\n
\nDUBAI:\u00a0A \u201cGlobal Alliance on Green Economy\u201d was launched at the 8th World Green Economy Summit, which concluded in Dubai.<\/p>\n
\nThe summit was held under the theme \u201cClimate action leadership through collaboration: The roadmap to net-zero.\u201d A large number of ministers, experts, decision-makers, officials, representatives of institutions, and the academic community from around the world took part in the summit.<\/p>\n
\nThe alliance aims to build a coalition of countries, prioritizing a green economy in the context of climate action and sustainable development, to enhance the capacity of developing countries, provide support for their green economy transition projects and exchange knowledge on implementation.<\/p>\n
\n\u201cIf we want to fast-track our transition to a green economy, we must all work together, and to do so, we need one platform with one common objective. The UAE Global Alliance on Green Economy seeks to provide such a platform,\u201d said Mariam bint Mohammed Almheiri, UAE minister of climate change and environment.<\/p>\n
\nBet on tech<\/strong><\/p>\n\nThe UAE, which already boasts the world\u2019s tallest skyscraper and has launched a bold Mars mission, now hopes to become a pioneer in the depths of the metaverse.<\/p>\n
\nIn a project launched at Dubai\u2019s gleaming Museum of the Future, it announced that the UAE\u2019s Economy Ministry was setting up shop inside the immersive virtual world that is now taking shape.\u00a0<\/p>\n
\n<\/p>\n
\n\nIf we want to fast-track our transition to a green economy, we must all work together.<\/strong><\/p>\n\nMariam bint Mohammed Almheiri, UAE minister of climate change and environment<\/em><\/p>\n<\/blockquote>\n\nThose who don their virtual reality goggles or use other means to venture within will find a ministry open for business with companies and even ready to sign bilateral agreements with foreign governments, officials said.<\/p>\n
\nThe metaverse is an online world where users will eventually be able to game, work and study, its proponents say \u2014 although it is still in a \u201ctest\u201d phase, the UAE\u2019s economy minister conceded.<\/p>\n
\nAbdulla bin Touq Al-Marri was speaking at the inaugural Dubai Metaverse Assembly, held at the museum whose innovative ring shape decorated with Arabic calligraphy flanks the city\u2019s main thoroughfare.<\/p>\n
\nRepresentatives of tech giants mingled with entrepreneurs and developers exploring the potential of the metaverse, a network of digital spaces intended as an extension of the physical world.<\/p>\n
\nDFM adopts new methodology<\/strong><\/p>\n\nDubai Financial Market\u00a0said on Monday it planned to adopt a new methodology for its main equities indices, which will come into effect in the fourth quarter, according to Reuters.<\/p>\n
\nThe Dubai bourse\u2019s general index, Shariah index and sector indices, will be calculated by S&P Dow Jones Indices, it said in a statement.<\/p>\n
\nA key improvement among the changes is a limit on the weighting of a listed company to 10 percent from 20 percent, which should result in a larger representation of companies on the DFM\u2019s benchmarks, it said.<\/p>\n
\nThe Dubai bourse said the index calculation will be based on actual free float adjusted market capitalization, and that the indices will be rebalanced on a quarterly basis, from semi-annually currently.<\/p>\n
\nThe bourse plans to align its sectors with an industry classification standard which is followed by institutional clients, it said.<\/p>\n
\nDFM will have seven sectors: Financials, industrials, real estate, utilities, communication services, materials and consumer staples.<\/p>\n
\nThe bourse has invited market participants for consultations on the index methodology ahead of possible changes, with the revised indexes to be launched in Q4, it said.<\/p>\n<\/div>\n
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