Of the many devastating knock-on effects of the war in Ukraine – in addition to the humanitarian crisis – chaos in global food markets is one that should particularly concern the Middle East. Instability in Ukraine can have a severe impact on the food supply chains of neighbouring regions. It is the fifth largest exporter of wheat, often described as the "breadbasket of Europe".
When Russia – the world's biggest exporter of wheat – is also thrown into turmoil, the situation gets even worse. Together, the two countries make up roughly a quarter of global exports. It is little surprise that wheat prices broke records on Thursday, when the invasion began.
With some of the world's largest government-subsidised food programmes, worst environmental crises and most food-stressed populations, many areas of the Middle East enter this uncertain period under-prepared. Having endured one of the hottest summers on record and plagued by water mismanagement, Iraq and Iran's ongoing struggle with desertification is deteriorating; the conflict in Yemen has pushed more than 5 million people to the brink of famine; corruption in Lebanon threatens its ability to export agricultural produce; eighty per cent of Egypt's wheat imports come from Russia and Ukraine.
There is much about the crisis that the region cannot control, particularly climate change, an issue that the whole world has to address. But there is vast potential for the situation to improve. Less than 5 per cent of the GCC's land is arable, but the region is still a centre for making strides in agri-tech. Last year, the UAE launched Food Tech Valley, a project that aims to develop and use modern techniques to both increase the country's food production and make agricultural technology a larger part of its economy. The value of the sector is expected to rise to $22 billion over the next three years.
While there is a concerted plan in most of the Gulf to tackle food security, so should there be for the wider Mena region. Tech can play an important part, as it does in the GCC, but simpler solutions should form the basis. Governments can support farmers by helping them to market their produce to foreign buyers, provide economic protection in tough harvests and work with industry and international organisations to educate farmers where necessary on water management and the transition from subsistence and resource-intensive methods to more sustainable forms.
Simple approaches will work for one key reason: nature has already gifted much of the region with excellent conditions. Farming, perhaps the most consequential invention in human history, began in the Middle East, specifically the area known as the Fertile Crescent, spanning eastern Egypt to southwestern Iran. Roughly 12,000 years later, today's crisis in the region's food supply should serve as a critical warning. From history to modernity, there are plenty of reasons why stressed areas of the Middle East should take longer-term approach to food security.
THREE POSSIBLE REPLACEMENTS
Khalfan Mubarak
The Al Jazira playmaker has for some time been tipped for stardom within UAE football, with Quique Sanchez Flores, his former manager at Al Ahli, once labelling him a “genius”. He was only 17. Now 23, Mubarak has developed into a crafty supplier of chances, evidenced by his seven assists in six league matches this season. Still to display his class at international level, though.
Rayan Yaslam
The Al Ain attacking midfielder has become a regular starter for his club in the past 15 months. Yaslam, 23, is a tidy and intelligent player, technically proficient with an eye for opening up defences. Developed while alongside Abdulrahman in the Al Ain first-team and has progressed well since manager Zoran Mamic’s arrival. However, made his UAE debut only last December.
Ismail Matar
The Al Wahda forward is revered by teammates and a key contributor to the squad. At 35, his best days are behind him, but Matar is incredibly experienced and an example to his colleagues. His ability to cope with tournament football is a concern, though, despite Matar beginning the season well. Not a like-for-like replacement, although the system could be adjusted to suit.
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Company Profile
Founders: Tamara Hachem and Yazid Erman
Based: Dubai
Launched: September 2019
Sector: health technology
Stage: seed
Investors: Oman Technology Fund, angel investor and grants from Sharjah's Sheraa and Ma'an Abu Dhabi
Tributes from the UAE's personal finance community
• Sebastien Aguilar, who heads SimplyFI.org, a non-profit community where people learn to invest Bogleheads’ style
“It is thanks to Jack Bogle’s work that this community exists and thanks to his work that many investors now get the full benefits of long term, buy and hold stock market investing.
Compared to the industry, investing using the common sense approach of a Boglehead saves a lot in costs and guarantees higher returns than the average actively managed fund over the long term.
From a personal perspective, learning how to invest using Bogle’s approach was a turning point in my life. I quickly realised there was no point chasing returns and paying expensive advisers or platforms. Once money is taken care off, you can work on what truly matters, such as family, relationships or other projects. I owe Jack Bogle for that.”
• Sam Instone, director of financial advisory firm AES International
"Thought to have saved investors over a trillion dollars, Jack Bogle’s ideas truly changed the way the world invests. Shaped by his own personal experiences, his philosophy and basic rules for investors challenged the status quo of a self-interested global industry and eventually prevailed. Loathed by many big companies and commission-driven salespeople, he has transformed the way well-informed investors and professional advisers make decisions."
• Demos Kyprianou, a board member of SimplyFI.org
"Jack Bogle for me was a rebel, a revolutionary who changed the industry and gave the little guy like me, a chance. He was also a mentor who inspired me to take the leap and take control of my own finances."
• Steve Cronin, founder of DeadSimpleSaving.com
"Obsessed with reducing fees, Jack Bogle structured Vanguard to be owned by its clients – that way the priority would be fee minimisation for clients rather than profit maximisation for the company.
His real gift to us has been the ability to invest in the stock market (buy and hold for the long term) rather than be forced to speculate (try to make profits in the shorter term) or even worse have others speculate on our behalf.
Bogle has given countless investors the ability to get on with their life while growing their wealth in the background as fast as possible. The Financial Independence movement would barely exist without this."
• Zach Holz, who blogs about financial independence at The Happiest Teacher
"Jack Bogle was one of the greatest forces for wealth democratisation the world has ever seen. He allowed people a way to be free from the parasitical "financial advisers" whose only real concern are the fat fees they get from selling you over-complicated "products" that have caused millions of people all around the world real harm.”
• Tuan Phan, a board member of SimplyFI.org
"In an industry that’s synonymous with greed, Jack Bogle was a lone wolf, swimming against the tide. When others were incentivised to enrich themselves, he stood by the ‘fiduciary’ standard – something that is badly needed in the financial industry of the UAE."
RIVER%20SPIRIT
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Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5