Haythem Riahi, founder of Circa Biotech, with Mariam Al Mheiri, Minister of Climate Change and Environment, and Minister of State for Food Security. The company is in the final round of the Global Food Tech Challenge. Photo: Global Food Tech Challenge
Haythem Riahi, founder of Circa Biotech, with Mariam Al Mheiri, Minister of Climate Change and Environment, and Minister of State for Food Security. The company is in the final round of the Global Food Tech Challenge. Photo: Global Food Tech Challenge
Haythem Riahi, founder of Circa Biotech, with Mariam Al Mheiri, Minister of Climate Change and Environment, and Minister of State for Food Security. The company is in the final round of the Global Food Tech Challenge. Photo: Global Food Tech Challenge
Haythem Riahi, founder of Circa Biotech, with Mariam Al Mheiri, Minister of Climate Change and Environment, and Minister of State for Food Security. The company is in the final round of the Global Foo

Three UAE start-ups make it to final round of $2 million FoodTech Challenge


Anjana Sankar
  • English
  • Arabic

Three UAE start-ups focused on solving hunger and food waste problems have made it to the final round of FoodTech Challenge.

Food ATM, a company that helps to provide food to people on lower incomes, Revoltech, which uses special freezing technology to retain the freshness and taste of frozen food, and Circa Biotech, a company that upcycles food waste into protein-rich animal feed, are among the 12 finalists.

More than 650 contestants from 79 countries signed up to participate.

Four winners will be announced in early 2023, sharing the $2 million prize money. Other finalists are from Israel, the Netherlands, Saudi Arabia, Singapore, Spain, the UK and the US.

The annual challenge was launched in September 2019 by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, the UAE Food and Water Security Office and Tamkeen, an Abu Dhabi company supporting the UAE's development of a knowledge-based economy.

Dh3 meal with Food ATM card

With Food ATM, founder Ayesha Khan provides a healthy meal to the less privileged for only Dh3.

Ms Khan, 46, launched the social initiative in March 2019 and has three such facilities — two in Ajman and one in Sharjah, with a fourth coming up in Ras Al Khaimah.

The workers receive a food voucher that resembles an ATM card which can be used to buy the heavily subsidised meal.

Ms Khan said she sold her property in India to launch the project and tries to source food products nearing expiry dates to keep the prices low. She said she manages to break even as she gets bulk orders from companies that buy these cards.

Food ATM's Dh3 meal. The company sells 50,000 such meals every day. Photo: Global Food Tech Challenge
Food ATM's Dh3 meal. The company sells 50,000 such meals every day. Photo: Global Food Tech Challenge

“All these workers send most of their money back home to support their families. So, I decided to make a smartcard which does not have money but offers them three daily meals a day,” she told The National.

"We prepare 50,000 meals every day, which includes packets of breakfast, lunch and dinner.

"More people bought our food packets during the pandemic as several companies did not have work and they opted for our low-cost meals for their workers."

Ms Khan said cooking was a stress buster for her.

“I hope workers can save the money they would otherwise spend on food and this may be used for other things, such as sending their children to school," she said.

Ms Khan now runs her own business and hopes to expand if she wins the prize. Currently, the business is in pre-seed stage.

The card can be used to buy a Dh3 meal. Photo: Global Food Tech Challenge
The card can be used to buy a Dh3 meal. Photo: Global Food Tech Challenge

Preparing frozen meals for the needy

Revoltech, the second UAE finalist, is trying to reduce food wastage with better freezing technology.

"Freezing is one of the oldest and most widely used methods of food preservation but newer technologies help to retain the taste, texture, and nutritional value in foods better," said Roman Bagiev, the company's founder and chief executive.

"We use electrostatic freezing which can reduce the freezing damage in food products by decreasing ice crystal size.

"We use hyper pads that are portable plug-and-play devices for blast freezers, also known as shock freezers. These freezers are designed to very rapidly bring down the temperature of the contents being stored.

"Our hyper pads can double the freezing speed as the size of ice crystals become smaller and prevents water separation.

"This keeps the food fresh and retains nutrients for a longer time. Then, our hyper freezers are extremely powerful. It is a cost-effective alternative to traditional methods of food freezing and chilling that use hydrogen.

"Our mission is to reduce food waste and hunger problems and change the way people eat. So we ask kitchens and restaurants not to throw unused food. Instead, we use the ingredients to prepare meals, freeze them and send them to people in need."

Mr Bagiev said the frozen food remains good for six months to a year without any change in taste and nutrition.

The company claims it has developed this freezing technology and is trying to get it patented. It is already being used around the country.

With the project in pre-seed stage, the company said it was looking to team up with hotels. Products are ready to be distributed in the market, Mr Bagiev said.

Animal feed from food waste

Circa Biotech, a UAE-based Agritech company, uses food waste and turns it into animal feed.

It uses black soldier fly larvae to metabolise food waste into proteins and fats that can be used to feed animals.

“It’s commercially viable to locally produce animal feed for aquaculture and chicken farms at an industrial scale, with a highly sustainable process,” said founder Haythem Riahi.

“It requires low amounts of water and a small area with almost no greenhouse gas emissions," he said. "At a full industrial scale, we plan to process 200 tonnes of food waste per day and produce 22,000 tonnes of animal feed per year."

Based in Masdar City Tech Park, the project will initially produce 1.5 tonnes of organic fertiliser per month.

The company has received funding from Masdar City as part of its Accelerator Programme.

Dubai's Food Tech Valley launched in 2020 — in pictures

  • Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, pictured with Minister of State for Food Security, Mariam Al Mheiri, at Food Tech Valley in May 2020.
    Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, pictured with Minister of State for Food Security, Mariam Al Mheiri, at Food Tech Valley in May 2020.
  • The sprawling Food Tech Valley aims to attract innovative businesses from across the globe
    The sprawling Food Tech Valley aims to attract innovative businesses from across the globe
  • Sheikh Mohammed bin Rashid tours the first phase of Dubai Food Tech Valley
    Sheikh Mohammed bin Rashid tours the first phase of Dubai Food Tech Valley
  • The new Food Tech Valley aims to bolster the country's food security
    The new Food Tech Valley aims to bolster the country's food security
  • Sheikh Mohammed bin Rashid said the food tech hub would serve as a global destination for start-ups and industry experts
    Sheikh Mohammed bin Rashid said the food tech hub would serve as a global destination for start-ups and industry experts
  • Sheikh Mohamed bin Rashid attends the launch of the first phase of Food Tech Valley
    Sheikh Mohamed bin Rashid attends the launch of the first phase of Food Tech Valley
  • The new global centre for food security will be key to enhancing the nation's food security plans for years to come
    The new global centre for food security will be key to enhancing the nation's food security plans for years to come

KEY HIGHLIGHTS

Healthcare spending to double to $2.2 trillion rupees

Launched a 641billion-rupee federal health scheme

Allotted 200 billion rupees for the recapitalisation of state-run banks

Around 1.75 trillion rupees allotted for privatisation and stake sales in state-owned assets

ESSENTIALS

The flights 
Fly Etihad or Emirates from the UAE to Moscow from 2,763 return per person return including taxes. 
Where to stay 
Trips on the Golden Eagle Trans-Siberian cost from US$16,995 (Dh62,414) per person, based on two sharing.

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MATCH INFO

Manchester United v Brighton, Sunday, 6pm UAE

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

Abu Dhabi racecard

5pm: Maiden (Purebred Arabians); Dh80,000; 1,400m.
5.30pm: Maiden (PA); Dh80,00; 1,400m.
6pm: Sheikh Zayed bin Sultan Al Nahyan National Day Cup (PA); Group 3; Dh500,000; 1,600m.
6.30pm: Sheikh Zayed bin Sultan Al Nahyan National Day Cup (Thoroughbred); Listed; Dh380,000; 1,600m
7pm: Wathba Stallions Cup for Private Owners Handicap (PA); Dh70,000; 1,400m.
7.30pm: Handicap (PA); Dh80,000; 1,600m

While you're here

Schedule:

Pakistan v Sri Lanka:
28 Sep-2 Oct, 1st Test, Abu Dhabi
6-10 Oct, 2nd Test (day-night), Dubai
13 Oct, 1st ODI, Dubai
16 Oct, 2nd ODI, Abu Dhabi
18 Oct, 3rd ODI, Abu Dhabi
20 Oct, 4th ODI, Sharjah
23 Oct, 5th ODI, Sharjah
26 Oct, 1st T20I, Abu Dhabi
27 Oct, 2nd T20I, Abu Dhabi
29 Oct, 3rd T20I, Lahore

The biog

Name: Samar Frost

Born: Abu Dhabi

Hobbies: Singing, music and socialising with friends

Favourite singer: Adele

THE BIO

Favourite car: Koenigsegg Agera RS or Renault Trezor concept car.

Favourite book: I Am Pilgrim by Terry Hayes or Red Notice by Bill Browder.

Biggest inspiration: My husband Nik. He really got me through a lot with his positivity.

Favourite holiday destination: Being at home in Australia, as I travel all over the world for work. It’s great to just hang out with my husband and family.

 

 

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.”

How does ToTok work?

The calling app is available to download on Google Play and Apple App Store

To successfully install ToTok, users are asked to enter their phone number and then create a nickname.

The app then gives users the option add their existing phone contacts, allowing them to immediately contact people also using the application by video or voice call or via message.

Users can also invite other contacts to download ToTok to allow them to make contact through the app.

 

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The biog

Hometown: Birchgrove, Sydney Australia
Age: 59
Favourite TV series: Outlander Netflix series
Favourite place in the UAE: Sheikh Zayed Grand Mosque / desert / Louvre Abu Dhabi
Favourite book: Father of our Nation: Collected Quotes of Sheikh Zayed bin Sultan Al Nahyan
Thing you will miss most about the UAE: My friends and family, Formula 1, having Friday's off, desert adventures, and Arabic culture and people
 

The specs

Engine: 3-litre twin-turbo V6

Power: 400hp

Torque: 475Nm

Transmission: 9-speed automatic

Price: From Dh215,900

On sale: Now

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Biography

Her family: She has four sons, aged 29, 27, 25 and 24 and is a grandmother-of-nine

Favourite book: Flashes of Thought by Sheikh Mohammed bin Rashid

Favourite drink: Water

Her hobbies: Reading and volunteer work

Favourite music: Classical music

Her motto: I don't wait, I initiate

 

 

 

 

 

Updated: November 21, 2022, 6:31 AM