Connect with us

Businessuite News24 International

UAE announces new development and funding agreements under US$50m Caribbean Renewable Energy Fund

Published

on

• Solar, hybrid battery and solar desalination projects are planned for the Dominican Republic, Haiti, Guyana, Grenada, Saint Kitts and Nevis, Trinidad and Tobago, and Suriname
• Landmark projects aim to drive economic growth, gender equality, job creation and climate resilience

Abu Dhabi, United Arab Emirates; January 15, 2020: The UAE-Caribbean Renewable Energy Fund (UAE-CREF) has entered the second cycle of its three-year plan to build climate-resilient renewable energy projects in 16 Caribbean nations, successfully completing new development and funding agreements for the Dominican Republic, Haiti, Guyana, Grenada, Saint Kitts and Nevis, Trinidad and Tobago, and Suriname.

The announcement was made at Abu Dhabi Sustainability Week 2020, one of the world’s largest sustainability gatherings, taking place this week in the UAE capital.

Under the new development and funding agreements, a solar photovoltaic (PV) carport and rooftop project will be built in the Dominican Republic; a solar PV and battery hybrid project will be developed for the village of Dondon, Haiti; a solar PV and battery hybrid plant will be constructed on the island of Wakenaam, Guyana; and a solar PV and battery hybrid project is planned for Carriacou in Grenada. In Saint Kitts and Nevis, two solar PV desalination plants will be developed, while Suriname will receive a solar PV and battery hybrid plant and Trinidad and Tobago, a solar PV carport.

Fully financed by Abu Dhabi Fund for Development (ADFD), the leading national entity for economic development aid, UAE-CREF is a partnership between the Ministry of Foreign Affairs and International Cooperation (MoFAIC), ADFD and Masdar, which is leading the design and implementation of the selected projects.

His Excellency Sultan Al Shamsi, Assistant Minister of Foreign Affairs and International Cooperation for International Development Affairs said: “The UAE-Caribbean collaboration comes within the framework of the UAE’s Foreign Aid Policy and five-year strategy, which is committed to assisting Small Island Developing States to achieve their national priorities and Sustainable Development Goals. In particular, ensuring access to affordable, reliable, sustainable and modern energy for all; taking urgent action to combat climate change; and achieving gender equality and empowering all women and girls.

“It is our hope that these new agreements will enable beneficiaries to bolster their defences against climate change while further pursuing energy independence in the long term.”

His Excellency Mohammed Saif Al Suwaidi, Director General of ADFD, said: “In line with the UAE’s efforts to advance the United Nations’ Sustainable Development Goals, ADFD prioritises development in the global renewable energy sector. The Fund finances sustainable solar, wind, hydroelectric and geothermal power ventures in the beneficiary countries, especially in the Small Island Developing States.”

He added: “Today’s announcement reaffirms the Fund’s commitment to working in partnership with the governments of beneficiary countries to translate their clean energy objectives into reality. We are confident that the selected second-cycle UAE-CREF projects will go a long way in meeting the outlined energy targets and driving sustainable economic growth in the seven countries.”

Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, said: “Masdar is honoured to leverage its global expertise and experience in renewables to support the Caribbean’s sustainable energy transition. These landmark clean energy projects in the Dominican Republic, Haiti, Guyana, Grenada, Saint Kitts and Nevis, Trinidad and Tobago and Suriname will create jobs, boost gender equality and capacity building, reduce energy costs and reliance on expensive diesel fuels, as well as enhance climate resilience and stimulate economies.”

The projects represent significant steps forward advancing the renewable energy ambitions of the seven countries, with the Dominican Republic targeting renewable energy generation of 25 percent by 2025 and Haiti aiming to have 50 percent of electricity from renewable sources by 2020. Guyana has set a target of 47 percent renewable electricity generation by 2027, while Grenada is aiming for 100 percent by 2030 and Trinidad and Tobago is targeting 5 percent of peak demand by 2020.

Clean energy projects in the Bahamas, Barbados, and Saint Vincent and the Grenadines were inaugurated in March 2019, while construction is expected to begin this year in Belize, Dominica, and Antigua and Barbuda, which will see the rebuilding of the power system on hurricane-devastated Barbuda.

International development and how it is accelerating the United Nations Sustainable Development Goals through initiatives such as UAE-CREF will be on the agenda during a high-level panel comprising HE Wilfred Arthur Abrahams, the Barbados Minister of Energy and Water Resources; HE Romauld Ferreira, the Bahamas Minister of the Environment and Housing; Adel Al Hosani, Operations Department Director, ADFD; and Khalid Ballaith, Director, Energy Services, Masdar. The panel will be held on January 15 at the Future Sustainability Summit, the anchor event of ADSW.

Continue Reading
Click to comment
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

Businessuite News24 International

Tiktok’s Battle-Tested Business Model, Unconventional In The West But Well-Practiced By Its Chinese Parent Bytedance.

Published

on

“There are several ways to measure TikTok’s success: It took just four years to reach 1 billion monthly users; its average user in the US spends more time with the service than with Facebook and Instagram put together; and its most popular video, an 18-second clip of someone flying on a magic broomstick, has claimed 2.2 billion views.

But what of TikTok’s moneymaking power? I wrote about the ways that the app’s operators are turning its popularity into a huge business in the latest issue of Bloomberg Businessweek. To rival and outdo social and ad giants like Meta Platforms Inc. and Alphabet Inc.’s Google, TikTok relies on a battle-tested business model that’s unconventional in the west but well-practiced by its Chinese parent ByteDance Ltd. Here’s a look at the ingredients.

At the core of TikTok’s appeal is Its Algorithm, the ability to discern a user’s likes and dislikes from their activity on the platform, picking up on how long you watch, say, a cat video or a cooking tutorial. The same model of content distribution is now being used on ads and sponsored content, helping TikTok serve more appealing ads and triple its ad revenue to an estimated $12 billion this year. Even Meta is now trying to rewrite the algorithms of Facebook and Instagram, so its services can surprise and delight people with videos they didn’t know they wanted to see. It’s a departure from Meta’s old approach of filling a user’s feed based on their social connections.

The other key thing is Branding. TikTok’s most lucrative ad accounts feature companies more interested in building their brands than stimulating direct sales. McDonald’s Corp., for instance, won’t count on TikTok to sell burgers, but it will likely want to use the platform to woo the young people using it. TikTok connects brands with influencers and helps them create viral challenges, goofy camera effects and immersive full-screen videos. That’s why its motto goes, “Don’t make ads. Make TikToks.”

On top of all that, TikTok is jumping into E-Commerce in ways that could challenge Amazon.com Inc. It’s rolled out an in-app marketplace in regions like Southeast Asia and the UK, where users can jump from live streams and short videos to shopping portals without friction. The idea is to create a closed loop where TikTok handles each and every step from a user discovering something to actually purchasing it — instead of directing them to an Amazon listing or a Shopify Inc.-powered web store.

To be sure, TikTok and ByteDance still have enormous challenges ahead. For one thing, commercial success across the globe demands navigating fragmented markets that don’t share the same culture, user preferences, regulations or tech infrastructure. And politics remains a big risk, even after TikTok survived President Donald Trump’s attempted ban. The perceived security threat from TikTok’s handling of US user data probably won’t go away as long as Beijing and Washington keep tussling in the geopolitics arena.”

Source: TikTok Turns On the Money Machine By Zheping Huang

 

Continue Reading

Businessuite News24 International

India Is Fast Emerging As A Global Leader In A New Type Of Online Retailing: Quick Commerce.

Published

on

Big investors including Google, Reliance Industries, and SoftBank Group have poured billions of dollars into startups promising to bring that next order of curry-ready chicken, cat food, or crunchy aloo bhujia chickpea snacks within minutes, rather than hours or days. Relying on discounts and free delivery to woo customers who make purchases through mobile apps, the companies fill orders at neighborhood warehouses called dark stores, then use algorithms to send drivers on the fastest routes through the crowded roads of Delhi, Mumbai, Bengaluru (formerly known as Bangalore), and other cities.

Although groceries sold online account for just 2% of all grocery retail sales in India, they’re one of the fastest-growing segments of commerce and are considered essential for anyone dreaming of dominating e-commerce. And in a country where food and daily necessities—categories tailor-made for get-it-now delivery—make up about two-thirds of the $1 trillion in annual retail spending, startups are wagering that quick commerce can change grocery shopping habits and make them rich in the process.

Source: Bloomberg

https://www.bloomberg.com/news/articles/2022-06-22/swiggy-zepto-power-india-s-ultrafast-grocery-delivery-boom?cmpid=BBD062322_TECH&utm_medium=email&utm_source=newsletter&utm_term=220623&utm_campaign=tech

Continue Reading

Businessuite News24 International

Amazon Launches Buy with Prime, A Direct Threat To Shopify

Published

on

In April, Amazon unveiled the service, called Buy with Prime, currently available on an invite-only basis. It extends the familiar Prime brand to third-party websites and offers shipping through Amazon’s logistics network—exactly the piece that Shopify’s service is missing. It also threatens to supplant Shopify’s popular payment tool, Shop Pay, and undercut one of the company’s strengths in the eyes of Wall Street. “Buy with Prime is about the brand, and the price of that brand is Amazon Payments,” wrote Ben Thompson in his daily newsletter, Stratechery.

Source Brad Stone @ Bloomberg

Continue Reading

Businessuite News24 International

Shopify’s Lack Of Fulfilment Support Leaves Merchants On their Own

Published

on

Among the many issues now weighing on Shopify, is the matter of fulfilment.

Shopify helps merchants make online sales, but when it comes to storing and shipping their products, it either brokers deals with third-party warehouses and transportation companies or leaves the last mile entirely to the seller. When asked about this, founder-CEO Lütke admitted logistics “is a tough nut to crack for byte companies” and suggested Shopify would shy away from owning and operating Amazon-style warehouses.

But he’s in a tricky position. Shopify merchants need help delivering parcels quickly and reliably. At the same time, investors tremble at the massive expense of operating fulfillment centers and delivering packages.

Shopify merchants need help delivering parcels quickly and reliably.

Last month, the company said it was buying a fulfillment company called Deliverr Inc. for $2.1 billion, and merging its capabilities with a robotics company it had previously acquired, 6 River Systems.

Shopify’s stock is down 30% since news of the acquisition talks broke last month, far exceeding market-wide declines. Whatever it does, Shopify risks antagonizing either its customers or investors.

Source Brad Stone @Bloomberg

Continue Reading

Businessuite News24 International

Shopify’s Market Cap Declines As Consumers Emerge From Quarantine

Published

on

The articles “How Shopify Outfoxed Amazon to Become the Everywhere Store,”  was published on the cover of Bloomberg Businessweek on Dec. 22, 2021. Shopify’s market cap at the time was $177 billion. The total market cap of SHOP today: $41 billion—below even its pre-pandemic value.

There are a few easy but incomplete explanations for Shopify’s decline, and they’re the same factors now plaguing other pandemic winners like Amazon.com Inc., EBay Inc., Etsy Inc. and Wayfair Inc.

Online retail sales have flatlined over the past few months and may have even decreased on an annual basis, as consumers emerged from quarantine and ventured back into physical stores.

The small and medium-sized business on which many of these sites depend have been especially hammered by the sour economic cocktail of high inflation and rising interest rates. And since the market downturn, skeptical investors are no longer focused solely on revenue growth but on the comfortable formula of profitability and margins.

Source Bloomberg

Continue Reading

Trending

0
Would love your thoughts, please comment.x
()
x