Technological investments in aquaculture are critical for national food security, the Minister of State for Food Security said on Wednesday.
Mariam Al Mheiri said the closure of international borders and interruption of food supply chains due to Covid-19 highlighted the importance of developing the sector.
On Wednesday, she told scientists and fisheries experts the UAE was building a national road map for aquaculture.
Aquaculture refers to the breeding, rearing, and harvesting of fish and other marine life in all forms of water environments.
Aquaculture is without a doubt one of the most important and efficient food sectors in the UAE
“In view of the effects of the pandemic we are currently experiencing and, aligned with the strategic directions of the national security strategy, aquatech is one of the sectors we need to ramp up,” Ms Al Mheiri said.
“Aquaculture is without a doubt one of the most important and efficient food sectors in the UAE, representing an efficient way to grow high-value protein without using large amounts of our most precious resource, which is fresh water.”
Aquaculture has become the world’s fastest growing food producing sector. It currently accounts for about half of the world’s fish consumption.
The UAE consumes about 220,000 tonnes of seafood annually, with imports covering 75 per cent of this figure.
But local aquaculture only accounts for less than 2 per cent of the seafood eaten in the UAE and wild catch fisheries are stressed.
Each UAE residents eats an average of 25 kilograms of seafood a year, a fifth higher than the global average.
Aquaculture is expected to become one of the country’s “breakout industries”, Ms Al Mheiri said.
“The private sector are a crucial backbone in our blueprint for aquaculture in the UAE,” she said. “It is crucial that we attract more investment into this sector.”
Ms Al Mheiri also introduced a document that set out investment opportunities in the local sector.
To date, the UAE government has invested more than Dh200 million to develop hatcheries and fish farms.
Investments include an upgrade to the hatchery at Sheikh Khalifa Marine Research Centre in Umm Al Quwain, which was able to treble production capacity to 30 million juvenile fish a year.
Investments like these have allowed aquaculture production to increase from 500 tonnes per year to more than 3,255 tonnes in five years but it still represents a small amount of the country’s needs.
More investment and research will be needed, said participants.
The Food and Agriculture Organisation of the UN is working with the federal and local governments to fill in the gaps in five areas of aquaculture. These are biosecurity, statistics, markets, offshore aquaculture and contained aquaculture systems that recirculate water.
“The past months have shown our food security cannot be taken for granted anymore and the strategy developments to ensure the food supply for many countries needed to be revisited,” said Dino Francescutti, the FAO sub-regional co-ordinator for GCC States and Yemen.
“Covid-19 also highlighted the importance of local production, as well as the role of innovation to overcome constraints, in particular for the fish supply chain.”
Most of the country’s farmed fish will be for local consumption, with an eye to exporting processed fish, said Essa Al Hashmi, the head of the Food Security Office at the Prime Minister’s Office.
“At this stage it is an integrated approach where we want to make sure that this industry is competitive to keep it for the local market,” he said.
“From that perspective as you may notice most aquaculture are focusing on species that are imported, so when it comes to the aquaculture sector, yes we are looking at priorities based on market demand and this should allow a fair competition with existing fisheries.”
To that end, the question was raised about further research on species suited to the extremes of the Gulf that could thrive in captivity.
Species in high demand at markets include cobia, hammour, safi (rabbit fish), and sheri (spangled emperor). But not every species is suited to farming.
“Whatever we do, it’s a question of economics,” said Alessandro Lovatelli, an aquaculture office at the FAO. “I don’t see how farming salmon in the United Arab Emirates or sturgeon can feed the masses. It’s a bit of a niche market.
“So I think looking at technologies and investing in research and development technologies that will result in the cheaper of production of fish is worth looking into.”
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Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
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.”
Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
Top 10 in the F1 drivers' standings
1. Sebastian Vettel, Ferrari 202 points
2. Lewis Hamilton, Mercedes-GP 188
3. Valtteri Bottas, Mercedes-GP 169
4. Daniel Ricciardo, Red Bull Racing 117
5. Kimi Raikkonen, Ferrari 116
6. Max Verstappen, Red Bull Racing 67
7. Sergio Perez, Force India 56
8. Esteban Ocon, Force India 45
9. Carlos Sainz Jr, Toro Rosso 35
10. Nico Hulkenberg, Renault 26
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)
Armies of Sand
By Kenneth Pollack (Oxford University Press)
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Most sought after workplace benefits in the UAE
- Flexible work arrangements
- Pension support
- Mental well-being assistance
- Insurance coverage for optical, dental, alternative medicine, cancer screening
- Financial well-being incentives
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
EA Sports FC 24
Madrid Open schedule
Men's semi-finals
Novak Djokovic (1) v Dominic Thiem (5) from 6pm
Stefanos Tsitsipas (8) v Rafael Nadal (2) from 11pm
Women's final
Simona Halep (3) v Kiki Bertens (7) from 8.30pm
Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
MATCH INFO
Quarter-finals
Saturday (all times UAE)
England v Australia, 11.15am
New Zealand v Ireland, 2.15pm
Sunday
Wales v France, 11.15am
Japan v South Africa, 2.15pm
The Lowdown
Kesari
Rating: 2.5/5 stars
Produced by: Dharma Productions, Azure Entertainment
Directed by: Anubhav Singh
Cast: Akshay Kumar, Parineeti Chopra
Results
5pm: Wadi Nagab – Maiden (PA) Dh80,000 (Turf) 1,200m; Winner: Al Falaq, Antonio Fresu (jockey), Ahmed Al Shemaili (trainer)
5.30pm: Wadi Sidr – Handicap (PA) Dh80,000 (T) 1,200m; Winner: AF Majalis, Tadhg O’Shea, Ernst Oertel
6pm: Wathba Stallions Cup – Handicap (PA) Dh70,000 (T) 2,200m; Winner: AF Fakhama, Fernando Jara, Mohamed Daggash
6.30pm: Wadi Shees – Handicap (PA) Dh80,000 (T) 2,200m; Winner: Mutaqadim, Antonio Fresu, Ibrahim Al Hadhrami
7pm: Arabian Triple Crown Round-1 – Listed (PA) Dh230,000 (T) 1,600m; Winner: Bahar Muscat, Antonio Fresu, Ibrahim Al Hadhrami
7.30pm: Wadi Tayyibah – Maiden (TB) Dh80,000 (T) 1,600m; Winner: Poster Paint, Patrick Cosgrave, Bhupat Seemar