ABU DHABI // Ten new farmers' shops across the emirate will reopen by the end of this year, bringing local produce to a wider market.
The Farmers' Service Centre (FSC), a government body charged with making Abu Dhabi's farms more sustainable, has already renovated five Souq shops in Liwa, Sila and the capital in the past year, in the hope of getting more local food on plates.
The Souq chain was set up almost 30 years ago by Sheikh Zayed, the founder of the UAE. But it had not kept pace with the times, and by the time the FSC took over the shops in late 2010, they were in a somewhat sorry state.
"Many of these [shops] can be cramped and crowded and can create anxiety in a shopper," said Chris Hirst, the centre's chief executive.
"We want the souqs to be inviting so that shoppers can browse and think without having to rush out after picking up one of two things. They're meant to be as convenient as possible."
The changes have gone down well with consumers; sales at those five shops are a quarter up on last year.
"The stores seem to attract a nice mix of the entire Abu Dhabi population," said Mr Hirst. "This year, we have plans to reopen 10 new stores."
Most of the next batch of renovated stores are in Al Ain, with others in Abu Dhabi - including at the new market due to open in the Mushrif Mall - and Al Gharbia.
Some of the larger shops will include a bakery, a seafood counter and a butcher selling locally farmed meat. "This is a relatively new development," said Mr Hirst. The shops' signs will be in Arabic and English.
By the end of last year, the first five shops were all selling local produce, including dairy products, along with dry goods and basic items. The shop on Muroor Road also has an organic section.
"Lamb so far is only available at the Mina location but the chickens will be available throughout the Souq chain," said Mr Hirst.
The shops plan on stocking on local eggs next season and local camel meat soon.
The FSC is also sourcing its produce from more farms than before. From 300 farms in Al Ain and Abu Dhabi last year, it now buys from almost 1,000 farms.
"So we're seeing more diversity and volume to choose from and the quality has improved, especially as these farmers start to adopt new techniques and more efficient practices," said Mr Hirst.
Nayla Aklam, from Jordan, usually shops for her family at LuLu Hypermarkets but has recently started making stops at the FSC shops.
"I was a bit sceptical at first," she said. "But once I tried the tomatoes, cucumbers and fresh basil, I was pleasantly surprised."
She said the shelf life of local products is now much longer than that of imported tomatoes from Holland or iceberg lettuce from Spain.
"Imported food products I get from the supermarket usually last only a few days," said Ms Aklam. "But these local products last me at least a week, and they taste so much better than the imported items."
Still, she doubts many will give up imports. "It's a shame because people have the perception that imports are healthier or cleaner but it's really not the case," she said. "If my children can eat it and like it, then everyone else can."
cmalek@thenational.ae
Four reasons global stock markets are falling right now
There are many factors worrying investors right now and triggering a rush out of stock markets. Here are four of the biggest:
1. Rising US interest rates
The US Federal Reserve has increased interest rates three times this year in a bid to prevent its buoyant economy from overheating. They now stand at between 2 and 2.25 per cent and markets are pencilling in three more rises next year.
Kim Catechis, manager of the Legg Mason Martin Currie Global Emerging Markets Fund, says US inflation is rising and the Fed will continue to raise rates in 2019. “With inflationary pressures growing, an increasing number of corporates are guiding profitability expectations downwards for 2018 and 2019, citing the negative impact of rising costs.”
At the same time as rates are rising, central bankers in the US and Europe have been ending quantitative easing, bringing the era of cheap money to an end.
2. Stronger dollar
High US rates have driven up the value of the dollar and bond yields, and this is putting pressure on emerging market countries that took advantage of low interest rates to run up trillions in dollar-denominated debt. They have also suffered capital outflows as international investors have switched to the US, driving markets lower. Omar Negyal, portfolio manager of the JP Morgan Global Emerging Markets Income Trust, says this looks like a buying opportunity. “Despite short-term volatility we remain positive about long-term prospects and profitability for emerging markets.”
3. Global trade war
Ritu Vohora, investment director at fund manager M&G, says markets fear that US President Donald Trump’s spat with China will escalate into a full-blown global trade war, with both sides suffering. “The US economy is robust enough to absorb higher input costs now, but this may not be the case as tariffs escalate. However, with a host of factors hitting investor sentiment, this is becoming a stock picker’s market.”
4. Eurozone uncertainty
Europe faces two challenges right now in the shape of Brexit and the new populist government in eurozone member Italy.
Chris Beauchamp, chief market analyst at IG, which has offices in Dubai, says the stand-off between between Rome and Brussels threatens to become much more serious. "As with Brexit, neither side appears willing to step back from the edge, threatening more trouble down the line.”
The European economy may also be slowing, Mr Beauchamp warns. “A four-year low in eurozone manufacturing confidence highlights the fact that producers see a bumpy road ahead, with US-EU trade talks remaining a major question-mark for exporters.”
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The Africa Institute 101
Housed on the same site as the original Africa Hall, which first hosted an Arab-African Symposium in 1976, the newly renovated building will be home to a think tank and postgraduate studies hub (it will offer master’s and PhD programmes). The centre will focus on both the historical and contemporary links between Africa and the Gulf, and will serve as a meeting place for conferences, symposia, lectures, film screenings, plays, musical performances and more. In fact, today it is hosting a symposium – 5-plus-1: Rethinking Abstraction that will look at the six decades of Frank Bowling’s career, as well as those of his contemporaries that invested social, cultural and personal meaning into abstraction.
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