UAE In-Focus — Dubai summit to focus on climate action; Mubadala, TAQA sign deal to invest in Uzbek power plants

The summit will be held at the Dubai World Trade Center and focus on ways to accelerate climate initiatives and ensure a smooth transition to a green economy.
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Updated 11 September 2022
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UAE In-Focus — Dubai summit to focus on climate action; Mubadala, TAQA sign deal to invest in Uzbek power plants

DUBAI: The Dubai Electricity and Water Authority and the World Green Economy Organization have announced the theme of the 8th World Green Economy Summit to be held on Sept. 28-29 in Dubai.

The theme of the event is “Climate action leadership through collaboration: The roadmap to net-zero.” It reflect the UAE’s commitment to accelerating climate action, strengthening partnerships, and achieving international climate goals, according to Emirates News Agency WAM.

The summit will be held at the Dubai World Trade Center and focus on ways to accelerate climate initiatives and ensure a smooth transition to a green economy. It will discuss cooperation and exchange of knowledge and experience among stakeholders and international and regional organizations, the statement added.

The main topics of this year’s event will be energy, finance, food security and youth.

Uzbekistan’s power sector

The Mubadala Investment Co., and the Abu Dhabi National Energy Co., TAQA, have signed agreements to invest in the privatization of two gas-fired power plants at Talimarjan in Uzbekistan.

The two companies will each acquire 40 percent stakes in two gas-fired power plants with a combined capacity of 1.6GW, as well as the operation and maintenance of these plants. Talimarjan Issiqlik Elektr Stansiyasi will retain the remaining 20 percent stakes.

The transaction remains subject to certain conditions, including obtaining any applicable regulatory approvals. The deal will take final shape in the second half of 2023.

ADCB issues debut green bond 

Abu Dhabi Commercial Bank, the UAE’s third-largest lender, has launched a 1.8 billion dirham ($500 million) green bond that will help it finance green projects.

According to a statement released by ADCB, the five-year bond carries a 4.5 percent coupon rate.

Local, regional, and international investors ordered $1.9 billion in the transaction, which was oversubscribed 3.8 times, the statement said,

Following a global roadshow, ADCB will issue the bond on Sept. 14 to reflect its approach to managing ESG risks and opportunities, the statement added. 

Alaa Eraiqat, ADCB’s group chief executive, said in a statement: “The successful pricing of the first ADCB green bond is a significant milestone in the bank’s implementation of international best practice in ESG.”

In order to facilitate further capital mobilization for green projects, the bank has adopted a green bond framework.

“We look forward to collaborating with clients and other stakeholders to advance in our shared ambition for a net-zero future,” Eraiqat added.


Saudi Arabia’s cultural sector is a new economic engine between Riyadh and Paris, says ambassador

Updated 25 January 2026
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Saudi Arabia’s cultural sector is a new economic engine between Riyadh and Paris, says ambassador

RIYADH: Culture has become a fundamental pillar in bilateral relations between France and Saudi Arabia, according to the French Ambassador to the Kingdom, Patrick Maisonnave.

Maisonnave noted its connection to the entertainment and tourism sectors, which makes it a new engine for economic cooperation between Riyadh and Paris.

He told Al-Eqtisadiah during the opening ceremony of La Fabrique in the Jax district of Diriyah that cultural cooperation with Saudi Arabia is an important element for its attractiveness in the coming decades.

La Fabrique is a space dedicated to artistic creativity and cultural exchange, launched as part of a partnership between the Riyadh Art program and the French Institute in Riyadh. 

Running from Jan. 22 until Feb 14, the initiative will provide an open workspace that allows artists to develop and work on their ideas within a collaborative framework.

Launching La Fabrique as a space dedicated to artistic creativity

The ambassador highlighted that the transformation journey in the Kingdom under Vision 2030 has contributed to the emergence of a new generation of young artists and creators, alongside a growing desire in Saudi society to connect with culture and to embrace what is happening globally. 

He affirmed that the relationship between the two countries is “profound, even cultural par excellence,” with interest from the Saudi side in French culture, matched by increasing interest from the French public and cultural institutions unfolding in the Kingdom.

Latest estimates indicate that the culture-based economy represents about 2.3 percent of France’s gross domestic product, equivalent to more than 90 billion euros ($106.4 billion) in annual revenues, according to government data. The sector directly employs more than 600,000 people, making it one of the largest job-creating sectors in the fields of creativity, publishing, cinema, and visual arts.

Saudi Arabia benefiting from French experience in the cultural field

Maisonnave explained that France possesses established cultural institutions, while Saudi Arabia is building a strong cultural sector, which opens the door for cooperation opportunities.

This comes as an extension of the signing of 10 major cultural agreements a year ago between French and Saudi institutions, aiming to enhance cooperation and transfer French expertise and knowledge to contribute to the development of the cultural system in the Kingdom.

He added that experiences like La Fabrique provide an opportunity to meet the new generation of Saudi creators, who have expressed interest in connecting with French institutions and artists in Paris and France.

La Fabrique encompasses a space for multiple contemporary artistic practices, including performance arts, digital and interactive arts, photography, music, and cinema, while providing the public with an opportunity to witness the stages of producing artistic works and interact with the creative process.