The UAE has launched a new humanitarian drive to deliver one million meals to people in need using food destined to go to waste.
The One Million Saved Meals campaign has been introduced by the UAE Food Bank in an effort to slash needless food waste and ensure vulnerable members of society do not go hungry.
The UAE Food Bank will work in partnership with dozens of hotels, retailers, fruit and vegetable markets. central kitchens and charities to serve up vital support in keeping with the spirit of Ramadan.
The scheme will support the work of the One Billion Meals campaign, which is providing food support to disadvantaged people in 50 countries during the holy month and beyond.
Sheikha Hind bint Maktoum, wife of Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, and chairwoman of the board of trustees of the food bank, said the initiative would highlight how food surplus can be used for good.
“Since its establishment, the UAE Food Bank aided more than 37 billion beneficiary locally and globally, and we aim to continue expanding its operations,” she said.
“The UAE Food Bank is only one of many humanitarian initiatives by His Highness Sheikh Mohammed bin Rashid, and its role is to highlight the value and blessings of food.
“Food surplus is enough to feed many, and this Ramadan’s campaign is part of the 1 Billion Meals initiative launched by His Highness Sheikh Mohammed bin Rashid.”
Sheikh Mohammed praised the campaign and the charitable work of his wife in a message on Twitter.
The value of food
The initiative aims to provide 33,000 meals a day during Ramadan with the support of about 200 hotels, food establishments and charities.
A team of 150 volunteers will aid the campaign's crucial mission.
The campaign will also use start-up company Reloop to provide an innovative solution to converting food not fit for consumption into organic fertiliser and biofuel from excess cooking oil to reduce waste even further.
On a mission to help those in need
The campaign will be split into four categories; the Goodness Kitchen Initiative, the Hotel Ramadan Buffet Initiative, the Ramadan Basket of Fruits and Vegetables and the Ramadan Meer Initiative.
The Goodness Kitchen initiative will focus on using food waste at co-operatives, supermarkets and retail stores, with the assistance of central kitchens.
This part of the campaign will involve assembling the components required to prepare specific meals after they are packed and delivered by the initiative’s partners to the UAE Food Bank’s warehouse, which in turn sends them to the central kitchen, where the meals are prepared and then distributed to needy families and workers.
The Hotel Ramadan Buffet initiative collects food surplus that is fit for consumption from hotel iftar buffets, and packs it into meals that are delivered to beneficiaries with limited incomes and labour housing in co-operation with the Islamic Affairs and Charitable Activities Department.
The Ramadan Meer initiative collects basic foodstuffs from co-operative societies, supermarkets and retail stores and delivers them to the Emirates Food Bank’s warehouses. There, they are packed into containing the elements required to prepare a nutritious meal and then distributed to beneficiaries across the UAE.
The Ramadan Basket of Fruits and Vegetables focuses on preparing baskets that include fruit and vegetables in co-operation with the partners of the 1 Million Saved Meals Campaign, which are then distributed to underprivileged individuals and families.
Global statistics indicate about 1.17 billion tonnes of food is wasted each year, with a total value of $1 trillion.
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Friday, December 1:
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Company name/date started: Abwaab Technologies / September 2019
Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO
Based: Amman, Jordan
Sector: Education Technology
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Who is Mohammed Al Halbousi?
The new speaker of Iraq’s parliament Mohammed Al Halbousi is the youngest person ever to serve in the role.
The 37-year-old was born in Al Garmah in Anbar and studied civil engineering in Baghdad before going into business. His development company Al Hadeed undertook reconstruction contracts rebuilding parts of Fallujah’s infrastructure.
He entered parliament in 2014 and served as a member of the human rights and finance committees until 2017. In August last year he was appointed governor of Anbar, a role in which he has struggled to secure funding to provide services in the war-damaged province and to secure the withdrawal of Shia militias. He relinquished the post when he was sworn in as a member of parliament on September 3.
He is a member of the Al Hal Sunni-based political party and the Sunni-led Coalition of Iraqi Forces, which is Iraq’s largest Sunni alliance with 37 seats from the May 12 election.
He maintains good relations with former Prime Minister Nouri Al Maliki’s State of Law Coaliton, Hadi Al Amiri’s Badr Organisation and Iranian officials.
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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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