ADQ-backed agricultural technology company Silal has teamed up with Abu Dhabi-based investment platform Dana Global to use the latest technology to address challenges faced by the food industry.
The partnership, which supports the UAE's National Food Security Strategy, is intended to foster innovation in Abu Dhabi’s agriculture ecosystem, which in turn will position the emirate as a centre for AgriTech and provide solutions for the wider Mena region, Dana Global said on Wednesday.
The companies also plan to address resource scarcity and local production issues by using the advantages of pilot projects and trials, data collection and entrepreneurship.
“The Middle East has a clear and present risk of major food insecurity, and doing nothing is not an option,” said Katie Wachsberger, co-founder and chief operating officer of Dana Global.
“Via this partnership, we can better support the incredible entrepreneurs we work with, most of whom are women from the region.
“Complementing the beta sites we are already operating, we plan to launch new pilots and collect vital data to foster ecosystem growth and encourage entrepreneurs to make their dreams a reality.”
Global food prices started to rise in 2020 when businesses shut down after the onset of the coronavirus pandemic and this strained supply chains, Deep Knowledge Analytics said in a recent report.
High food prices have exposed communities around the world to hunger, according to the UN's Food and Agricultural Organisation.
In particular, more than 141 million people in the Arab world face food insecurity, Kristalina Georgieva, managing director of the International Monetary Fund, said in October.
The global food crisis was exacerbated by Russia's war in Ukraine, which has disrupted crop supplies, exposing 48 countries to risks, she said at the time.
The programme between Dana Global and Silal will revolve around agricultural projects, from irrigation and crop optimisation to supply chain and post-harvest activities, the companies said.
The projects will be scaled up across small and locally owned farms in developing markets to make them feasible, with cost efficiency as a priority, the companies said.
The two companies will initiate programmes to regenerate agricultural land and reclaim currently unusable areas from the desert.
They will also introduce carbon credit incentives for farmers in the UAE, as part of the country's preparations to host the Cop28 climate change summit next year.
Dana Global supports women-led start-ups in the desert technology field through regional collaboration, mentorship and funding.
In June, Dana signed a preliminary agreement with Abu Dhabi's Masdar City to set up testing grounds that AgriTech start-ups can use to develop ideas to the product stage. It plans to host five pilots from January.
Silal was formed in 2020 and is part of Abu Dhabi holding company ADQ's portfolio that is aimed at diversifying food sources and stimulating local agriculture production.
ADQ has also continued to grow its efforts in the sector. In March, it agreed to acquire a majority stake in fresh fruit producer and distributor Unifrutti Group.
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Company%20profile
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Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
If you go
The flights
Emirates and Etihad fly direct to Nairobi, with fares starting from Dh1,695. The resort can be reached from Nairobi via a 35-minute flight from Wilson Airport or Jomo Kenyatta International Airport, or by road, which takes at least three hours.
The rooms
Rooms at Fairmont Mount Kenya range from Dh1,870 per night for a deluxe room to Dh11,000 per night for the William Holden Cottage.
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
What are NFTs?
Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.
You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”
However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.
This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”
This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.
The specs
Price, base / as tested Dh960,000
Engine 3.9L twin-turbo V8
Transmission Seven-speed dual-clutch automatic
Power 661hp @8,000rpm
Torque 760Nm @ 3,000rpm
Fuel economy, combined 11.4L / 100k
UAE currency: the story behind the money in your pockets
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
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Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
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- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
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