Among the requirements for the Dubai Sustainable Tourism Stamp are energy and water efficiency, waste management and staff education. AFP
Among the requirements for the Dubai Sustainable Tourism Stamp are energy and water efficiency, waste management and staff education. AFP
Among the requirements for the Dubai Sustainable Tourism Stamp are energy and water efficiency, waste management and staff education. AFP
Among the requirements for the Dubai Sustainable Tourism Stamp are energy and water efficiency, waste management and staff education. AFP

Dubai launches tourism stamp to showcase city's most sustainable hotels


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Dubai has launched a stamp of approval for hotels to show they are adhering to the best sustainable practices.

Establishments must meet 19 sustainability requirements to be awarded the Dubai Sustainable Tourism Stamp by the Department of Economy and Tourism.

Energy and water efficiency, waste management and staff education and engagement are among the categories.

The accreditation process will be overseen by a committee of senior independent industry professionals and will be based on global best practices.

Gold, silver and bronze awards are available. Nominations will begin on August 3 and close on August 31.

The tourism stamp will set a benchmark for excellence in environmental responsibility, said Yousuf Lootah, acting chief executive of corporate strategy and performance at the tourism department.

“We have carefully curated a set of high-standard criteria that will reward hotels that go above and beyond in their sustainable practices,” he said.

“By recognising these exemplary establishments, we are encouraging others to follow suit and embrace sustainable initiatives that not only benefit their businesses but also contribute to the collective well-being of our city and the world at large.

“By supporting businesses and encouraging them to adopt eco-friendly practices and reduce their carbon footprint, we are not only safeguarding the environment but also promoting sustainable growth.”

A report released this month said two-thirds of travellers consider sustainability an important factor when choosing leisure holidays.

The Bain & Company report said 66 per cent of tourists are willing to pay extra for more sustainable offerings and 57 per cent would recommend a holiday destination based on sustainability considerations.

Earlier this year, the department relaunched its carbon calculator, a tool that calculates the carbon footprint of the emirate’s hospitality sector, as part of efforts to help the UAE achieve its net-zero goals.

The tool was revamped to track real-time data for carbon emissions, allowing hotels to effectively manage their energy consumption.

The department also launched Dubai Can in February last year, which promotes the use of reusable bottles and encourages people to refill at one of 50 fountains installed at various locations – including public parks, beaches and tourist attractions.

Since its launch, Dubai Can has reduced the use of an equivalent of more than 10 million 500ml single-use plastic bottles.

How Tesla’s price correction has hit fund managers

Investing in disruptive technology can be a bumpy ride, as investors in Tesla were reminded on Friday, when its stock dropped 7.5 per cent in early trading to $575.

It recovered slightly but still ended the week 15 per cent lower and is down a third from its all-time high of $883 on January 26. The electric car maker’s market cap fell from $834 billion to about $567bn in that time, a drop of an astonishing $267bn, and a blow for those who bought Tesla stock late.

The collapse also hit fund managers that have gone big on Tesla, notably the UK-based Scottish Mortgage Investment Trust and Cathie Wood’s ARK Innovation ETF.

Tesla is the top holding in both funds, making up a hefty 10 per cent of total assets under management. Both funds have fallen by a quarter in the past month.

Matt Weller, global head of market research at GAIN Capital, recently warned that Tesla founder Elon Musk had “flown a bit too close to the sun”, after getting carried away by investing $1.5bn of the company’s money in Bitcoin.

He also predicted Tesla’s sales could struggle as traditional auto manufacturers ramp up electric car production, destroying its first mover advantage.

AJ Bell’s Russ Mould warns that many investors buy tech stocks when earnings forecasts are rising, almost regardless of valuation. “When it works, it really works. But when it goes wrong, elevated valuations leave little or no downside protection.”

A Tesla correction was probably baked in after last year’s astonishing share price surge, and many investors will see this as an opportunity to load up at a reduced price.

Dramatic swings are to be expected when investing in disruptive technology, as Ms Wood at ARK makes clear.

Every week, she sends subscribers a commentary listing “stocks in our strategies that have appreciated or dropped more than 15 per cent in a day” during the week.

Her latest commentary, issued on Friday, showed seven stocks displaying extreme volatility, led by ExOne, a leader in binder jetting 3D printing technology. It jumped 24 per cent, boosted by news that fellow 3D printing specialist Stratasys had beaten fourth-quarter revenues and earnings expectations, seen as good news for the sector.

By contrast, computational drug and material discovery company Schrödinger fell 27 per cent after quarterly and full-year results showed its core software sales and drug development pipeline slowing.

Despite that setback, Ms Wood remains positive, arguing that its “medicinal chemistry platform offers a powerful and unique view into chemical space”.

In her weekly video view, she remains bullish, stating that: “We are on the right side of change, and disruptive innovation is going to deliver exponential growth trajectories for many of our companies, in fact, most of them.”

Ms Wood remains committed to Tesla as she expects global electric car sales to compound at an average annual rate of 82 per cent for the next five years.

She said these are so “enormous that some people find them unbelievable”, and argues that this scepticism, especially among institutional investors, “festers” and creates a great opportunity for ARK.

Only you can decide whether you are a believer or a festering sceptic. If it’s the former, then buckle up.

Electric scooters: some rules to remember
  • Riders must be 14-years-old or over
  • Wear a protective helmet
  • Park the electric scooter in designated parking lots (if any)
  • Do not leave electric scooter in locations that obstruct traffic or pedestrians
  • Solo riders only, no passengers allowed
  • Do not drive outside designated lanes
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First Person
Richard Flanagan
Chatto & Windus 

Student Of The Year 2

Director: Punit Malhotra

Stars: Tiger Shroff, Tara Sutaria, Ananya Pandey, Aditya Seal 

1.5 stars

MATCH INFO

Fixture: Ukraine v Portugal, Monday, 10.45pm (UAE)

TV: BeIN Sports

Updated: July 24, 2023, 10:53 AM