Abu Dhabi start-up Pure Harvest Smart Farms and the Singapore Food Agency have signed a preliminary agreement to develop the city-state's first hybrid greenhouse tomato farm that is aimed at boosting sustainable food security.
The initiative, which will contribute to Singapore's key “30 by 30" national food security goal, will make use of innovation in the agricultural technology (AgTech) sector and boost research and development opportunities for local partners, Pure Harvest said on Thursday.
The agreement was signed by Sky Kurtz, chief executive of Pure Harvest, and Lim Kok Thai, chief executive of the SFA.
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Food used to raise sustainability awareness — in pictures
“The planned hybrid greenhouse project is another critical step in this region’s efforts to safeguard our communities against threats to climate and food security,” Mr Kurtz said.
“We hope that this project pushes the boundaries of the agri-tech industry, so that we may provide the Singaporean people with the benefits that innovative controlled-environment agriculture solutions can bring.”
Singapore, which has a population of about 5.5 million, is a regional economic centre but lacks natural resources needed to produce food compared with its Asian neighbours.
More than 90 per cent of the country's food is imported from 180 countries and only 1 per cent of the country's land is set aside for agricultural use, SFA data shows.
The “30 by 30" initiative, which was launched in 2019, aims to boost Singapore's agri-food industry, helping it produce 30 per cent of the nation's nutritional needs locally and sustainably by 2030.
The project has also spurred the growth of local farms, which increased by about 18 per cent to 260 in 2021, from 221 in 2019, the SFA said.
The partnership between Pure Harvest and the SFA will also contribute to creating jobs in the AgTech sector, Mr Lim said.
“The partnership in key areas of R&D creates exciting potential career opportunities. This will support us in our push towards strengthening Singapore’s overall food security in a productive, climate-resilient and sustainable manner,” he said.
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Watch: the future of Middle East food security — Business Extra
The hybrid farm will use advanced controlled-environment production systems, which will allow year-round production, even in tropical equatorial climates, Pure Harvest said.
Learning how to operate in harsh climates — particularly in the Middle East, the countries of which also have robust food security programmes — has allowed Pure Harvest to share its expertise to other parts of the world, the company said.
“While the arid deserts of the Arab Gulf and the lush greenery of South-east Asia may seem a world apart, this region has no less a need for a sustainable means to provide consistent, high-quality, sustainably-farmed fresh produce all year round,” Mr Kurtz said.
In June, Pure Harvest raised $181 million in a new funding round as it aims to expand further into the GCC and Asia. That brought the AgTech company's total funding to $387.1m, making it among the most-funded start-ups in the region.
Farage on Muslim Brotherhood
Nigel Farage told Reform's annual conference that the party will proscribe the Muslim Brotherhood if he becomes Prime Minister.
"We will stop dangerous organisations with links to terrorism operating in our country," he said. "Quite why we've been so gutless about this – both Labour and Conservative – I don't know.
“All across the Middle East, countries have banned and proscribed the Muslim Brotherhood as a dangerous organisation. We will do the very same.”
It is 10 years since a ground-breaking report into the Muslim Brotherhood by Sir John Jenkins.
Among the former diplomat's findings was an assessment that “the use of extreme violence in the pursuit of the perfect Islamic society” has “never been institutionally disowned” by the movement.
The prime minister at the time, David Cameron, who commissioned the report, said membership or association with the Muslim Brotherhood was a "possible indicator of extremism" but it would not be banned.
A Cat, A Man, and Two Women
Junichiro Tamizaki
Translated by Paul McCarthy
Daunt Books
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
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UAE currency: the story behind the money in your pockets
The alternatives
• Founded in 2014, Telr is a payment aggregator and gateway with an office in Silicon Oasis. It’s e-commerce entry plan costs Dh349 monthly (plus VAT). QR codes direct customers to an online payment page and merchants can generate payments through messaging apps.
• Business Bay’s Pallapay claims 40,000-plus active merchants who can invoice customers and receive payment by card. Fees range from 1.99 per cent plus Dh1 per transaction depending on payment method and location, such as online or via UAE mobile.
• Tap started in May 2013 in Kuwait, allowing Middle East businesses to bill, accept, receive and make payments online “easier, faster and smoother” via goSell and goCollect. It supports more than 10,000 merchants. Monthly fees range from US$65-100, plus card charges of 2.75-3.75 per cent and Dh1.2 per sale.
• 2checkout’s “all-in-one payment gateway and merchant account” accepts payments in 200-plus markets for 2.4-3.9 per cent, plus a Dh1.2-Dh1.8 currency conversion charge. The US provider processes online shop and mobile transactions and has 17,000-plus active digital commerce users.
• PayPal is probably the best-known online goods payment method - usually used for eBay purchases - but can be used to receive funds, providing everyone’s signed up. Costs from 2.9 per cent plus Dh1.2 per transaction.
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
Results:
Women:
1. Rhiannan Iffland (AUS) 322.95 points
2. Lysanne Richard (CAN) 285.75
3. Ellie Smart (USA) 277.70
Men:
1. Gary Hunt (GBR) 431.55
2. Constantin Popovici (ROU) 424.65
3. Oleksiy Prygorov (UKR) 392.30