UAE Approves Developing the Circular Economy Policy 2031

Prime Minister and Vice-President of the UAE and Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum chairs the cabinet meeting on Monday. (WAM)
Prime Minister and Vice-President of the UAE and Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum chairs the cabinet meeting on Monday. (WAM)
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UAE Approves Developing the Circular Economy Policy 2031

Prime Minister and Vice-President of the UAE and Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum chairs the cabinet meeting on Monday. (WAM)
Prime Minister and Vice-President of the UAE and Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum chairs the cabinet meeting on Monday. (WAM)

The Emirati Cabinet approved developing the UAE Circular Economy Policy 2031, as an updated framework to achieve the objectives of the UAE in the circular economy, the UAE's Green Agenda 2030, and the UAE Centennial 2071.

The Agenda includes developing 22 policies in various fields, including sustainable transport, sustainable food production and consumption, sustainable manufacturing, and green infrastructure.

The UAE Governments Net Zero 2050 Charter was approved by the Cabinet, reported the state news agency WAM.

The charter aims to create a unified framework between the Federal government and the local governments of the Emirates, ensuring cooperation in adopting policies and procedures to achieve climate neutrality by 2050.

Prime Minister and Vice-President of the UAE and Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum said: “We approved four international agreements and the establishment of an office for the Asian Infrastructure Investment Bank (AIIB) in the country.”

“The bank brings in 57 countries, with a starting capital of $100 billion, and aims at driving investments in infrastructure to promote Asia’s accelerated development.”

Sheikh Mohammed added: “During the meeting, we adopted the UAE Circular Economy Policy 2031. Also, we reviewed the UAE Council for Climate Change and Environment report and its action plan for the upcoming period, to achieve UAE Net Zero by 2050.”

“We approved the ‘Ajyal Schools’ model which includes managing 28 government schools by operators from the private sector for three years to ensure experience transfer and diversification of educational choices for parents.”

The Cabinet also approved the launch of the “UAE Award for Market Leadership” that recognizes distinct practices and honors leading businessmen and employees, and highlight the competitiveness of the UAE labor market.



OPEC Sees Robust Oil Demand in Third Quarter

The Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), Haitham Al Ghais (X)
The Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), Haitham Al Ghais (X)
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OPEC Sees Robust Oil Demand in Third Quarter

The Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), Haitham Al Ghais (X)
The Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), Haitham Al Ghais (X)

The Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), Haitham Al Ghais, said the group anticipates exceptionally strong demand for oil in the third quarter of this year, with only a narrow gap expected between supply and consumption in the months that follow.

According to Russia’s state news agency on Monday, Al Ghais shared these assessments with reporters on the sidelines of last week’s OPEC seminar in Vienna. He indicated that the organization foresees demand rising by 1.3 million barrels per day on an annual basis in 2025, driven largely by a resilient global economy.

He explained that this outlook suggests a particularly robust increase in consumption during the third quarter. Demand is also projected to stay healthy into the fourth quarter, while the difference between production and usage should remain minimal. Al Ghais noted that this dynamic is among the key factors encouraging the alliance of eight oil-producing countries to consider raising output once again.

OPEC’s latest oil market outlook, published last Thursday, forecasts that global demand will average 105 million barrels per day this year. The report predicts demand will climb further to 106.3 million barrels per day in 2026 and reach 111.6 million barrels per day by 2029.

Meanwhile, eight members of the broader OPEC+ coalition - which includes Russia among other allies - are moving to phase out production cuts that have been in place for years to help stabilize the market.

Five sources told Reuters that OPEC+ producers are leaning toward agreeing on another production increase in September.