent rate by 2050.

It also calls for widening the use of clean energy, such as solar power, in the premises and facilities of the RTA, rehabilitation of the existing buildings, and introducing the construction of almost emission-free buildings in all new projects.

More efficient street lighting will be in place by 2035 and 100 percent of municipal waste across RTA projects will be recycled as of 2030.

"The roadmap of the plan – which is benchmarked against the best practices in New York, Denmark, UK, France and Japan – is based on three strategic pillars: green mobility, infrastructure, and circular economy," Bu Shehab said.

"The plan estimates a reduction in greenhouse gas emissions by 8 million tons of carbon dioxide equivalent and saving about 3 billion dirhams by 2050," Bu Shehab added.

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Positive Outlook for Saudi Stock Market Next Week

A trader monitors the screen at the Saudi Exchange in Riyadh. (AFP)
A trader monitors the screen at the Saudi Exchange in Riyadh. (AFP)
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Positive Outlook for Saudi Stock Market Next Week

A trader monitors the screen at the Saudi Exchange in Riyadh. (AFP)
A trader monitors the screen at the Saudi Exchange in Riyadh. (AFP)

Saudi Arabia’s Tadawul All Share Index (TASI) ended the second week of March with a slight decline for the third consecutive week, closing down 0.73% at 11,725.88 points, compared to the previous week's close of 11,811.11 points.

In an analysis of the market performance during the week ending March 13, Dr. Suleiman Al-Humaid Al-Khalidi, a financial market analyst, told Asharq Al-Awsat that the market experienced a sharp decline not seen in years, coinciding with a drop in global markets, particularly in the US, where $2 trillion in value was wiped out in a single day.

This accounted for roughly 60% of the total market value of the Saudi stock market.

Al-Khalidi noted that the key player in the Saudi market is the banking sector, especially Al-Rajhi Bank's shares, which showed resilience and did not follow the downward trend. This was attributed to the strong profits reported by the banking sector in 2024.

The primary factors contributing to the market’s decline include global economic pressures, particularly US tariffs on most global economies, ongoing global uncertainty, and the Federal Reserve's tight monetary policies, he explained.

These factors have significantly impacted liquidity flows into financial markets. Additionally, fluctuations in global oil prices, despite recent stability, have also played a role.

This downturn has been accompanied by caution among sovereign wealth funds, investment institutions, and some portfolios in injecting new liquidity or altering their positions until there is more clarity in the financial markets, he went on to say.

Moreover, Al-Khalidi said that the Saudi stock market has not accurately reflected the true strength and size of the Saudi economy, which has grown to SAR 4 trillion, up from SAR 600 billion in 2016, before the launch of Vision 2030.

Additionally, the country’s GDP has reached approximately $1.1 trillion.

Looking ahead to the market's performance in the coming week, he noted that there are strong support levels at 11,550 points, followed by 11,450 points.

These levels could help shift the market toward an upward trajectory and better reflect the robust growth of the Saudi economy.

Al-Khalidi emphasized that the banking and energy sectors could play a leading role in driving the market higher, pushing the index beyond this week’s closing levels.

He also pointed out that some stocks are hitting new lows, presenting significant investment opportunities for those seeking safe havens with steady returns in the Saudi market.