The need for food at affordable prices has always been a vital concern. It has often triggered immigration, revolution and war. Global food costs advancing to an all-time high last February - according to the measures of the UN's Food and Agriculture Organization (FAO) - served as a catalyst to the Tunisian revolution.
People with limited resources in Tunisia and in Egypt subsequently toppled their autocratic leaders in a move provoked in part by their governments' inability to curb excessive food prices. Understandably, a small change in prices influences people's behaviour in countries where food prices account for up to 50 per cent of consumer price indexes.
Short-term factors explain the recent increase in prices. A drought last summer in Russia caused its authorities to ban grain exports. Elsewhere, bad weather ruined crops in Canada and Australia, while Chinese rice production was hurt by floods.
In the short run, prices are mainly subject to supply disruptions. But the challenge caused by long-term demographics is more alarming. According to the FAO, world food production needs to increase by 70 per cent by 2050 to meet demand from the world's population, which is projected to rise by more than 30 per cent by then.
Pursuing another "green revolution" is vital to increase agricultural yields. The first green revolution of the late 1960s and 1970s enabled world food supply to increase threefold, thanks to crossbred crops, better fertilisers and higher degrees of mechanisation.
Today, for the first time since the first green revolution, growth of crop yields has slowed to an inferior rate compared with population growth. While yields of wheat crops, for example, grew at 3 per cent annually between 1961 and 1990 and to 0.5 per cent between 1990 and 2007, the average population growth during these periods was 1.8 per cent and 1.4 per cent, respectively.
As the recent special report on "feeding the world" by The Economist states, worldwide use of fertilisers and other inputs may have been scaled back in recent years, which would explain the slowdown. Farmers favouring quality such as more nutritious crops at the expense of quantity is part of the story. Farmers may also find value in satisfying demand for organic foods.
Various avenues are available to investors who want to help agricultural productivity increase. By financing operations in various fields, investors contribute to transforming our lives across the globe, as well as our eating habits. Investments in the industrialisation of farming inputs helped to double cereal production in Asia between 1970 and 1995, saving the Indian sub-continent from mass starvation, as the population increased from 670 million to 1.18 billion.
Today, further investments are needed in three distinct areas to increase farming productivity.
Firstly, there is still room for improvement in farm inputs. More efficient machinery, innovative seeds, products combating pests and diseases, as well as further developments in the field of cost-effective fertilisers will allow for smaller production costs, increased yields and lower food prices. Secondly, contributing to the expansion of advanced farming management techniques helps to bring about economies of scale and increased efficiency in food production and significant reduction in wastage.
As the worldwide farming industry is still fragmented, sustaining best practices in farming improves yields, raises the quality of farmland, cuts inputs and lowers overall costs.
Thirdly, the links between producers and consumers can also be improved. Many companies active in efficient distribution, logistical services, origination, storage and transportation make for attractive investment opportunities. Companies with good growth prospects include processors of farmed goods (including toxin removal) and those involved in food preservation and consistency.
The dream of eradicating starvation may one day come true. To help in this endeavour, investors can finance the companies best positioned to meet the challenges ahead. In addition to achieving a moral satisfaction, they may also achieve a compelling financial return.
Gertjan van der Geer is the senior investment manager in the Pictet-agriculture division of Pictet Asset Management
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
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
The specs: 2018 Mercedes-Benz E 300 Cabriolet
Price, base / as tested: Dh275,250 / Dh328,465
Engine: 2.0-litre four-cylinder
Power: 245hp @ 5,500rpm
Torque: 370Nm @ 1,300rpm
Transmission: Nine-speed automatic
Fuel consumption, combined: 7.0L / 100km
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Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
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Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
The specs
Engine: 2.0-litre 4-cylturbo
Transmission: seven-speed DSG automatic
Power: 242bhp
Torque: 370Nm
Price: Dh136,814
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
What went into the film
25 visual effects (VFX) studios
2,150 VFX shots in a film with 2,500 shots
1,000 VFX artists
3,000 technicians
10 Concept artists, 25 3D designers
New sound technology, named 4D SRL
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In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
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1. Bantamweight: Victor Nunes (BRA) v Siyovush Gulmamadov (TJK)
2. Featherweight: Hussein Salim (IRQ) v Shakhriyor Juraev (UZB)
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Ms Yang's top tips for parents new to the UAE
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Long term
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