Even though Russia and Ukraine, together a bread basket for the world, account for 29 per cent of global wheat exports, the war between them is not the sole factor causing an upheaval in food prices – critically, in the supply of wheat. Climate change, too, is a big factor and a longer-term threat. Unpredictable and extreme weather patterns mean that drought and disrupted rains affect agriculture over time and take a toll on crop yields.
But even as geo-political realities continue to play out, it is an urgent and moral imperative that people have access to food. Co-operation remains crucial, as several neighbouring countries continue to work together to ensure securing food supplies, relying on the strength of their diplomatic ties, to support each other's populations in times of an imminent food crisis.
India exporting wheat to the UAE is an example of the strength of such ties. Domestic food security is a priority for all nations. It becomes all the more important during periods of looming shortage. India, the world's second largest producer of wheat, with an output of 108 million tonnes of wheat last year, managed to export seven million tonnes, despite debilitating heat waves and the 5 per cent decline in crop yield, catering first to the plates of its more than 1.3 billion people.
India is not the only country with strong ties to the UAE when it comes to food security. Imports arrive also from other nations including Canada and Australia, as well as Russia and Ukraine. Conversely, the UAE has a long trade history of supporting its regional allies. This week, the country boosted its exports to Jordan, in a deal for nearly $20 million, with food being one of the five key areas of export.
With the Covid-19 pandemic still exacting a toll, economic self-reliance and a continued investment in agri-tech continues to be a priority for the Emirates. Consequently, the UAE's investment in domestic agri-tech has been sizeable in the past few years. The rise of vertical farming, among other technologies suitable to a desert climate, have borne fruit, with Abu Dhabi increasing domestic agricultural production last year by 40 per cent over the medium term.
In the current global political backdrop, it becomes a humanitarian duty to try to minimise the ripple effects of war, which is the toll that hunger adds to the human cost of war. As such, and in whatever capacity, partner countries should continue to rally behind each other to help feed one another's population.
Mariam Al Mheiri, UAE's Minister of Climate Change and Environment, said this week at a green tech event in Amsterdam, about the UAE’s goal of become a leading exporter of sustainable agricultural solutions: “We need to forge partnerships, we need to exchange knowledge, we need to grow and develop our agri-technologists to solve these issues and transform our food systems into more sustainable ones."
Even as regional trade flows in and out of the country remain essential, the UAE's push for food security and domestic production are a priority and will be prominent on the agenda during next year's climate summit, Cop28, which the UAE will host.
As Ms Mheiri wrote in The National earlier this year: "We can only harness the full potential of innovation to tackle global challenges if we work together to achieve our common goals".
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
Mobile phone packages comparison
A timeline of the Historical Dictionary of the Arabic Language
- 2018: Formal work begins
- November 2021: First 17 volumes launched
- November 2022: Additional 19 volumes released
- October 2023: Another 31 volumes released
- November 2024: All 127 volumes completed
The team
Photographer: Mateusz Stefanowski at Art Factory
Videographer: Jear Valasquez
Fashion director: Sarah Maisey
Make-up: Gulum Erzincan at Art Factory
Model: Randa at Art Factory Videographer’s assistant: Zanong Magat
Photographer’s assistant: Sophia Shlykova
With thanks to Jubail Mangrove Park, Jubail Island, Abu Dhabi
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
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.”
Brief scores
Barcelona 2
Pique 36', Alena 87'
Villarreal 0
Fourth Arab Economic and Social Development Summit
As he spoke, Mr Aboul Gheit repeatedly referred to the need to tackle issues affecting the welfare of people across the region both in terms of preventing conflict and in pushing development.
Lebanon is scheduled to host the fourth Arab Economic and Social Development Summit in January that will see regional leaders gather to tackle the challenges facing the Middle East. The last such summit was held in 2013. Assistant Secretary-General Hossam Zaki told The National that the Beirut Summit “will be an opportunity for Arab leaders to discuss solely economic and social issues, the conference will not focus on political concerns such as Palestine, Syria or Libya". He added that its slogan will be “the individual is at the heart of development”, adding that it will focus on all elements of human capital.
THE BIO
Ms Al Ameri likes the variety of her job, and the daily environmental challenges she is presented with.
Regular contact with wildlife is the most appealing part of her role at the Environment Agency Abu Dhabi.
She loves to explore new destinations and lives by her motto of being a voice in the world, and not an echo.
She is the youngest of three children, and has a brother and sister.
Her favourite book, Moby Dick by Herman Melville helped inspire her towards a career exploring the natural world.