Browsing: UAE

• These businesses, along with their affiliates in Kenya, Uganda, Somalia, Cyprus and UAE form the backbone of a sophisticated network that launders millions of dollars for Al-Shabaab.
• US says firms such as Nairobi-based Crown Bus Services and other investment projects that masquerade as legit commercial ventures, empower Al-Shabaab’s lethal agenda.
• Al-Shabaab is estimated to siphon over $100 million per year from the regional and global financial system.

The US, through its Department of the Treasury’s Office of Foreign Assets Control (OFAC), has cast a wide net across the UAE, Kenya, Uganda, and Somalia, targeting entities and individuals with wide-ranging sanctions for their complicity in financing Al-Shabaab terror network.

This designation, enveloping 16 entities and individuals, reveals the intricate web of financial operations spanning from the Horn of Africa to the opulent corridors of the United Arab Emirates (UAE) and the serene island nation of Cyprus.

This sprawling network, carefully pieced …

• The 2024 Henley Passport Index has revealed that African passports still pull teeth in global mobility powerplay, failing to reach the top ten or at least the top fifteen of the annual index.
• In contrast, oil-rich UAE has added 106 destinations to its visa-free score over the past decade.
• Overall, the average number of destinations travelers can access visa-free has nearly doubled from 58 in 2006 to 111 in 2024.

The 2024 Henley Passport Index has been released, and the passport power ranking has exposed several interesting issues, including the ascent of unprecedented nations to the top.

Despite massive investments in the aviation and inter-regional ground transport infrastructure sector by African governments such as Tanzania, Kenya, Rwanda, and Ethiopia, African countries still struggle to make it into the top ten or at least the top fifteen of the annual index.

On the other side of the aisle, the United Arab …

• The reward for fixing the carbon credit trade could be enormous, especially for Africa’s energy transition.
• The $2 billion global trade in voluntary carbon markets (VCMs) has suffered from greenwashing allegations, with prices plummeting from the 2022 peaks.
• For some African climate-linked businesses, the successful functioning of the carbon credits market is not a nice one but is core to their operating strategy.

Highly indebted nations need all the financing available to support their energy transition and climate adaptation needs. With the developed world lagging on its climate funding pledges, market-based solutions provide a supplementary funding source.

Carbon credits, a tradeable instrument obtained when a tonne of carbon is avoided or withdrawn from the atmosphere, have always offered significant optimism. With swaths of carbon-capturing biodiversity in the global south, Africa has the supply, while the industrialised nations looking to offset their emissions have the demand. Buyers then channel the finances …

• Global oil and gas producers have remained under immense pressure to show more goodwill in the energy transition agenda.
• As this year’s climate summit enters its homestretch, the most intriguing question is whether the final accord will pledge to reduce fossil fuels.
• The oil and gas industry’s confidence has also caused tension with renewable groups and climate activists.

The 2015 Paris Agreement establishes measures and conditions requiring all member states to mitigate climate change through emission reductions. Further, Goal 7 of the 2030 Agenda for Sustainable Development calls for concerted efforts to ensure access to modern, cleaner forms of energy, while Goal 13 calls for action to combat climate change.

Consequently, the global energy transition is on the cards. There have been calls from the global north to the south for the world to find a proper compromise on energy needs even as climate change effects put sterner demands on …

• The AfDB and Prince Trust International have signed a deal to address youth unemployment while scaling up human capital and entrepreneurship.
• The MOU commits both institutions to collaborate to identify and develop partnership opportunities to mainstream employability skills for technical and vocational education and training (TVET) projects funded by the Bank.
• The Prince’s Trust will participate in preparing, designing, implementing and monitoring TVET and skills development projects.

Youth unemployment, human capital, and entrepreneurship opportunities in the continent are set to be addressed through an agreement signed by the African Development Bank (AfDB) and Prince’s Trust International.

The MOU commits both institutions to work together to identify and develop partnership opportunities to mainstream employability skills for technical and vocational education and training (TVET) projects funded by the Bank in countries of common interest.

Skills development to tackle youth unemployment

The Prince’s Trust will participate in preparing, designing, implementing and …

As COP28 unfolds with its myriad discussions and commitments, a less visible but equally critical issue looms on another continent – the pervasive problem of greenwashing in Africa. From the corridors of corporate power to the burgeoning startup ecosystem, greenwashing emerges as a misleading marketing tactic and a significant barrier to genuine environmental and social progress in Africa.

In Africa’s corporate sector, greenwashing has become a strategic tool used by both corporations and governments to cover up environmentally detrimental practices. This issue is acutely critical in a continent where environmental conservation is not just a matter of policy but survival.…

• Around 200 countries have agreed on how to run the Climate Loss and Damage Fund to help vulnerable nations address more extreme weather conditions.
• Germany and the UAE have pledged $100 million each to the climate damages initiative.
• The World Bank will host the Climate Loss and Damage Fund on a trial basis. 

Around 200 countries have agreed on how to run the Climate Loss and Damage Fund to help vulnerable nations address more extreme weather conditions. Consequently, rich nations have pledged at least $260 million to kickstart the program, making a breakthrough as global climate deliberations opened in Dubai, the United Arab Emirates (UAE).

Delegates at the COP28 summit on Thursday adopted a framework for the World Bank to host the Loss and Damage Fund following months of negotiations. This year’s host, the UAE, indicated it would contribute $100 million, adding another $100 million from Germany. The United Kingdom …

• President William Ruto will lead Kenya at COP28 to showcase the country’s ambitious climate change strategy and advocate for sustainable development and climate resilience in Africa.
• Kenya is pioneering clean energy solutions, notably through biodigesters, which convert organic waste into biogas and organic fertilizer, aligning with the nation’s agricultural profile and enhancing energy independence.
• At COP28, Kenya aims to inspire global action and demonstrate that sustainable development is achievable in emerging economies, contributing significantly to the global climate change dialogue.

As the world convenes in Dubai for COP28, a significant spotlight falls on Kenya. Under President Ruto’s leadership, Kenya goes to this global summit not merely as a participant but as a catalyst for Africa in bridging climate dialogue and action.

At the heart of these discussions lies the country’s ambitious strategy to combat climate change, an approach intrinsically linked to the broader global efforts to mitigate environmental risks and …

• President William Ruto of Kenya says resources should neither be controlled by the World Bank nor the International Monetary Fund.
• Africa does not want anything for free. But needs a new financial model where power is not in the hands of the few, says Dr Ruto.
• In Paris, President Ruto says the world cannot continue normally when things are not going forward.

Kenya’s President William Ruto has has called for a new world financing model to tackle poverty and negative effects of climate change. Dr Ruto is advocating for a financial architecture made up of equals. This is his latest call as he continues to emerge as Africa’s most vocal leader since his election in August last year.

According to the leader of East Africa’s top economy, President Ruto said resources should neither be controlled by the World Bank nor the International Monetary Fund. “Africa does not want anything for …

A recent meeting between the President of Zanzibar, Dr Hussein Ali Mwinyi and  Qatar’s First Vice-Chairman, Mohamed bin Twar Al Kuwari highlighted these figures. The two high-ranking officials met in Qatar. The Zanzibar president called on investors from the rich United Arab Emirates to invest in the island.…