UAE Looking Forward to Effective Partnership on Climate Issues at COP28

UAE President Sheikh Mohamed bin Zayed Al Nahyan and a number of heads of state attend the opening ceremony of Abu Dhabi Sustainability Week. (WAM)
UAE President Sheikh Mohamed bin Zayed Al Nahyan and a number of heads of state attend the opening ceremony of Abu Dhabi Sustainability Week. (WAM)
TT

UAE Looking Forward to Effective Partnership on Climate Issues at COP28

UAE President Sheikh Mohamed bin Zayed Al Nahyan and a number of heads of state attend the opening ceremony of Abu Dhabi Sustainability Week. (WAM)
UAE President Sheikh Mohamed bin Zayed Al Nahyan and a number of heads of state attend the opening ceremony of Abu Dhabi Sustainability Week. (WAM)

The United Arab Emirates underscored its efforts for the upcoming United Nations Climate Change Conference (COP28) to serve as an opportunity to forge effective partnerships, in order to achieve tangible and real progress on climate issues.

The UAE is holding the Abu Dhabi Sustainability Week (ADSW), bringing together heads of state, policy-makers, industry leaders, investors, entrepreneurs and youth to discuss and engage on bold climate action and innovation to build a more sustainable future for future generations.

The UAE will host COP28 in November.

UAE President Sheikh Mohamed bin Zayed Al Nahyan said his country was exerting intensive efforts to find feasible and pragmatic solutions to climate change issues.

He stressed that ADSW was a global platform that reflects the UAE’s commitment to convening the international community and ensuring collaboration in driving sustainable economic and social development.

Sheikh Mohamed added that the UAE strategic initiative to achieve net zero emissions by 2050 was a natural progression of the comprehensive approach, which aims to build a prosperous and sustainable future through commitment to protecting nature and preserving the environment.

He emphasized that the ADSW this year was an essential step towards the UAE hosting COP28.

He noted that his country’s selection to host the conference reflected the UAE’s continued efforts to promote practical climate action, sustainable economic development, and progress towards desired global goals.

Addressing ADSW, President of Azerbaijan Ilham Aliyev stressed the depth of the bilateral relations between the UAE and his country.

He highlighted Azerbaijan’s ambition to strengthen its reliance on clean energy sources as an essential part of national development efforts, and to contribute to the global drive for a more environmentally friendly economy.



Gold Jumps, on Track for Best Week in Over a Year on Safe-haven Demand

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
TT

Gold Jumps, on Track for Best Week in Over a Year on Safe-haven Demand

FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
FILE PHOTO: Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo

Gold prices rose over 1% to hit a two-week peak on Friday, heading for the best weekly performance in more than a year, buoyed by safe-haven demand as Russia-Ukraine tensions intensified.

Spot gold jumped 1.3% to $2,703.05 per ounce as of 1245 GMT, hitting its highest since Nov. 8. US gold futures gained 1.1% to $2,705.30.

Bullion rose despite the US dollar hitting a 13-month high, while bitcoin hit a record peak and neared the $100,000 level.

"With both gold and USD (US dollar) rising, it seems that safe-haven demand is lifting both assets," said UBS analyst Giovanni Staunovo.

Ukraine's military said its drones struck four oil refineries, radar stations and other military installations in Russia, Reuters reported.

Gold has gained over 5% so far this week, its best weekly performance since October 2023. Prices have gained around $173 after slipping to a two-month low last week.

"We understand that the price setback has been used by 'Western world' investors under-allocated to gold to build exposure considering the geopolitical risks that are still around. So we continue to expect gold to rise further over the coming months," Staunovo said.

Bullion tends to shine during geopolitical tensions, economic risks, and a low interest rate environment. Markets are pricing in a 59.4% chance of a 25-basis-points cut at the Fed's December meeting, per the CME Fedwatch tool.

However, "if Fed skips or pauses its rate cut in December, that will be negative for gold prices and we could see some pullback," said Soni Kumari, a commodity strategist at ANZ.

The Chicago Federal Reserve president reiterated his support for further US interest rate cuts on Thursday.

On Friday, spot silver rose 1.8% to $31.34 per ounce, platinum eased 0.1% to $960.13 and palladium fell 0.6% to $1,023.55. All three metals were on track for a weekly rise.