A man empties his catch at a fish market in Iraq's southern port city of Al Faw, south of Basra, May 18. AFP
A man empties his catch at a fish market in Iraq's southern port city of Al Faw, south of Basra, May 18. AFP
A man empties his catch at a fish market in Iraq's southern port city of Al Faw, south of Basra, May 18. AFP
A man empties his catch at a fish market in Iraq's southern port city of Al Faw, south of Basra, May 18. AFP

How the fish reached your plate during the lockdown


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Among the countless repercussions of Covid-19, the virus has shaken the foundations on which countries built their food security. The post-pandemic future will be different. As most countries understand the importance of local production, relying exclusively on imports can no longer be the norm.

Let's look at fish, for example. A major commodity, besides being a vital source of food and nutrients it provides employment, trade and economic well-being for millions of people across the world. Fishing and eating fish is also very much part of the global culture. But the sector has been heavily affected as measures implemented to limit the spread of the coronavirus have also limited the transport of products and the movement of people.

In most states in the GCC, however, consumers have had little to worry about as fish supply has barely been affected. With the exception of the early days, the usual consumption and supply patterns have not changed. Several factors may explain this. For one, national air carriers have been dedicating special trips to fish-producing countries in order to import aquatic products – at least to nations that can afford it. Local production, being of strategic interest, has been safeguarded and the industry has benefited from support measures.

For example, UAE fishermen have been granted an exceptional lifting of a fishing ban on some species. This ensures they maintain an income while contributing to the supply of local markets.

The local aquaculture industry, heavily impacted by the closure of restaurants and hotels, exhibited great resilience in the way it reoriented its production to cater to supermarkets.

Aquaculture is the way to go but we must farm wisely. We do not want to pollute, nor do we want to destroy biodiversity

In the meantime, fish markets that initially had to close gradually resumed operations after implementing safety measures such as the wearing of masks and gloves, monitoring temperatures of everyone who entered markets, providing sanitisers, regular cleaning and ensuring good ventilation.

But the most visible innovation to replace broken links in the supply chain has probably been the emergence of digital technologies. In the UAE, online ordering and home delivery became popular during the lockdown. In Oman, the authorities launched the Behar platform, which allows fish auctions to take place remotely via the central fish market of Al Fulaij. This reduces crowds, while at the same time maintaining operations and keeping up supply. In Kuwait, customers can now register online to get a bar code that allows them to enter fish markets safely.

The auction at the Ajman Fish Market, April 12. Reem Mohammed / The National
The auction at the Ajman Fish Market, April 12. Reem Mohammed / The National

This does not mean that maintaining the aquatic food supply during the crisis did not carry a huge financial cost, nor that the pandemic will not have a lasting impact on fish value chains across the GCC. Some companies, especially the large aquaculture businesses that have not been able to reorient their production to local markets, did not only lose their income, they also had to endure additional expenses to feed and maintain a stock of aquatic animals.

They will also have to cope with many uncertainties and the global economic slowdown that may follow.

Marine environments have historically played a major role in a region’s culture, food and wealth, but unfortunately eating more wild fish is becoming a challenge, as many species are already fully fished, or even overfished, especially the most emblematic ones.

The Food and Agriculture Organisation of the United Nations said in its flagship publication, State of the World Fisheries and Aquaculture, that 34.2 per cent of global fisheries are over-exploited. Hopefully, through specific management measures, the most severely over-harvested fish stocks will recover.

Men gather to fish at the creek in Dubai, May 27. AFP
Men gather to fish at the creek in Dubai, May 27. AFP

At the same time the aim to sustainably harvest some under-exploited fish should yield more. But this will require commitment and co-ordination, especially between countries managing shared stocks.

The alternative is aquaculture. In the 90s, when the global capture of fisheries reached a plateau, the subsequent increase in demand for fish had to be made up for by aquatic farming. Now, aquaculture already produces 81 per cent of freshwater fish produced globally – 73 per cent of molluscs and 55 per cent of crustaceans.

Although one might think that deserts are not naturally endowed with aquatic resources, that is not an obstacle. With the kind of technological progress and innovation available these days, the production of high-quality, sustainable aquatic food is possible almost everywhere in the world, including arid areas.

With aquaculture such as aquaponics or integrated irrigation-aquaculture, it is possible to produce more food from the same plot and with the same quantity of water, while benefiting from synergistic effects between crops and fish.

There are also great benefits of modern technologies that consume almost no water, such as recirculated aquaculture systems. And one should not forget that the marine environment to which all GCC countries have access is huge, with the potential for farming fish and unfed organisms such as molluscs and seaweed.

For the future, aquaculture is the way to go, together with the establishment of an environment that guides the industry towards its “new normal”. We must farm wisely. We do not want to pollute, nor do we want to destroy biodiversity. We also want to respect workers and communities and, in this way, address the challenges that the pandemic created.

Dr Lionel Dabbadie is senior aquaculture and fishery officer for the GCC and Yemen at FAO, The Food and Agriculture Organisation of the UN

Groom and Two Brides

Director: Elie Semaan

Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla

Rating: 3/5

From Zero

Artist: Linkin Park

Label: Warner Records

Number of tracks: 11

Rating: 4/5

UAE currency: the story behind the money in your pockets
The rules on fostering in the UAE

A foster couple or family must:

  • be Muslim, Emirati and be residing in the UAE
  • not be younger than 25 years old
  • not have been convicted of offences or crimes involving moral turpitude
  • be free of infectious diseases or psychological and mental disorders
  • have the ability to support its members and the foster child financially
  • undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
  • A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially

Profile of Udrive

Date started: March 2016

Founder: Hasib Khan

Based: Dubai

Employees: 40

Amount raised (to date): $3.25m – $750,000 seed funding in 2017 and a Seed round of $2.5m last year. Raised $1.3m from Eureeca investors in January 2021 as part of a Series A round with a $5m target.

Other workplace saving schemes
  • The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
  • Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
  • 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.
How Tesla’s price correction has hit fund managers

Investing in disruptive technology can be a bumpy ride, as investors in Tesla were reminded on Friday, when its stock dropped 7.5 per cent in early trading to $575.

It recovered slightly but still ended the week 15 per cent lower and is down a third from its all-time high of $883 on January 26. The electric car maker’s market cap fell from $834 billion to about $567bn in that time, a drop of an astonishing $267bn, and a blow for those who bought Tesla stock late.

The collapse also hit fund managers that have gone big on Tesla, notably the UK-based Scottish Mortgage Investment Trust and Cathie Wood’s ARK Innovation ETF.

Tesla is the top holding in both funds, making up a hefty 10 per cent of total assets under management. Both funds have fallen by a quarter in the past month.

Matt Weller, global head of market research at GAIN Capital, recently warned that Tesla founder Elon Musk had “flown a bit too close to the sun”, after getting carried away by investing $1.5bn of the company’s money in Bitcoin.

He also predicted Tesla’s sales could struggle as traditional auto manufacturers ramp up electric car production, destroying its first mover advantage.

AJ Bell’s Russ Mould warns that many investors buy tech stocks when earnings forecasts are rising, almost regardless of valuation. “When it works, it really works. But when it goes wrong, elevated valuations leave little or no downside protection.”

A Tesla correction was probably baked in after last year’s astonishing share price surge, and many investors will see this as an opportunity to load up at a reduced price.

Dramatic swings are to be expected when investing in disruptive technology, as Ms Wood at ARK makes clear.

Every week, she sends subscribers a commentary listing “stocks in our strategies that have appreciated or dropped more than 15 per cent in a day” during the week.

Her latest commentary, issued on Friday, showed seven stocks displaying extreme volatility, led by ExOne, a leader in binder jetting 3D printing technology. It jumped 24 per cent, boosted by news that fellow 3D printing specialist Stratasys had beaten fourth-quarter revenues and earnings expectations, seen as good news for the sector.

By contrast, computational drug and material discovery company Schrödinger fell 27 per cent after quarterly and full-year results showed its core software sales and drug development pipeline slowing.

Despite that setback, Ms Wood remains positive, arguing that its “medicinal chemistry platform offers a powerful and unique view into chemical space”.

In her weekly video view, she remains bullish, stating that: “We are on the right side of change, and disruptive innovation is going to deliver exponential growth trajectories for many of our companies, in fact, most of them.”

Ms Wood remains committed to Tesla as she expects global electric car sales to compound at an average annual rate of 82 per cent for the next five years.

She said these are so “enormous that some people find them unbelievable”, and argues that this scepticism, especially among institutional investors, “festers” and creates a great opportunity for ARK.

Only you can decide whether you are a believer or a festering sceptic. If it’s the former, then buckle up.