Rima Al Mokarrab chairs the board of Tamkeen and is co-chair of the FoodTech Challenge
January 24, 2023
Situated at a global crossroads, the UAE has long been a hub for the flow of trade, people and ideas. The nation has acted as a natural incubator for innovation, thriving on diverse cultures and perspectives. Today, bolstered by modern, tech-friendly policies and regulations, the Emirates is ranked by the Global Innovation Index as the most innovative economy in the Arab world for the seventh consecutive year. We are a young, stable, future-focused nation that has become a prime testing ground for new technologies as we tackle some of the biggest challenges of our time.
Food security is one of those challenges. As a desert nation with significant water scarcity, food security has always been an issue of concern and government attention. Climate change, the Covid-19 pandemic and wider geopolitical pressures have accelerated our focus on this core issue.
The UAE National Food Security Strategy, launched by Mariam Al Mheiri, Minister of Climate Change and Environment and Minister of State for Food Security, in November 2018, responded to these challenges by prioritising a better balance between locally produced and imported food and by leveraging new technology to boost domestic yields and reduce food waste.
Three UAE start ups made it to the finals of the second edition of the Global FoodTech Challenge. Photo: Global Food Tech Challenge
One element of our food security strategy is to catalyse partnership and innovation, seeking out the world’s leading scientists, technologists and innovators, and directing their efforts to the difficult challenges at hand here in UAE. This has been the objective of the FoodTech Challenge (FTC), a global competition that is now in its second year.
This year’s FTC inspired 667 applications from 79 countries, all of which put forward proposals on how to enhance various aspects of the UAE’s food security, which will have relevance far beyond the country. An emphasis was placed on innovations related to two tracks that are critical locally and globally: “Food Production” to ensure the consistent and sustainable availability of food and to explore next-generation, nutrient-rich alternatives, and “Food Loss and Waste” to reduce burdens on the food supply chain more broadly. Entrants included students, scientists, farmers, university professors, computer programmers, imaging specialists and more, all applying their creativity and brainpower to generating solutions to our shared challenges.
We have now selected four winners whose ideas we believe have the potential to have the most impact in UAE and beyond. The four incredibly innovative startups are: Aquagrain from the UK, which has created a soil enhancer manufactured from food waste that retains 30 times more water, allowing food to grow with limited water and in sandy soil; Orbisk from the Netherlands, which helps restaurants and other commercial food outlets drastically reduce food waste by an average of 350 kilogrammes per month using AI imaging technology; Revoltech from the UAE, which, thanks to a novel ultra-freezing technology, makes food storage possible for up to 50 years without losing nutrition or taste; and Sustainable Planet, also from the UK, which grows lentils and other popular plant-based proteins on non-arable land with salt water, in a world of increasingly wide-scale desertification. Aquagrain and Sustainable Planet both address the food production demands of a growing global population, while Orbisk and Revoltech are working to cut food waste by leveraging technology to help change consumer and commercial behaviour.
The FTC legacy extends well beyond the shared $2 million prize. This is an all-of-society effort to address an all-of-society challenge. Through its deep partnership network that spans the public and private sectors, the competition ensures the winning teams will be supported with everything they need to take their ideas to market. From licensing, visas and market mapping, to business model development, R&D support and access to investors, each team will have the very best resources on hand to help realise their ambitions.
Harvesting potatoes at the Al Ain Wheat Farm. The National
FTC’s Lead Partner is Aspire, an Abu Dhabi entity that shapes technology R&D across the emirate, including for food and agriculture. Our track partners also provide key support: Silal and ADQ guide the “Food Production” track with industry knowledge from across the supply chain. Emirates Foundation guides the “Food Loss and Waste” track, particularly with their experience through Ne’ma, a national initiative that promotes positive consumer behaviour to halve UAE’s food waste by 2030. FTC’s wider enablement partners play a role in this multi-sector journey as well, and include Abu Dhabi Global Market, Abu Dhabi Residents Office, Hub 71, The Catalyst, the Authority of Social Contribution - Ma’an, Competitiveness Office of Abu Dhabi, and Khalifa Fund for Enterprise Development.
A competition standing alone may or may not drive significant progress for the Emirates and the world. But we believe that one with the buy-in and engagement of such substantial public and private sector expertise can be truly catalytic.
The FTC and the deep partnership that it is built upon is emblematic of UAE’s approach to anticipating and overcoming challenges. If we can go from the manual irrigation systems of my childhood to waterless and soilless farming in one generation, then there is no limit to what the future holds.
World Cup final
Who: France v Croatia When: Sunday, July 15, 7pm (UAE) TV: Game will be shown live on BeIN Sports for viewers in the Mena region
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UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.
The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.
Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.
A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.
FTO designations impose immigration restrictions on members of the organisation simply by virtue of their membership and triggers a criminal prohibition on knowingly providing material support or resources to the designated organisation as well as asset freezes.
It is a crime for a person in the United States or subject to the jurisdiction of the United States to knowingly provide “material support or resources” to or receive military-type training from or on behalf of a designated FTO.
Representatives and members of a designated FTO, if they are aliens, are inadmissible to and, in certain circumstances removable from, the United States.
Except as authorised by the Secretary of the Treasury, any US financial institution that becomes aware that it has possession of or control over funds in which an FTO or its agent has an interest must retain possession of or control over the funds and report the funds to the Treasury Department.
2013 Blue is the Warmest Colour (La Vie d'Adèle: Chapitres 1 et 2), Abdellatif Kechiche, Adele Exarchopoulos and Lea Seydoux
2012Amour, Michael Haneke
2011 The Tree of Life, Terrence Malick
2010 Uncle Boonmee Who Can Recall His Past Lives (Lung Bunmi Raluek Chat), Apichatpong Weerasethakul
2009The White Ribbon (Eine deutsche Kindergeschichte), Michael Haneke
2008 The Class (Entre les murs), Laurent Cantet
The National in Davos
We are bringing you the inside story from the World Economic Forum's Annual Meeting in Davos, a gathering of hundreds of world leaders, top executives and billionaires.
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
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Power: 819hp
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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.”
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The most expensive investment mistake you will ever make
When is the best time to start saving in a pension? The answer is simple – at the earliest possible moment. The first pound, euro, dollar or dirham you invest is the most valuable, as it has so much longer to grow in value. If you start in your twenties, it could be invested for 40 years or more, which means you have decades for compound interest to work its magic.
“You get growth upon growth upon growth, followed by more growth. The earlier you start the process, the more it will all roll up,” says Chris Davies, chartered financial planner at The Fry Group in Dubai.
This table shows how much you would have in your pension at age 65, depending on when you start and how much you pay in (it assumes your investments grow 7 per cent a year after charges and you have no other savings).
Age
$250 a month
$500 a month
$1,000 a month
25
$640,829
$1,281,657
$2,563,315
35
$303,219
$606,439
$1,212,877
45
$131,596
$263,191
$526,382
55
$44,351
$88,702
$177,403
RESULT
Brazil 2 Croatia 0
Brazil: Neymar (69'), Firmino (90' 3)