Store takes action to save the tuna



DUBAI // One of Europe's biggest retail groups is switching its policy on tuna amid growing concerns worldwide over the future of the fish. Marks & Spencer said that by the end of this month it would sell only pole-and-line or line-caught tuna for its fresh foods, from sandwiches to fresh steaks.

Conservationists say these two methods cause less damage to other marine species than using large nets, which kill turtles, dolphins, sharks and non-target fish. The UK-based retailer said it hoped to implement the same criteria for its canned tuna by the end of the year in all UAE stores. The public's taste for tuna is about to be severely examined by a new documentary investigating the environmental impact of industrialised fishing. The film, End of the Line, may make many seafood dishes unpalatable. It shows that many commercially exploited fish species come at a heavy extra price - the death of millions of other marine creatures, discarded as by-catch.

While the film, released nationwide in Britain yesterday, focuses on many fisheries, it is tuna that will attract the greatest attention. It charts the decline of bluefin tuna - which M&S has never stocked, but which is on the verge of extinction in the Mediterranean owing to demand for sushi and sashimi. Apart from a private screening at the premises of the Environment Agency - Abu Dhabi, the documentary is still little-known in the UAE, but the British debate has already had some impact here: M&S outlets in the Emirates will follow the UK's procurement policies.

"Since we source our products from M&S UK, the Gulf stores will also move over to stocking only pole and line-caught tuna at that time," said Dubai-based Natasha Tulsi, marketing manager for the brand. The changes will apply only to canned tuna as the retailer does not offer fresh tuna here. The restaurant chain Nobu has insisted it will keep serving bluefin while advising diners to choose more sustainable dishes.

Princes and John West tuna brands were criticised by Greenpeace last year for buying most of their fish from boats using purse seine nets, which snare other species thrown back into the sea dead. In the pole-and-line system, tuna attracted by bait thrown into the water are hooked on-board. Targeted line fishing is similar to angling. Both systems eliminate by-catch. Fast swimmers, tuna roam the ocean in large schools. Some species, such as the endangered bluefin, can reach up to several metres in size and individuals weighing as much as 900kg were common until the middle of last century, when industrialised fishing began.

Five tuna species are the most commonly targeted by fishermen. Skipjack is the most harvested, followed by yellowfin, bigeye, albacore and bluefin. Of the five, bluefin is by far the most expensive but also the one most at threat of extinction. "The majestic bluefin only represents 1.5 per cent of the landed volume of tuna, but its dollar value is astronomical. In 2001, a single bluefin tuna set an all-time record when it sold for US$173,600 (Dh637,550) in Japan," says Greenpeace on its website. Bluefin is usually eaten fresh, mostly in sushi and sashimi.

In November last year, Greenpeace activists dumped five tonnes of tuna heads in front of the Ministry of Fisheries and Agriculture of France, in protest over the imminent collapse of the Mediterranean bluefin tuna fishery. In April the World Wide Fund for Nature warned the fishery in the Mediterranean and eastern Atlantic will be wiped out in three years if current fishing practices continue. The conservation status of the other commercially important tuna varies according to the species and the area where they are being caught.

The International Union for Conservation of Nature classifies yellowfin tuna as lower risk, while bigeye is considered vulnerable. Albacore tuna is listed as vulnerable in the North Atlantic but critically endangered in the South Atlantic. Skipjack, says Greenpeace, is not yet overfished, but it will not be able to sustain itself if fishing continues at current rates. The organisation also warns on by-catch. "Numerous other marine life are hooked and netted in the global tuna fisheries with 100 million sharks and tens of thousands of turtles killed every year, causing devastation to the entire marine ecosystems," it says.

A lack of information on where fish or fish products come from makes it difficult for consumers to weigh up the environmental impact if they buy tuna or order it at restaurants. The National surveyed supermarket aisles in Abu Dhabi and Dubai. Besides the tuna's price, nutritional value and - sometimes - the country of origin, no other information was on the packaging or in displays. In Carrefour, Spinney's and Lulu hypermarket outlets in Abu Dhabi, none of the fresh-fish sellers or supervisors knew what species of tuna they were selling. The same was true for sellers at the fish counter at Waitrose in Dubai Marina Mall.

An official from EAD said most fresh tuna sold in the capital was imported from Oman. There is, however, little information of just how the tuna is fished. Several tinned brands including Diamond, American, Rio Mare and Chef Way label their tuna as "light meat" which may mean skipjack, yellowfin or bluefin. None specified what kind of tuna the tin contained or how it was caught. One way of making a sustainable food choice is to look for the logo of the Marine Stewardship Council. The UK-based MSC has so far certified 47 sustainable fisheries from around the world. But this is still not sufficient to cover all the products on the market, let alone in the UAE where tuna products bearing the MSC's label are not available.

So what can consumers do? "I would avoid bluefin tuna, which is offered and clearly labelled at some expensive sushi restaurants here," said Barbara Lang-Lenton, a marine biologist and eco-diving instructor. "As a consumer you can never know for sure what is it that you are buying, so it is best not to indulge in tuna too much. Try to diversify your food choices and learn about other fish." vtodorova@thenational.ae

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.”

COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 
MATCH INFO

Burnley 0

Man City 3

Raheem Sterling 35', 49'

Ferran Torres 65'

 

 

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UK's plans to cut net migration

Under the UK government’s proposals, migrants will have to spend 10 years in the UK before being able to apply for citizenship.

Skilled worker visas will require a university degree, and there will be tighter restrictions on recruitment for jobs with skills shortages.

But what are described as "high-contributing" individuals such as doctors and nurses could be fast-tracked through the system.

Language requirements will be increased for all immigration routes to ensure a higher level of English.

Rules will also be laid out for adult dependants, meaning they will have to demonstrate a basic understanding of the language.

The plans also call for stricter tests for colleges and universities offering places to foreign students and a reduction in the time graduates can remain in the UK after their studies from two years to 18 months.

Skewed figures

In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458. 

UAE currency: the story behind the money in your pockets
Why seagrass matters
  • Carbon sink: Seagrass sequesters carbon up to 35X faster than tropical rainforests
  • Marine nursery: Crucial habitat for juvenile fish, crustations, and invertebrates
  • Biodiversity: Support species like sea turtles, dugongs, and seabirds
  • Coastal protection: Reduce erosion and improve water quality
Company%20profile
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Disability on screen

Empire — neuromuscular disease myasthenia gravis; bipolar disorder; post-traumatic stress disorder (PTSD)

Rosewood and Transparent — heart issues

24: Legacy — PTSD;

Superstore and NCIS: New Orleans — wheelchair-bound

Taken and This Is Us — cancer

Trial & Error — cognitive disorder prosopagnosia (facial blindness and dyslexia)

Grey’s Anatomy — prosthetic leg

Scorpion — obsessive compulsive disorder and anxiety

Switched at Birth — deafness

One Mississippi, Wentworth and Transparent — double mastectomy

Dragons — double amputee

The biog

Favourite car: Ferrari

Likes the colour: Black

Best movie: Avatar

Academic qualifications: Bachelor’s degree in media production from the Higher Colleges of Technology and diploma in production from the New York Film Academy

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