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A New Financial Hub Supports Green Cities In The EU

650 billion euros. That’s how much it will take for the 112 cities in the European Union that aim to switch to green energy and eliminate harmful emissions by 2030. To help raise these funds, the European Union is creating a financial hub that targets private capital.

KEY FACTS 

  • The Climate City Capital Hub is an international financial resource to further support cities, part of the EU’s mission for climate-neutral and smart cities by 2030.
  • The new hub will give these cities access to cooperation with the European Investment Bank, and help structure financing needs, including pooling projects and presenting them to lenders and investors from the public and private sectors. In addition, this hub is intended to support the process of finalizing deals.
  • The facility will use guarantees from national governments to attract private finance and bring together small projects that would normally find it difficult to access finance individually. Projects may include energy investment plans, efficient buildings, district heating systems, renewable energy, sustainable mobility, urban renewal and regeneration, water and social infrastructure.
  • Public and private financing can take many forms, including the creation of local investment funds or the issuance of bonds to finance specific projects. Private investors have already shown interest.

KEY STORY 

After 377 cities applied to participate in the program, 100 were selected from the bloc and 12 from the associated countries, which are developing a climate plan with the support of the EU and the non-profit consulting firm Bankers Without Borders. This plan then becomes an investment plan, which is evaluated by the European Commission and independent experts before the city receives a label to confirm this fact. Among those chosen to participate in the program were Sofia and Gabrovo. 

So far, 33 cities have signed their plans, including Lyon, Seville, Malmö, Lisbon and Florence, with more cities expected to be approved in October. 10 cities were announced in October 2023, and another 23 in March this year. Among them are cities in Denmark, Germany, Spain, Austria, Romania, Sweden, Greece, Belgium, Hungary, Portugal, Italy, France, Cyprus and Turkey.

The label is an important stage in the work of cities engaged in processes such as digitalization and carbon neutrality. Of the 33 investment plans presented so far, approximately €114.1 billion have been budgeted for climate action – an average of €3.6 billion per city. The Commission is currently considering another 23 candidates.

UAE Job Trends For 2025: High-Demand And Lucrative Roles Revealed

The UAE’s flourishing asset management sector, bolstered by rising investor interest, regulatory advancements, and a surge in Family Offices and Ultra High Net Worth Individuals (UHNWIs), is driving demand for banking and finance talent.

Roles in fundraising and institutional sales are particularly sought after, with professionals in these fields highly valued for their regional networks and industry expertise, according to Michael Page’s UAE 2025 Salary Guides. The comprehensive report, which includes insights from 17 industries, offers an overview of current hiring trends, salary benchmarks, and the recruitment challenges businesses face.

Banking And Finance In High Demand

The report highlights a significant need for compliance professionals, especially those with experience in Dubai Financial Services Authority (DFSA) and Financial Services Regulatory Authority (FSRA) regulations. Chief Compliance Officers and Money Laundering Reporting Officers (MLROs) are among the most lucrative roles in the sector. Jon Ede, Regional Director UAE at Michael Page, pointed out that in 2024, the UAE’s workforce grew by 9%, and the number of new companies increased by 14.5%, showing the success of the nation’s strategic initiatives.

Sales, Marketing, And IT Growth

The sales and marketing sector has seen steady growth, especially in B2B industries like technology, real estate, energy, and logistics. Roles such as Business Development Manager, Chief Commercial Officer, and Strategic Sales Director are in demand, with a premium placed on business development, key account management, and communication skills.

The IT sector, meanwhile, continues to evolve rapidly, with high demand for positions like Head of Software Development, Full-Stack Software Engineer, Agile Product Manager, Senior DevOps Engineer, and Digital Adoption Specialist. The report underscores the significant shift in the UAE talent market for digital professionals in recent years.

Navigating The Skills Shortage

The study also highlights the growing skills shortage, with businesses grappling to find candidates with the right expertise. A staggering 37% of business leaders reported challenges in finding skilled talent, while nearly a third (30%) struggled with employee retention. Nearly half (48%) of employers also cited aligning salary expectations with candidates as a key obstacle.

Ede suggests that businesses can overcome these challenges by offering competitive packages that include benefits, career development opportunities, and workplace incentives, positioning themselves as attractive employers in the competitive UAE job market.

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