Mariam Al Mheiri, Minister of Climate Change and Environment and Minister of State for Food Security. Photo: Mariam Al Mheiri / Twitter
Mariam Al Mheiri, Minister of Climate Change and Environment and Minister of State for Food Security. Photo: Mariam Al Mheiri / Twitter
Mariam Al Mheiri, Minister of Climate Change and Environment and Minister of State for Food Security. Photo: Mariam Al Mheiri / Twitter
Mariam Al Mheiri, Minister of Climate Change and Environment and Minister of State for Food Security. Photo: Mariam Al Mheiri / Twitter

UAE sets out six-month food security action plan to cut waste and prioritise local produce


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A UAE food security task force has launched an action plan to cut down on waste, prioritise local produce in the marketplace and embrace technology to tackle pressing challenges facing the country and the world.

The Emirates Food Security Council, of which Mariam Al Mheiri, Minister of Climate Change and Environment, is chairwoman, set out a list of recommendations at its first meeting of the year.

The council called for agriculture and food data to be used at local and federal levels to inform decision-making, a unified mechanism to be established to address food waste, support to be given to agriculture accelerator programmes and the adoption of price controls on food imports that compete with local products.

The series of measures also included incentivising the hospitality and catering sector to buy local agricultural products and regulating promotions by major retailers that hinder the competitiveness and profitability of local products.

The council also encouraged an increased focus on research and development for modern technology to help agriculture in the Middle East climate.

Council members recommended a dedicated team be set up to develop and introduce solutions to food security challenges within six months.

A number of ministries were represented at the meeting. They included the Ministry of Climate Change and Environment, the Ministry of Energy and Infrastructure, the Ministry of Health and Prevention, the Ministry of Education and the Ministry of Industry and Advanced Technology, along with several local departments.

Ms Al Mheiri said the council had an integral role to play in achieving the goals of the UAE’s National Food Security Strategy 2051.

“The UAE works to meet its goal of ranking at the top of the Global Food Security Index by 2051 through utilising data to inform strategies that advance the transition to a sustainable future, and ensuring the provision of safe and healthy food at affordable prices,” she said.

The Emirates Food Security Council examined global food security challenges and their local repercussions during its first meeting of 2022. Photo: Emirates Food Security Council
The Emirates Food Security Council examined global food security challenges and their local repercussions during its first meeting of 2022. Photo: Emirates Food Security Council

“We look forward to more achievements in the food security space in 2022.

“We must understand urgent global challenges if we want to confront them and overcome food insecurity. This requires everyone to view food from a holistic perspective as a pivotal factor in achieving a qualitative shift towards a better future, which the country is driving by investing in agritech and collaborating with international organisations, agricultural entities and other stakeholders.”

Ms Al Mheiri said food security was a priority for the Emirates and stressed the importance of supporting the sector in the face of the pandemic and conflicts that are disrupting global supply chains.

The UAE is developing action plans to improve food security, including that of water, by developing local agriculture and investing in high-tech farming methods that can boost production in its arid climate.

The National Food Security Strategy 2051 aims to put the UAE at the top of the Global Food Security Index, forge international partnerships to diversify food sources, improve nutrition and introduce legislation to reduce waste.

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.”

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Company profile

Company name: Suraasa

Started: 2018

Founders: Rishabh Khanna, Ankit Khanna and Sahil Makker

Based: India, UAE and the UK

Industry: EdTech

Initial investment: More than $200,000 in seed funding

The specs: 2018 Jeep Compass

Price, base: Dh100,000 (estimate)

Engine: 2.4L four-cylinder

Transmission: Nine-speed automatic

Power: 184bhp at 6,400rpm

Torque: 237Nm at 3,900rpm

Fuel economy, combined: 9.4L / 100km

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Updated: March 27, 2022, 3:39 PM