UAE's FoodTech Challenge returns with a $2m prize pot


Gillian Duncan
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A competition introduced by the UAE to deliver high-tech solutions to pressing food security challenges facing the world is doubling its prize fund this year.

The second run of the FoodTech Challenge, which is aimed at early stage start-ups, will offer a prize pool of $2 million and a high-profile platform to turn ideas into reality.

It is seeking to attract entries related to managing food production, loss and waste to improve availability and sustainability.

Applications are welcome internationally from university-based research teams, individual entrepreneurs, small companies and others.

The first event was held in 2020, having been announced the previous year by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai.

“The importance of food security has never been more pertinent, with supply chain challenges and climate change disrupting the world as we know it,” said Mariam Al Mheiri, Minister of Climate Change and Environment for the UAE.

“The pressure is on for us to rethink food for the future, to rethink resilient agricultural practices, and to leverage the best of technological advancements in doing so.”

The challenge is organised by the ministry and Tamkeen, an Abu Dhabi company supporting the UAE's development of a knowledge-based economy.

They will work with local partners in the UAE to help develop the ideas.

Rima Al Mokarrab, chair of Tamkeen, said the second FoodTech Challenge will support the finalists end to end to develop their ideas.

“The second FoodTech Challenge is designed as a comprehensive initiative that ensures innovators are championed throughout the innovation cycle with everything from R & D support, licensing, market insights, access to capital, corporate partnership and more,” she said.

“To do so, each of our partners — Aspire, ADQ, Silal, the Emirates Foundation — plays a critical role in attracting, developing, and scaling innovation in UAE. Together, they present innovators with an unparalleled opportunity to develop and deploy tech-enabled solutions for our food security challenges at speed and at scale.”

Ms Al Mokarrab said food security is a complex challenge that cuts across borders and requires a collaborative approach.

“AI, robotics, low-cost sensors, the Internet of Things (IoT), and bioengineering — these are some of the key technologies transforming agricultural practices and the global food supply chain today.

“We are calling on innovators to leverage these technologies — and others — for the particular challenges faced by UAE, challenges, I might add, that are also shared by other countries with a similar climate and natural environment.

“The solutions to our challenges, ultimately, would also contribute to the global food security tool kit.”

The FoodTech Challenge is co-chaired by HE Mariam Almheiri, Minister of Climate Change and Environment, and Rima Al Mokarrab, Chair of Tamkeen. Photo: FoodTech
The FoodTech Challenge is co-chaired by HE Mariam Almheiri, Minister of Climate Change and Environment, and Rima Al Mokarrab, Chair of Tamkeen. Photo: FoodTech

Applications will remain open until June, when submissions will be shortlisted.

The top 10 teams will present their business cases at the Awarding Ceremony in November. Entrants can submit their applications via the challenge's website.

The first edition attracted 437 applications from across 68 countries.

The four winners, who were each awarded $100,000, included a start-up that produced a light-emitting device to help fishermen attract the right catch.

The UAE has embraced advanced technology as a key tool to bolstering food security.

Last May, Dubai unveiled a major new food technology hub set to act as a "global destination" for enterprising businesses and a key driver of the emirate's economy.

Sheikh Mohammed said Food Tech Valley would help further develop vertical farming and other advanced agriculture technologies and bolster the UAE's food security.

The state-of-the-art centre aims to triple the UAE's food production and make the country more self-sustainable.

French business

France has organised a delegation of leading businesses to travel to Syria. The group was led by French shipping giant CMA CGM, which struck a 30-year contract in May with the Syrian government to develop and run Latakia port. Also present were water and waste management company Suez, defence multinational Thales, and Ellipse Group, which is currently looking into rehabilitating Syrian hospitals.

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Stars: Dave Bautista, Ella Purnell, Omari Hardwick, Ana de la Reguera

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How to invest in gold

Investors can tap into the gold price by purchasing physical jewellery, coins and even gold bars, but these need to be stored safely and possibly insured.

A cheaper and more straightforward way to benefit from gold price growth is to buy an exchange-traded fund (ETF).

Most advisers suggest sticking to “physical” ETFs. These hold actual gold bullion, bars and coins in a vault on investors’ behalf. Others do not hold gold but use derivatives to track the price instead, adding an extra layer of risk. The two biggest physical gold ETFs are SPDR Gold Trust and iShares Gold Trust.

Another way to invest in gold’s success is to buy gold mining stocks, but Mr Gravier says this brings added risks and can be more volatile. “They have a serious downside potential should the price consolidate.”

Mr Kyprianou says gold and gold miners are two different asset classes. “One is a commodity and the other is a company stock, which means they behave differently.”

Mining companies are a business, susceptible to other market forces, such as worker availability, health and safety, strikes, debt levels, and so on. “These have nothing to do with gold at all. It means that some companies will survive, others won’t.”

By contrast, when gold is mined, it just sits in a vault. “It doesn’t even rust, which means it retains its value,” Mr Kyprianou says.

You may already have exposure to gold miners in your portfolio, say, through an international ETF or actively managed mutual fund.

You could spread this risk with an actively managed fund that invests in a spread of gold miners, with the best known being BlackRock Gold & General. It is up an incredible 55 per cent over the past year, and 240 per cent over five years. As always, past performance is no guide to the future.

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Losses: 4

While you're here
At a glance

- 20,000 new jobs for Emiratis over three years

- Dh300 million set aside to train 18,000 jobseekers in new skills

- Managerial jobs in government restricted to Emiratis

- Emiratis to get priority for 160 types of job in private sector

- Portion of VAT revenues will fund more graduate programmes

- 8,000 Emirati graduates to do 6-12 month replacements in public or private sector on a Dh10,000 monthly wage - 40 per cent of which will be paid by government

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Other ways to buy used products in the UAE

UAE insurance firm Al Wathba National Insurance Company (AWNIC) last year launched an e-commerce website with a facility enabling users to buy car wrecks.

Bidders and potential buyers register on the online salvage car auction portal to view vehicles, review condition reports, or arrange physical surveys, and then start bidding for motors they plan to restore or harvest for parts.

Physical salvage car auctions are a common method for insurers around the world to move on heavily damaged vehicles, but AWNIC is one of the few UAE insurers to offer such services online.

For cars and less sizeable items such as bicycles and furniture, Dubizzle is arguably the best-known marketplace for pre-loved.

Founded in 2005, in recent years it has been joined by a plethora of Facebook community pages for shifting used goods, including Abu Dhabi Marketplace, Flea Market UAE and Arabian Ranches Souq Market while sites such as The Luxury Closet and Riot deal largely in second-hand fashion.

At the high-end of the pre-used spectrum, resellers such as Timepiece360.ae, WatchBox Middle East and Watches Market Dubai deal in authenticated second-hand luxury timepieces from brands such as Rolex, Hublot and Tag Heuer, with a warranty.

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Polarised public

31% in UK say BBC is biased to left-wing views

19% in UK say BBC is biased to right-wing views

19% in UK say BBC is not biased at all

Source: YouGov

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1987

1954

1921

1888

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UAE currency: the story behind the money in your pockets
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Send “thenational” to the following numbers or call the hotline on: 0502955999
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Sukuk explained

Sukuk are Sharia-compliant financial certificates issued by governments, corporates and other entities. While as an asset class they resemble conventional bonds, there are some significant differences. As interest is prohibited under Sharia, sukuk must contain an underlying transaction, for example a leaseback agreement, and the income that is paid to investors is generated by the underlying asset. Investors must also be prepared to share in both the profits and losses of an enterprise. Nevertheless, sukuk are similar to conventional bonds in that they provide regular payments, and are considered less risky than equities. Most investors would not buy sukuk directly due to high minimum subscriptions, but invest via funds.

Types of bank fraud

1) Phishing

Fraudsters send an unsolicited email that appears to be from a financial institution or online retailer. The hoax email requests that you provide sensitive information, often by clicking on to a link leading to a fake website.

2) Smishing

The SMS equivalent of phishing. Fraudsters falsify the telephone number through “text spoofing,” so that it appears to be a genuine text from the bank.

3) Vishing

The telephone equivalent of phishing and smishing. Fraudsters may pose as bank staff, police or government officials. They may persuade the consumer to transfer money or divulge personal information.

4) SIM swap

Fraudsters duplicate the SIM of your mobile number without your knowledge or authorisation, allowing them to conduct financial transactions with your bank.

5) Identity theft

Someone illegally obtains your confidential information, through various ways, such as theft of your wallet, bank and utility bill statements, computer intrusion and social networks.

6) Prize scams

Fraudsters claiming to be authorised representatives from well-known organisations (such as Etisalat, du, Dubai Shopping Festival, Expo2020, Lulu Hypermarket etc) contact victims to tell them they have won a cash prize and request them to share confidential banking details to transfer the prize money.

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Updated: June 07, 2023, 4:36 PM