The UAE's inaugural Gulfood Green event might be small in size, but what the start-ups attending could offer has big potential for business and the planet.
The event, which began on Tuesday morning at Dubai World Trade Centre, is a platform for the global food ecosystem and aims to encourage the exchange of ideas on technology, regulations and solutions for achieving sustainability.
Hundreds of exhibitors from all over the world are in attendance, highlighting emerging concepts, from ethical sourcing to green packaging and plant-based meat production, as well as creative agricultural and technological solutions to hot topics such as food waste, food security, water scarcity and climate change.
These are spread across two halls, with a section called Green Shoots dedicated solely to start-up companies. Part of this is a pitch competition – running parallel to the Food for Future Summit on the main stage – with 15 brands competing for a grand prize of $50,000, which is being presented to the winner by Dubai World Trade Centre on Wednesday evening.
Top quality
To apply, companies submitted videos and pitch decks online for a preliminary judging session before the event. Each digital pitch was reviewed by two to three judges, before the final 15 were selected for the live competition in Dubai.
"We had some really innovative and great ideas," said the competition's co-producer Sascha Dutta, founder of Foodpreneurs Collective in Dubai, which is also running workshops and panel discussions throughout the three-day event.
"We've had companies from agritech, plant-based solutions, waste management, we've covered all those bases," she told The National. "There have been some really high-quality pitches. These are very passionate speakers and founders. At this level, they're very good at what they do."
Priscilla Musenge travelled from Zambia to present Entomo Farm, which harnesses the power of black soldier flies to transform organic waste into protein and organic fertilisers for the farming industry.
The farm cultivates its larvae to serve as a feed source for livestock, acting as a more sustainable alternative to water-guzzling soya beans, as well as for the aquaculture and pet food industries. The flies' excrement also serves as an organic fertiliser, closing the loop on waste management.
While Ms Musenge did not make it to the final round, she said the competition offered the perfect platform for her to raise awareness of the company as she looks to scale up.
"Part of our growth strategy is looking at options for research and development," Ms Musenge told The National. "Insect farming is not necessarily new to many places, but the scientific side of it is quite new to the sub-Saharan region.
"We are big on edible insects, but haven't used it in farming, so we are trying to look for a platform and use partnerships for investment to create a research and development hub to be able to perfect our product and give it that endorsement needed for the farmers back home in Zambia, as well as the region."
The conference proved very useful, she added, noting: "It has been a really good eye-opener to see the possibilities in terms of growth."
Meanwhile, the Canadian company MeatGardens offer a new solution to creating lab-grown meat using animal cells combined with plants. Co-founders Ron Klein and Alon Gal claim their process is inexpensive compared with traditional lab-grown meat production technology, and offers a much more sustainable alternative to the animal agriculture industry.
It also results in a meatier, more nutrition-dense and more affordable end product, Mr Klein told The National. "Plant-based substitutes are not there yet," he said. "They need the physical characteristics that are found in the meat, not just for the taste and texture, but also nutritional value. So, we are practically fusing both categories."
More than a competition
Outside of the competition, there are dozens more start-ups vying for attention at the event, as founders and outreach managers hope to raise awareness and secure more interest in their products. From the UAE, there is The Waste Lab, a female-owned company in Dubai that is rescuing the country's food scraps and turning them into soil.
The brand, which has been going for three years, works with corporate clients, including Dubai World Trade Centre, to collect non-edible food scraps and turn them into compost. They also provide data to companies looking to reduce waste and offer educational opportunities around food waste and composting within the community.
Co-founder Ceylan Uren said it was important for them to attend the event as they're in the process of scaling up. "Each of our verticals generates revenue, as it is also important to have financial sustainability as a company. We are now 28 employees and we're helping our team members to have a better job and living conditions."
They are looking for investors and collaborators at the event, including other start-ups with whom they can work together. This includes San Francisco's Replate, a tech-enabled business that aims to reduce food waste and food insecurity by offering digital tools to restaurants and corporates with surplus food to donate meals to non-profits serving vulnerable communities.
It launched in Dubai after Mena region director Hachem Mahfoud attended Expo 2020 Dubai. "I saw a lot of opportunity, so I decided to stay," he told The National. "Food has a social aspect of feeding, but also an environmental aspect in reducing food waste."
Mr Mahfoud said there is still a lot of work to be done in raising awareness of food waste, which is why Gulfood Green is a great new platform. "We get to show our progress and there's nothing stronger than a physical connection, to talk eye-to-eye and explain why this is important. The event is a step forward, but there's always more to do."
'Worse than a prison sentence'
Marie Byrne, a counsellor who volunteers at the UAE government's mental health crisis helpline, said the ordeal the crew had been through would take time to overcome.
“It was worse than a prison sentence, where at least someone can deal with a set amount of time incarcerated," she said.
“They were living in perpetual mystery as to how their futures would pan out, and what that would be.
“Because of coronavirus, the world is very different now to the one they left, that will also have an impact.
“It will not fully register until they are on dry land. Some have not seen their young children grow up while others will have to rebuild relationships.
“It will be a challenge mentally, and to find other work to support their families as they have been out of circulation for so long. Hopefully they will get the care they need when they get home.”
RESULT
Manchester City 1 Sheffield United 0
Man City: Jesus (9')
Will the pound fall to parity with the dollar?
The idea of pound parity now seems less far-fetched as the risk grows that Britain may split away from the European Union without a deal.
Rupert Harrison, a fund manager at BlackRock, sees the risk of it falling to trade level with the dollar on a no-deal Brexit. The view echoes Morgan Stanley’s recent forecast that the currency can plunge toward $1 (Dh3.67) on such an outcome. That isn’t the majority view yet – a Bloomberg survey this month estimated the pound will slide to $1.10 should the UK exit the bloc without an agreement.
New Prime Minister Boris Johnson has repeatedly said that Britain will leave the EU on the October 31 deadline with or without an agreement, fuelling concern the nation is headed for a disorderly departure and fanning pessimism toward the pound. Sterling has fallen more than 7 per cent in the past three months, the worst performance among major developed-market currencies.
“The pound is at a much lower level now but I still think a no-deal exit would lead to significant volatility and we could be testing parity on a really bad outcome,” said Mr Harrison, who manages more than $10 billion in assets at BlackRock. “We will see this game of chicken continue through August and that’s likely negative for sterling,” he said about the deadlocked Brexit talks.
The pound fell 0.8 per cent to $1.2033 on Friday, its weakest closing level since the 1980s, after a report on the second quarter showed the UK economy shrank for the first time in six years. The data means it is likely the Bank of England will cut interest rates, according to Mizuho Bank.
The BOE said in November that the currency could fall even below $1 in an analysis on possible worst-case Brexit scenarios. Options-based calculations showed around a 6.4 per cent chance of pound-dollar parity in the next one year, markedly higher than 0.2 per cent in early March when prospects of a no-deal outcome were seemingly off the table.
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Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
ORDER OF PLAY ON SHOW COURTS
Centre Court - 4pm (UAE)
Gael Monfils (15) v Kyle Edmund
Karolina Pliskova (3) v Magdalena Rybarikova
Dusan Lajovic v Roger Federer (3)
Court 1 - 4pm
Adam Pavlasek v Novak Djokovic (2)
Dominic Thiem (8) v Gilles Simon
Angelique Kerber (1) v Kirsten Flipkens
Court 2 - 2.30pm
Grigor Dimitrov (13) v Marcos Baghdatis
Agnieszka Radwanska (9) v Christina McHale
Milos Raonic (6) v Mikhail Youzhny
Tsvetana Pironkova v Caroline Wozniacki (5)
What is a robo-adviser?
Robo-advisers use an online sign-up process to gauge an investor’s risk tolerance by feeding information such as their age, income, saving goals and investment history into an algorithm, which then assigns them an investment portfolio, ranging from more conservative to higher risk ones.
These portfolios are made up of exchange traded funds (ETFs) with exposure to indices such as US and global equities, fixed-income products like bonds, though exposure to real estate, commodity ETFs or gold is also possible.
Investing in ETFs allows robo-advisers to offer fees far lower than traditional investments, such as actively managed mutual funds bought through a bank or broker. Investors can buy ETFs directly via a brokerage, but with robo-advisers they benefit from investment portfolios matched to their risk tolerance as well as being user friendly.
Many robo-advisers charge what are called wrap fees, meaning there are no additional fees such as subscription or withdrawal fees, success fees or fees for rebalancing.
Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
$1,000 award for 1,000 days on madrasa portal
Daily cash awards of $1,000 dollars will sweeten the Madrasa e-learning project by tempting more pupils to an education portal to deepen their understanding of math and sciences.
School children are required to watch an educational video each day and answer a question related to it. They then enter into a raffle draw for the $1,000 prize.
“We are targeting everyone who wants to learn. This will be $1,000 for 1,000 days so there will be a winner every day for 1,000 days,” said Sara Al Nuaimi, project manager of the Madrasa e-learning platform that was launched on Tuesday by the Vice President and Ruler of Dubai, to reach Arab pupils from kindergarten to grade 12 with educational videos.
“The objective of the Madrasa is to become the number one reference for all Arab students in the world. The 5,000 videos we have online is just the beginning, we have big ambitions. Today in the Arab world there are 50 million students. We want to reach everyone who is willing to learn.”
Silent Hill f
Publisher: Konami
Platforms: PlayStation 5, Xbox Series X/S, PC
Rating: 4.5/5
MATCH INFO
Manchester United v Manchester City, Wednesday, 11pm (UAE)
Match is on BeIN Sports
HUNGARIAN GRAND PRIX RESULT
1. Sebastian Vettel, Ferrari 1:39:46.713
2. Kimi Raikkonen, Ferrari 00:00.908
3. Valtteri Bottas, Mercedes-GP 00:12.462
4. Lewis Hamilton, Mercedes-GP 00:12.885
5. Max Verstappen, Red Bull Racing 00:13.276
6. Fernando Alonso, McLaren 01:11.223
7. Carlos Sainz Jr, Toro Rosso 1 lap
8. Sergio Perez, Force India 1 lap
9. Esteban Ocon, Force India 1 lap
10. Stoffel Vandoorne, McLaren 1 lap
11. Daniil Kvyat, Toro Rosso 1 lap
12. Jolyon Palmer, Renault 1 lap
13. Kevin Magnussen, Haas 1 lap
14. Lance Stroll, Williams 1 lap
15. Pascal Wehrlein, Sauber 2 laps
16. Marcus Ericsson, Sauber 2 laps
17r. Nico Huelkenberg, Renault 3 laps
r. Paul Di Resta, Williams 10 laps
r. Romain Grosjean, Haas 50 laps
r. Daniel Ricciardo, Red Bull Racing 70 laps
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.”
Drishyam 2
Directed by: Jeethu Joseph
Starring: Mohanlal, Meena, Ansiba, Murali Gopy
Rating: 4 stars
