The UAE has announced a nationwide action plan to cut food waste by 50 per cent by 2030.
Mariam Al Mheiri, Minister of Climate Change and Environment, set out the UAE's plan to eliminate food waste as she unveiled the Ne’ma Food Loss and Waste Reduction Roadmap on Sunday.
The wide-ranging strategy will focus on changing attitudes towards food loss and developing more sustainable practices across the public and private sector.
More than 200 interviews have been carried out with leading companies and organisations across the industry – including Jumeirah Group, Hilton Group, Rotana Group and Expo City – who all signed agreements with the UAE's food loss and waste initiative, Ne'ma, to embrace food loss and waste reduction as a priority.
This was announced on Sunday at the fourth National Dialogue on Food Security, which was held under the theme Call for Change: Reducing Food Loss and Waste in the UAE.
Our goal is to become a nation where no food is wasted
Mariam Al Mheiri,
Minister of Climate Change and Environment
“With only a few days away to our nation hosting Cop28, this event underlines the strong commitment of the UAE in addressing all sectors that have a defining role in addressing the impact of climate change,” Ms Al Mheiri said.
“And food and agriculture systems play a pivotal role in this regard, especially with food loss and waste one of the core challenges that humanity must address as a priority.”
Khuloud Al Nuwais, who leads Ne'ma, said this week that fines could eventually be imposed on households generating high levels of food waste.
Ne'ma was established in March 2022 to co-ordinate government agencies, the private sector, non-government organisations and society to reduce food loss and waste across the supply chain.
The transformation of food and agricultural systems will be placed high on the agenda at the climate conference, which begins next week.
Ms Al Mheiri is at the forefront of that push, having announced the Cop28 Food Systems and Agricultural Agenda this year.
“The importance of addressing food loss and waste is a strategic imperative for the world,” she said.
“Today, one third of food produced for human consumption is lost or wasted globally. Further, it is estimated that all the food produced but never eaten would be sufficient to feed two billion people.”
The UAE’s plan at Cop28 is to limit food wastage and the carbon impact of the food served while inviting other countries to ratify the Emirates Declaration on Resilient Food Systems, Sustainable Agriculture and Climate Action.
“Our goal is to become a nation where no food is wasted,” Ms Al Mheiri said.
Ahmed Al Shamsi, chief executive of the Emirates Foundation charitable organisation, said: “This new road map is incredibly important as we recognise the profound impact of food loss on our shared goals of food security, sustainable consumption, and the cultivation of circular ecosystems.
“Addressing the challenges of today requires a united effort grounded in a shared understanding of the intricate relationship between food loss and these critical objectives.
“It is incumbent upon us to acknowledge that every piece of wasted food is a missed opportunity to alleviate hunger and reduce environmental strain.
“Through a collective commitment to responsible consumption, we can forge a path towards a more sustainable future. Let us, as global citizens, work together to minimise waste, maximise efficiency, and foster a resilient food system that not only nourishes the present but preserves the abundance of our planet for generations to come.”
RESULTS
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Zia Mashwani (PAK) bt Chris Corton (PHI)
Super lightweight:
Flavio Serafin (BRA) bt Mohammad Al Khatib (JOR)
Super lightweight:
Dwight Brooks (USA) bt Alex Nacfur (BRA)
Bantamweight:
Tariq Ismail (CAN) bt Jalal Al Daaja (JOR)
Featherweight:
Abdullatip Magomedov (RUS) bt Sulaiman Al Modhyan (KUW)
Middleweight:
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Middleweight:
Rustam Chsiev (RUS) bt Tarek Suleiman (SYR)
Welterweight:
Khamzat Chimaev (SWE) bt Mzwandile Hlongwa (RSA)
Lightweight:
Alex Martinez (CAN) bt Anas Siraj Mounir (MAR)
Welterweight:
Jarrah Al Selawi (JOR) bt Abdoul Abdouraguimov (FRA)
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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.”