Prof Michael Tanchum is a non-resident fellow with the Middle East Institute's Economics and Energy Programme and teaches at Universidad de Navarra in Spain
May 06, 2022
The two-month war between Russia and Ukraine has disrupted global food supplies, exposing the fragile state of food security across much of the Middle East and North Africa. Unlike those Mena nations struggling to secure cargoes of wheat and other staples, the UAE is in a better position, even though it currently imports 80 to 90 per cent of its food, thanks to its forward-looking food strategy during the past several years.
Behind the UAE's success in developing a global-scale food production and distribution capacity is the country's National Food Strategy 2051, first announced in November 2018 by Minister for Climate Change and Environment Mariam Almheiri. The plan has informed the UAE's acquisition of agricultural and food production assets from South America to South Asia.
The Emirates' geo-economic strategy begins under the soil, with the drive to become a global player in the production and distribution of fertiliser – the basic key to food security responsible for the enormous crop yield increases of the 20th Century's green revolutions in Latin America and Asia. To attain global scale, the Abu Dhabi National Oil Company (Adnoc) entered into a joint venture with Dutch fertiliser producer OCI NV, merging their fertiliser operations to form a new global fertiliser giant Fertiglobe.
In October 2021, Fertiglobe raised $795 million in the third-largest IPO on the Abu Dhabi Securities Exchange and became the largest export-focused nitrogen fertiliser platform in the world. The company is the largest producer in the Mena region, with a combined annual output of 6.5 million tonnes of urea and ammonia, both essential inputs for fertilisers. Fertiglobe operates OCI's subsidiaries in Algeria and Egypt as well as Adnoc's fertiliser subsidiaries: Fertil, in the Ruwais Industrial Zone, and Egypt Basic Industries Corporation (Ebic), a major ammonia producer near the port of Ain Sokhna on the Gulf of Suez.
In the first six months of 2021, Fertiglobe’s largest customers, in order, were the US (16 per cent), Australia (12 per cent), India (10 per cent), Spain (9 per cent) and Ethiopia (6 per cent). Following the UAE's focus on sustainability, Fertiglobe is now becoming a key player in green ammonia, with Adnoc’s Ebic manufacturing green ammonia using green hydrogen as a feedstock, produced using power from Egypt's renewable energy resources.
Fertiglobe is also partnering with Emirati clean energy leader Masdar and French multinational Engie to determine the feasibility of developing a green hydrogen facility in Abu Dhabi to be operational by 2025. The new facility would supply green hydrogen to Fertil’s ammonia facility as a feedstock for the UAE's own local production of green ammonia.
Fertiglobe is the one of the largest producer of nitrogen fertiliser in the Mena region. Fertiglobe
Behind the UAE's success is the country's 'National Food Strategy 2051'
Above the ground, the Abu Dhabi-based holding company ADQ is playing the primary role in advancing the UAE's national food strategy. The workhorse of ADQ's food production subsidiaries is the global agribusiness firm Al Dahra, which has acquired about 300,000 acres of productive agricultural land across Romania, Serbia, Spain, Morocco, Egypt, Namibia and the US, along with additional agricultural assets in South Africa, India, Pakistan, China and Australia. Al Dahra is a key producer of animal feed, cereal grains for human consumption, fruits and vegetables and dairy products.
Back home in Al Ain, ADQ's Al Dahra produces organic foods including vegetables, dairy and chicken. In August 2021, ADQ also announced its intentions to build a new 200-hectare Agtech Park in Al Ain to boost domestic food production, using cutting-edge agritech to farm more sustainably through the efficient use of scarce water resources. The Al Ain project is the pilot of a larger effort to attract and develop agritech operations near the special economic zones of the country's ports. ADQ also operates the company Silal to manage food offtake and strategic food reserves. In line with this mission, Silal also promotes technology transfer of agritech and related technologies for desert farming to support small farmers in the UAE to increase their fruit and vegetable yields.
Moving from the farm to the fork, ADQ is the majority shareholder Agthia Group, known to consumers in the GCC, Turkey and Jordan for a variety of iconic brands such as Al-Foah dates, Al Ain tomato paste, Al Faysal baked goods and Nabil frozen foods, among others. Like Al Dahra, Agthia also operates Agrivita is also a key producer of animal feed in the Middle East.
In a major breakthrough to expand the UAE's presence as a power player in global food markets, ADQ acquired in September 2021 a 45 per cent share in the global food commodity trading giant Louis Dreyfus, whose 2020 net sales totalled $46.9 billion. ADQ then further expanded its global footprint in 2022 by acquiring a majority stake in Unifrutti, the vertically integrated fruit company whose production operations in Chile, Argentina, Ecuador, Spain, Italy, South Africa and the Philippines produce 560,000 tonnes of fresh fruit that the company sells in Europe, the Middle East and Asia.
ADQ has also invested $2bn in the Abu Dhabi-based retailing conglomerate Lulu Group, operating in 22 countries and known in the Gulf and Asia for its hypermarkets. Lulu, primarily managed by Indian emigres from Kerala, has been part of the effort to create a massive, $7bn India-UAE “food corridor” to further ensure the food security of the Emirates and other Middle Eastern countries. Lulu along with major Emirati participants DP World, Emaar Group, the Dubai Chamber of Commerce and Sharaf Group are establishing a dedicated logistics infrastructure that connects India’s farms and farmers through the entire value chain to the UAE’s ports and markets. With Mena nations now looking to India as one of the few suppliers that can fill their wheat shortfalls, the India-UAE food corridor project has proven itself prescient.
On April 1, 2022, the UAE concluded talks on a Comprehensive Economic Partnership Agreement with Israel, a global leader agritech and desert farming. A close partner of India, Israeli agricultural companies have already transformed the Indian farming and water management sectors, boosting India's crop yield significantly. An Emirati-Israeli partnership in agritech could be one of the early fruits of the Abraham Accords that could help the Emirate's global food hub aspirations to bloom.
All of this adds up to a large, global picture of the vertical integration of an entire system that encourages domestic food production while ensuring staple food imports to the UAE. Through striving to ensure its own food security, the UAE has, in fact, emerged as a leading international food provider, with global operations in all stages of the food production supply chain from farm to fork.
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
Tips to avoid getting scammed
1) Beware of cheques presented late on Thursday
2) Visit an RTA centre to change registration only after receiving payment
3) Be aware of people asking to test drive the car alone
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.”
The Uefa Nations League, introduced last year, has reached its final stage, to be played over five days in northern Portugal. The format of its closing tournament is compact, spread over two semi-finals, with the first, Portugal versus Switzerland in Porto on Wednesday evening, and the second, England against the Netherlands, in Guimaraes, on Thursday.
The winners of each semi will then meet at Porto’s Dragao stadium on Sunday, with the losing semi-finalists contesting a third-place play-off in Guimaraes earlier that day.
Qualifying for the final stage was via League A of the inaugural Nations League, in which the top 12 European countries according to Uefa's co-efficient seeding system were divided into four groups, the teams playing each other twice between September and November. Portugal, who finished above Italy and Poland, successfully bid to host the finals.
Children who witnessed blood bath want to help others
Aged just 11, Khulood Al Najjar’s daughter, Nora, bravely attempted to fight off Philip Spence. Her finger was injured when she put her hand in between the claw hammer and her mother’s head.
As a vital witness, she was forced to relive the ordeal by police who needed to identify the attacker and ensure he was found guilty.
Now aged 16, Nora has decided she wants to dedicate her career to helping other victims of crime.
“It was very horrible for her. She saw her mum, dying, just next to her eyes. But now she just wants to go forward,” said Khulood, speaking about how her eldest daughter was dealing with the trauma of the incident five years ago. “She is saying, 'mama, I want to be a lawyer, I want to help people achieve justice'.”
Khulood’s youngest daughter, Fatima, was seven at the time of the attack and attempted to help paramedics responding to the incident.
“Now she wants to be a maxillofacial doctor,” Khulood said. “She said to me ‘it is because a maxillofacial doctor returned your face, mama’. Now she wants to help people see themselves in the mirror again.”
Khulood’s son, Saeed, was nine in 2014 and slept through the attack. While he did not witness the trauma, this made it more difficult for him to understand what had happened. He has ambitions to become an engineer.
What should do investors do now?
What does the S&P 500's new all-time high mean for the average investor?
Should I be euphoric?
No. It's fine to be pleased about hearty returns on your investments. But it's not a good idea to tie your emotions closely to the ups and downs of the stock market. You'll get tired fast. This market moment comes on the heels of last year's nosedive. And it's not the first or last time the stock market will make a dramatic move.
So what happened?
It's more about what happened last year. Many of the concerns that triggered that plunge towards the end of last have largely been quelled. The US and China are slowly moving toward a trade agreement. The Federal Reserve has indicated it likely will not raise rates at all in 2019 after seven recent increases. And those changes, along with some strong earnings reports and broader healthy economic indicators, have fueled some optimism in stock markets.
"The panic in the fourth quarter was based mostly on fears," says Brent Schutte, chief investment strategist for Northwestern Mutual Wealth Management Company. "The fundamentals have mostly held up, while the fears have gone away and the fears were based mostly on emotion."
Should I buy? Should I sell?
Maybe. It depends on what your long-term investment plan is. The best advice is usually the same no matter the day — determine your financial goals, make a plan to reach them and stick to it.
"I would encourage (investors) not to overreact to highs, just as I would encourage them not to overreact to the lows of December," Mr Schutte says.
All the same, there are some situations in which you should consider taking action. If you think you can't live through another low like last year, the time to get out is now. If the balance of assets in your portfolio is out of whack thanks to the rise of the stock market, make adjustments. And if you need your money in the next five to 10 years, it shouldn't be in stocks anyhow. But for most people, it's also a good time to just leave things be.
Resist the urge to abandon the diversification of your portfolio, Mr Schutte cautions. It may be tempting to shed other investments that aren't performing as well, such as some international stocks, but diversification is designed to help steady your performance over time.
Will the rally last?
No one knows for sure. But David Bailin, chief investment officer at Citi Private Bank, expects the US market could move up 5 per cent to 7 per cent more over the next nine to 12 months, provided the Fed doesn't raise rates and earnings growth exceeds current expectations. We are in a late cycle market, a period when US equities have historically done very well, but volatility also rises, he says.
"This phase can last six months to several years, but it's important clients remain invested and not try to prematurely position for a contraction of the market," Mr Bailin says. "Doing so would risk missing out on important portfolio returns."
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
Voices: How A Great Singer Can Change Your Life
Nick Coleman
Jonathan Cape
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Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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Avengers: Endgame
Directors: Anthony Russo, Joe Russo
Starring: Robert Downey Jr, Chris Evans, Scarlett Johansson, Chris Hemsworth, Josh Brolin
Tackling money goals one at a time cost financial literacy expert Barbara O'Neill at least $1 million.
That's how much Ms O'Neill, a distinguished professor at Rutgers University in the US, figures she lost by starting saving for retirement only after she had created an emergency fund, bought a car with cash and purchased a home.
"I tell students that eventually, 30 years later, I hit the million-dollar mark, but I could've had $2 million," Ms O'Neill says.
Too often, financial experts say, people want to attack their money goals one at a time: "As soon as I pay off my credit card debt, then I'll start saving for a home," or, "As soon as I pay off my student loan debt, then I'll start saving for retirement"."
People do not realise how costly the words "as soon as" can be. Paying off debt is a worthy goal, but it should not come at the expense of other goals, particularly saving for retirement. The sooner money is contributed, the longer it can benefit from compounded returns. Compounded returns are when your investment gains earn their own gains, which can dramatically increase your balances over time.
"By putting off saving for the future, you are really inhibiting yourself from benefiting from that wonderful magic," says Kimberly Zimmerman Rand , an accredited financial counsellor and principal at Dragonfly Financial Solutions in Boston. "If you can start saving today ... you are going to have a lot more five years from now than if you decide to pay off debt for three years and start saving in year four."
Results
6.30pm Al Maktoum Challenge Round-3 Group 1 (PA) US$100,000 (Dirt) 2,000m, Winner Bandar, Fernando Jara (jockey), Majed Al Jahouri (trainer).
7.05pm Meydan Classic Listed (TB) $175,000 (Turf) 1,600m, Winner Well Of Wisdom, William Buick, Charlie Appleby.
7.40pm Handicap (TB) $135,000 (T) 2,000m, Winner Star Safari, Mickael Barzalona, Charlie Appleby.
Friday: First practice - 1pm; Second practice - 5pm
Saturday: Final practice - 2pm; Qualifying - 5pm
Sunday: Etihad Airways Abu Dhabi Grand Prix (55 laps) - 5.10pm
UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), EsekaiaDranibota (Harlequins), Matt Mills (Exiles), JaenBotes (Exiles), KristianStinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), EmosiVacanau (Harlequins), NikoVolavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), ThinusSteyn (Exiles)
Online grocer Ocado revealed retail sales fell 5.7 per cen in its first quarter as customers switched back to pre-pandemic shopping patterns.
It was a tough comparison from a year earlier, when the UK was in lockdown, but on a two-year basis its retail division, a joint venture with Marks&Spencer, rose 31.7 per cent over the quarter.
The group added that a 15 per cent drop in customer basket size offset an 11.6. per cent rise in the number of customer transactions.