Badr Al Olama, head of the organising committee for the Global Manufacturing and Industrialisation Summit, which hands out the prize each year, said the coronavirus pandemic has led to greater need for innovative solutions that can help the world's most disadvantaged people. Courtesy: Global Maker Challenge
Badr Al Olama, head of the organising committee for the Global Manufacturing and Industrialisation Summit, which hands out the prize each year, said the coronavirus pandemic has led to greater need for innovative solutions that can help the world's most disadvantaged people. Courtesy: Global Maker Challenge
Badr Al Olama, head of the organising committee for the Global Manufacturing and Industrialisation Summit, which hands out the prize each year, said the coronavirus pandemic has led to greater need for innovative solutions that can help the world's most disadvantaged people. Courtesy: Global Maker Challenge
Badr Al Olama, head of the organising committee for the Global Manufacturing and Industrialisation Summit, which hands out the prize each year, said the coronavirus pandemic has led to greater need fo

Solar-powered fridge among the winners of Ruler of Dubai's $1m innovation prize


Gillian Duncan
  • English
  • Arabic

The African maker of a solar-powered cold storage unit for rural farmers is among four companies to win a $1 million (Dh3.67m) prize set up by the Ruler of Dubai.

The Global Maker Challenge invited businesses around the world to pitch ideas which could benefit the world’s poorest people.

The Mohammed bin Rashid Initiative for Global Prosperity, which runs the challenge, said the finalists were selected from more than 3,400 entries.

Among the winners is ColdHubs, a Nigerian company that provides solar-powered, walk-in cold storage for perishable foods produced by rural farmers in developing countries.

They are particularly effective in areas where farmers’ markets are common. But many of these lack cold storage, meaning food can be wasted.

“Food is precious,” said Nnaemeka Ikegwuonu, the chief executive of ColdHubs. “The cold room can be installed in open markets and I and my team strongly believe with so much advancement in science and technology there is no need for food to spoil.”

The Simbi Foundation, based in Vancouver, produces solar-powered learning classrooms that provide access to digital education in low income areas and refugee camps. It was among the winners this year.
The Simbi Foundation, based in Vancouver, produces solar-powered learning classrooms that provide access to digital education in low income areas and refugee camps. It was among the winners this year.

The other three winners include the Simbi Foundation, a developer of solar-powered learning centres that gives access to digital education; Plastics for Change, an ethical sourcing platform; and Poket, a crowd-sourced registry of offline merchants that can map rural supply chains.

The prize was split into different challenges - solving challenges refugees face when accessing services and how to ensure growing populations can access healthy and sustainable food were only two. The 20 finalists used machine learning, artificial intelligence, smart materials or cloud networks to devise solutions to these problems.

The companies, along with eight runners-up, will now receive financial prizes, mentorship and access to global organisations worth up to $1 million.

Judges included members of Massachusetts Institute of Technology’s “Solve initiative” – a programme that seeks solutions from tech entrepreneurs to address the world’s most pressing problems – alongside 47 other experts.

“The whole world has been shaken by the coronavirus pandemic but the strength of this year’s cohort has given us hope for the future,” said Badr Al Olama, head of the organising committee for the Global Manufacturing and Industrialisation Summit, which hands out the prize each year.

“Our maker community put forward localised solutions for global problems, and ... we can ensure that these inspiring innovations reach those who need it most.

“At the Mohammed bin Rashid Initiative for Global Prosperity, we believe that by demonstrating cohesiveness and having a shared destiny, we can strive towards a brighter future for all.”

The runners-up:

ID2020 – a digital platform that gives displaced people greater ownership of their own healthcare records, educational certificates and professional credentials.

Stixfresh – developed stickers that create a protective layer around fresh food to slow down spoiling, providing economic benefit for small farmers without climate-controlled warehouses.

Agricycle Global – zero-electricity food dryer technology that connects rural farmers to international markets.

AlgiKnit – provides a sustainable fibre for the fashion industry that is biodegradable, comfortable and low-cost.

Nilus – a social enterprise platform that creates a cheap and healthy food digital marketplace for low-income people.

Fantine – blockchain-enabled marketplace that allows coffee farmers to deal directly with roasters and buyers.

Aquacycl – has built a fuel cell capable of generating electricity from wastewater

Aiyin – runs virtual reality learning spaces for facilities without the physical and monetary capacity to build real ones.

Pakistan Super League

Previous winners

2016 Islamabad United

2017 Peshawar Zalmi

2018 Islamabad United

2019 Quetta Gladiators

 

Most runs Kamran Akmal – 1,286

Most wickets Wahab Riaz –65

What is the definition of an SME?

SMEs in the UAE are defined by the number of employees, annual turnover and sector. For example, a “small company” in the services industry has six to 50 employees with a turnover of more than Dh2 million up to Dh20m, while in the manufacturing industry the requirements are 10 to 100 employees with a turnover of more than Dh3m up to Dh50m, according to Dubai SME, an agency of the Department of Economic Development.

A “medium-sized company” can either have staff of 51 to 200 employees or 101 to 250 employees, and a turnover less than or equal to Dh200m or Dh250m, again depending on whether the business is in the trading, manufacturing or services sectors. 

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How to register as a donor

1) Organ donors can register on the Hayat app, run by the Ministry of Health and Prevention

2) There are about 11,000 patients in the country in need of organ transplants

3) People must be over 21. Emiratis and residents can register. 

4) The campaign uses the hashtag  #donate_hope

Emergency

Director: Kangana Ranaut

Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry 

Rating: 2/5

The specs: 2018 Mercedes-Benz E 300 Cabriolet

Price, base / as tested: Dh275,250 / Dh328,465

Engine: 2.0-litre four-cylinder

Power: 245hp @ 5,500rpm

Torque: 370Nm @ 1,300rpm

Transmission: Nine-speed automatic

Fuel consumption, combined: 7.0L / 100km

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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MOUNTAINHEAD REVIEW

Starring: Ramy Youssef, Steve Carell, Jason Schwartzman

Director: Jesse Armstrong

Rating: 3.5/5

GOLF’S RAHMBO

- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)

About RuPay

A homegrown card payment scheme launched by the National Payments Corporation of India and backed by the Reserve Bank of India, the country’s central bank

RuPay process payments between banks and merchants for purchases made with credit or debit cards

It has grown rapidly in India and competes with global payment network firms like MasterCard and Visa.

In India, it can be used at ATMs, for online payments and variations of the card can be used to pay for bus, metro charges, road toll payments

The name blends two words rupee and payment

Some advantages of the network include lower processing fees and transaction costs

 

 

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Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.

UAE currency: the story behind the money in your pockets
The National Archives, Abu Dhabi

Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.

Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en

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Coming soon

Torno Subito by Massimo Bottura

When the W Dubai – The Palm hotel opens at the end of this year, one of the highlights will be Massimo Bottura’s new restaurant, Torno Subito, which promises “to take guests on a journey back to 1960s Italy”. It is the three Michelinstarred chef’s first venture in Dubai and should be every bit as ambitious as you would expect from the man whose restaurant in Italy, Osteria Francescana, was crowned number one in this year’s list of the World’s 50 Best Restaurants.

Akira Back Dubai

Another exciting opening at the W Dubai – The Palm hotel is South Korean chef Akira Back’s new restaurant, which will continue to showcase some of the finest Asian food in the world. Back, whose Seoul restaurant, Dosa, won a Michelin star last year, describes his menu as,  “an innovative Japanese cuisine prepared with a Korean accent”.

Dinner by Heston Blumenthal

The highly experimental chef, whose dishes are as much about spectacle as taste, opens his first restaurant in Dubai next year. Housed at The Royal Atlantis Resort & Residences, Dinner by Heston Blumenthal will feature contemporary twists on recipes that date back to the 1300s, including goats’ milk cheesecake. Always remember with a Blumenthal dish: nothing is quite as it seems. 

MATCH INFO

Tottenham Hotspur 1
Kane (50')

Newcastle United 0

MATCH INFO

Uefa Champions League semi-final, second leg result:

Ajax 2-3 Tottenham

Tottenham advance on away goals rule after tie ends 3-3 on aggregate

Final: June 1, Madrid

Dubai World Cup prize money

Group 1 (Purebred Arabian) 2000m Dubai Kahayla Classic - $750,000
Group 2 1,600m(Dirt) Godolphin Mile - $750,000
Group 2 3,200m (Turf) Dubai Gold Cup – $750,000
Group 1 1,200m (Turf) Al Quoz Sprint – $1,000,000
Group 2 1,900m(Dirt) UAE Derby – $750,000
Group 1 1,200m (Dirt) Dubai Golden Shaheen – $1,500,000
Group 1 1,800m (Turf) Dubai Turf –  $4,000,000
Group 1 2,410m (Turf) Dubai Sheema Classic – $5,000,000
Group 1 2,000m (Dirt) Dubai World Cup– $12,000,000