The UAE is set to establish a "Silicon Valley" of food technology in an effort to meet the country's growing food security needs, the food minister has said.
Mariam Hareb Almheiri, Minister of State for Future Food Security, said the issue represents a huge challenge for the region and the world.
Unstable global markets as well as inflation remain a significant threat to the price of everyday food. But emerging technologies such as vertical farming and hydroponics are helping experts address those concerns, reducing both soaring consumer and environmental costs.
Speaking in a radio interview on Dubai Eye 103.8, Ms Almheiri said the country was well aware of the challenges ahead and was taking steps to protect food prices and encourage sustainability.
“We are living in an era of increased pressures on food production stemming from a host of interlocking challenges, including accelerating climate change, dwindling fresh water access and escalating energy demands,” she said.
“Providing adequate food for the world’s citizens is a global problem and one that is likely to become more pressing in the coming decades.”
The challenges of ensuring adequate food supply was the subject under discussion at a series of workshops held last month by the UAE Office for Future Food Security.
The sessions examined several potential global scenarios for the year 2050, and analysed how these might affect the provision of sustenance for the region’s growing population.
Given both unstable global supply chains and climate-driven disruption of agricultural production, food and water security have become central strategic challenges.
Ms Almheiri said plans for a food equivalent of Silicon Valley in the UAE were currently under review, with the aim of bringing together public and private bodies to boost research and improve existing technology.
“A UAE national plan is being worked on as part of the future food security file that includes advancing research and adopting technologies,” she said.
“We are trying to create the equivalent of Silicon Valley - but with food, by bringing together research institutes, universities, academia and the private sector.
“The aim is to understand what everyone is doing on food security and how someone from the outside can access data to push research and development.”
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Read more:
How fruit and veg grown in vertical farms could soon be on plates in the Middle East
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Emirates to build Dh147m vertical farming factory near Dubai airport to produce food for passengers
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The first vertical farms are expected to involve a public and private partnership with the Emirates Flight Catering group.
A second, $40 million (Dh147m) joint venture with Crop One Holdings - a leading vertical farm operator based in the US - is also in the pipeline to build the world’s largest vertical farm in the Dubai.
It will produce 2.7 tonnes of greens and micro-greens to help supplier EFC with its 250,000 required meals a day.
The farms can be located anywhere because temperature, humidity, light, water and plant nutrients are all provided in a controlled environment. Plants are grown entirely without soil, with nutrient-rich solutions that produce fast-growing, healthy plants used instead.
The UAE's National Food Security Strategy, which will set sustainable, long-term policies for future food security, is scheduled for launch in September.
“Adapting our diet could help preserve food security in future,” Ms Almheiri said.
“Developing a nutritional standard for all UAE citizens will help us understand the needs of how to lead a healthier lifestyle.
“Once that is in place we can guide consumers towards the better foods to eat for a better quality of life.
“We’ll start with a food label system, that is being developed with the minister of state for happiness and well-being, so consumers can choose their foods wisely.
“This will look at sugars, fats and calories with red being bad, orange in moderation and green a heathy indicator.
“The next step could be not allowing red labelled foods in schools, or stopping additives from being added to foods.”
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The specs
Engine: 1.5-litre, 4-cylinder turbo
Transmission: CVT
Power: 170bhp
Torque: 220Nm
Price: Dh98,900
Mohammed bin Zayed Majlis
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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.”
Neil Thomson – THE BIO
Family: I am happily married to my wife Liz and we have two children together.
Favourite music: Rock music. I started at a young age due to my father’s influence. He played in an Indian rock band The Flintstones who were once asked by Apple Records to fly over to England to perform there.
Favourite book: I constantly find myself reading The Bible.
Favourite film: The Greatest Showman.
Favourite holiday destination: I love visiting Melbourne as I have family there and it’s a wonderful place. New York at Christmas is also magical.
Favourite food: I went to boarding school so I like any cuisine really.
BORDERLANDS
Starring: Cate Blanchett, Kevin Hart, Jamie Lee Curtis
Director: Eli Roth
Rating: 0/5
Squad
Ali Kasheif, Salim Rashid, Khalifa Al Hammadi, Khalfan Mubarak, Ali Mabkhout, Omar Abdulrahman, Mohammed Al Attas, Abdullah Ramadan, Zayed Al Ameri (Al Jazira), Mohammed Al Shamsi, Hamdan Al Kamali, Mohammed Barghash, Khalil Al Hammadi (Al Wahda), Khalid Essa, Mohammed Shaker, Ahmed Barman, Bandar Al Ahbabi (Al Ain), Al Hassan Saleh, Majid Suroor (Sharjah) Walid Abbas, Ahmed Khalil (Shabab Al Ahli), Tariq Ahmed, Jasim Yaqoub (Al Nasr), Ali Saleh, Ali Salmeen (Al Wasl), Hassan Al Muharami (Baniyas)
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Price, base / as tested Dh1,100,000 (est)
Engine 5.2-litre V10
Gearbox seven-speed dual clutch
Power 630bhp @ 8,000rpm
Torque 600Nm @ 6,500rpm
Fuel economy, combined 15.7L / 100km (est)
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White hydrogen: Naturally occurring hydrogen
Chromite: Hard, metallic mineral containing iron oxide and chromium oxide
Ultramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica content
Ophiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on land
Olivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour
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More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
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Tax authority targets shisha levy evasion
The Federal Tax Authority will track shisha imports with electronic markers to protect customers and ensure levies have been paid.
Khalid Ali Al Bustani, director of the tax authority, on Sunday said the move is to "prevent tax evasion and support the authority’s tax collection efforts".
The scheme’s first phase, which came into effect on 1st January, 2019, covers all types of imported and domestically produced and distributed cigarettes. As of May 1, importing any type of cigarettes without the digital marks will be prohibited.
He said the latest phase will see imported and locally produced shisha tobacco tracked by the final quarter of this year.
"The FTA also maintains ongoing communication with concerned companies, to help them adapt their systems to meet our requirements and coordinate between all parties involved," he said.
As with cigarettes, shisha was hit with a 100 per cent tax in October 2017, though manufacturers and cafes absorbed some of the costs to prevent prices doubling.
Washmen Profile
Date Started: May 2015
Founders: Rami Shaar and Jad Halaoui
Based: Dubai, UAE
Sector: Laundry
Employees: 170
Funding: about $8m
Funders: Addventure, B&Y Partners, Clara Ventures, Cedar Mundi Partners, Henkel Ventures
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
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