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.
National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
Stars: Will Smith, Tom Holland, Karen Gillan and Roshida Jones
Rating: 4 out of 5 stars
UAE WARRIORS RESULTS
Featherweight
Azouz Anwar (EGY) beat Marcelo Pontes (BRA)
TKO round 2
Catchweight 90kg
Moustafa Rashid Nada (KSA) beat Imad Al Howayeck (LEB)
Split points decision
Welterweight
Gimbat Ismailov (RUS) beat Mohammed Al Khatib (JOR)
TKO round 1
Flyweight (women)
Lucie Bertaud (FRA) beat Kelig Pinson (BEL)
Unanimous points decision
Lightweight
Alexandru Chitoran (ROU) beat Regelo Enumerables Jr (PHI)
TKO round 1
Catchweight 100kg
Marc Vleiger (NED) beat Mohamed Ali (EGY)
Rear neck choke round 1
Featherweight
James Bishop (NZ) beat Mark Valerio (PHI)
TKO round 2
Welterweight
Abdelghani Saber (EGY) beat Gerson Carvalho (BRA)
TKO round 1
Middleweight
Bakhtiyar Abbasov (AZE) beat Igor Litoshik (BLR)
Unanimous points decision
Bantamweight
Fabio Mello (BRA) beat Mark Alcoba (PHI)
Unanimous points decision
Welterweight
Ahmed Labban (LEB) v Magomedsultan Magomedsultanov (RUS)
TKO round 1
Bantamweight
Trent Girdham (AUS) beat Jayson Margallo (PHI)
TKO round 3
Lightweight
Usman Nurmagomedov (RUS) beat Roman Golovinov (UKR)
TKO round 1
Middleweight
Tarek Suleiman (SYR) beat Steve Kennedy (AUS)
Submission round 2
Lightweight
Dan Moret (USA) v Anton Kuivanen (FIN)
TKO round 2
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
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.”
Founder: Jon Richards, founder and chief executive; Samer Chebab, co-founder and chief operating officer, and Jonathan Rawlings, co-founder and chief financial officer
Based: Media City, Dubai
Sector: Financial services
Size: 120 employees
Investors: 2014: $500,000 in a seed round led by Mulverhill Associates; 2015: $3m in Series A funding led by STC Ventures (managed by Iris Capital), Wamda and Dubai Silicon Oasis Authority; 2019: $8m in Series B funding with the same investors as Series A along with Precinct Partners, Saned and Argo Ventures (the VC arm of multinational insurer Argo Group)
If you go
The flights
There are direct flights from Dubai to Sofia with FlyDubai (www.flydubai.com) and Wizz Air (www.wizzair.com), from Dh1,164 and Dh822 return including taxes, respectively.
The trip
Plovdiv is 150km from Sofia, with an hourly bus service taking around 2 hours and costing $16 (Dh58). The Rhodopes can be reached from Sofia in between 2-4hours.
The trip was organised by Bulguides (www.bulguides.com), which organises guided trips throughout Bulgaria. Guiding, accommodation, food and transfers from Plovdiv to the mountains and back costs around 170 USD for a four-day, three-night trip.
Stay hydrated: Drink plenty of fluids, especially water. Avoid alcohol and caffeine, which can increase dehydration.
Seek cool environments: Use air conditioning, fans, or visit community spaces with climate control.
Limit outdoor activities: Avoid strenuous activity during peak heat. If outside, seek shade and wear a wide-brimmed hat.
Dress appropriately: Wear lightweight, loose and light-coloured clothing to facilitate heat loss.
Check on vulnerable people: Regularly check in on elderly neighbours, young children and those with health conditions.
Home adaptations: Use blinds or curtains to block sunlight, avoid using ovens or stoves, and ventilate living spaces during cooler hours.
Recognise heat illness: Learn the signs of heat exhaustion and heat stroke (dizziness, confusion, rapid pulse, nausea), and seek medical attention if symptoms occur.
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
Bogleheads follow simple investing philosophies to build their wealth and live better lives. Just follow these steps.
• Spend less than you earn and save the rest. You can do this by earning more, or being frugal. Better still, do both.
• Invest early, invest often. It takes time to grow your wealth on the stock market. The sooner you begin, the better.
• Choose the right level of risk. Don't gamble by investing in get-rich-quick schemes or high-risk plays. Don't play it too safe, either, by leaving long-term savings in cash.
• Diversify. Do not keep all your eggs in one basket. Spread your money between different companies, sectors, markets and asset classes such as bonds and property.
• Keep charges low. The biggest drag on investment performance is all the charges you pay to advisers and active fund managers.
• Keep it simple. Complexity is your enemy. You can build a balanced, diversified portfolio with just a handful of ETFs.
• Forget timing the market. Nobody knows where share prices will go next, so don't try to second-guess them.
• Stick with it. Do not sell up in a market crash. Use the opportunity to invest more at the lower price.
Men’s 71kg Round 1:
Seyed Kaveh Soleyman (IRI) beat Abedel Rahman (JOR) - RSC round 3.
Amine Al Moatassime (UAE) walk over Ritiz Puri (NEP)
Directed: Smeep Kang Produced: Soham Rockstar Entertainment; SKE Production Cast: Rishi Kapoor, Jimmy Sheirgill, Sunny Singh, Omkar Kapoor, Rajesh Sharma Rating: Two out of five stars
ICC Women's T20 World Cup Asia Qualifier 2025, Thailand
UAE fixtures May 9, v Malaysia May 10, v Qatar May 13, v Malaysia May 15, v Qatar May 18 and 19, semi-finals May 20, final
If you go: The flights: Etihad, Emirates, British Airways and Virgin all fly from the UAE to London from Dh2,700 return, including taxes The tours: The Tour for Muggles usually runs several times a day, lasts about two-and-a-half hours and costs £14 (Dh67) Harry Potter and the Cursed Child is on now at the Palace Theatre. Tickets need booking significantly in advance
Entrance to the Harry Potter exhibition at the House of MinaLima is free The hotel: The grand, 1909-built Strand Palace Hotel is in a handy location near the Theatre District and several of the key Harry Potter filming and inspiration sites. The family rooms are spacious, with sofa beds that can accommodate children, and wooden shutters that keep out the light at night. Rooms cost from £170 (Dh808).
Our Time Has Come
Alyssa Ayres, Oxford University Press