The COVID 19 pandemic, the war between Russia and the Ukraine, Europe experiences its hottest summer in history…
Many question whether we are living in the end times. Regardless of your views, the lay of the land is changing and we need to be flexible to either adapt or die.
The UAE is at the forefront of adapting to the anticipated change in the very fundamentals that sustain a country, food, water and energy. EXPO 2020 was a huge success; it showcased the very best of sustainable technology, and the maturing of the digital age. With the EXPO finishing in March this year, the venue, rather than becoming a white elephant, will open as a futuristic city in October 2022, offering all amenities to residents within a 15-minute radius.
Through its golden visa programme, the UAE is attracting top talents in many fields including science, technology and AI. On July 18th, 2022, it was announced that Dubai had opened the World’s largest vertical hydroponic farm, which would produce one million kilograms of high-quality leafy greens annually. Also, the Dubai Electricity and Water Authority (DEWA) is pulling its energy from the largest solar park on earth located 50kms from Dubai.
Why is any of this important, and more importantly, why is it being discussed by an accounting firm?
1. The first reason would be that, if you are in the economic sustainability industry, you should definitely consider the UAE as a destination of choice for you and your business.
2. The second reason is, depending on where your business’s lifecycle is, you may be in a position where you wish to raise additional capital through debt. Depending on where you are hoping to source this debt, your business may need to demonstrate its economic sustainability.
3. And the final reason is, we anticipate that sometime in the future, companies are going to be required to report on their economic sustainability to their relevant regulators. This is already a requirement for companies listing on certain exchanges.
Again, what does this have to do with accountants? GTAG are more than just an accounting firm; through our extensive partner network, we can support your business at whatever stage you are at in achieving your economic sustainable goals within the UAE. We are excited to partner with you through this journey to make the world a better place for all to live in.