'We like to have a minimum of 150 to 200 bushels of corn per acre,' says Mike Lutmer. 'If we average a little over 100 this year, we’ll probably be lucky.' All photos: Stephen Starr
'We like to have a minimum of 150 to 200 bushels of corn per acre,' says Mike Lutmer. 'If we average a little over 100 this year, we’ll probably be lucky.' All photos: Stephen Starr
A drought this year has drastically reduced the size and overall yields of corn on farms in the Midwest
A drought this year has drastically reduced the size and overall yields of corn on farms in the Midwest
Analysts say 80 per cent of the continental US is currently either in a drought or facing unusually dry conditions
Analysts say 80 per cent of the continental US is currently either in a drought or facing unusually dry conditions
Mr Lutmer examines corn ears on his farm in Warren County, Ohio
Mr Lutmer examines corn ears on his farm in Warren County, Ohio
Reports suggest the drought in the Midwest is set to continue for the coming months in large part due to the La Nina climate event
Reports suggest the drought in the Midwest is set to continue for the coming months in large part due to the La Nina climate event
'We’ve actually shipped hundreds of tonnes of hay out to Texas and Oklahoma,' Mr Lutmer says. 'I’ve got some friends out there, it’s really bad right now'
'We’ve actually shipped hundreds of tonnes of hay out to Texas and Oklahoma,' Mr Lutmer says. 'I’ve got some friends out there, it’s really bad right now'
Corn and soybeans are the two biggest agricultural food exports to Saudi Arabia, which buys more than $1 billion in agriculture products from the US every year
Corn and soybeans are the two biggest agricultural food exports to Saudi Arabia, which buys more than $1 billion in agriculture products from the US every year

Weekend

The catastrophic drought in the US Midwest - and how the Middle East will feel its impact

Parts of the US are now the driest they have been for 1,200 years

Stephen Starr
Lebanon, Ohio

December 16, 2022

  • English
  • Arabic

As Mike Lutmer examines ears of soon-to-be-harvested corn on his farm in south-west Ohio, his face turns increasingly grim.

“They are very light. They should be much wider and longer,” says Mr Lutmer, who, along with his brother, farms about 1,500 acres of soybeans, corn and hay in the rolling hills of picturesque Warren County.

The kernels on one ear of corn he holds are anything but the uniform size and shape he normally expects to see.

“It was just too dry.”

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Large parts of Ohio, an important crop-producing state, have seen little substantial rainfall since July, with parts of the state experiencing “moderate drought conditions”, according to the National Integrated Drought Information System.

With food and animal feed grown by Mr Lutmer and others like him ultimately destined for export to places such as Saudi Arabia and other Gulf nations, the drought currently hitting America's breadbasket could have global consequences.

Heavy rains in late spring this year, followed by an extended dry period that stretched through the summer to early winter, have put pay to any hopes of high harvest yields for Mr Lutmer.

“We like to have a minimum of 150 to 200 bushels of corn per acre,” he says. “If we average a little over 100 this year, we’ll probably be lucky.”

And the situation in Ohio is just the tip of the iceberg.

Politico quoted analysts as saying 80 per cent of the contiguous US is currently either in a drought or facing “unusually dry conditions”.

This is the most widespread dry spell since the National Oceanic and Atmospheric Administration began tracking drought 20 years ago.

The western US, reports suggest, is now the driest it’s been for 1,200 years.

And that has had a significant knock-on effect on food yields, not only in the US, but in the Middle East and other regions as well.

On average, the US grows about 90 million acres of corn – an area larger than Germany – every year. The USDA reports that corn yields this year in Texas, Oklahoma and Kentucky are down 27, 19 and 20 per cent, respectively, compared to 2021.

But Kansas, which borders Oklahoma, is perhaps the state worst affected by drought this year.

Record-breaking dry conditions have parched the central US state where one quarter of all US winter wheat - a crop used for producing bread and other essential foodstuffs, and which is particular important in developing countries - is harvested.

Drought in Kenya affects wildlife - in pictures

An elephant calf is given enriched bottle milk at the sanctuary. AFP
An elephant calf is given enriched bottle milk at the sanctuary. AFP
An elephant keeper with a calf at Reteti Elephant Sanctuary in Namunyak Wildlife Conservancy, Samburu, Kenya. The sanctuary has been overwhelmed with rescue operations and the influx of orphaned and abandoned calves because of the drought in the conservancy. AFP
An elephant keeper with a calf at Reteti Elephant Sanctuary in Namunyak Wildlife Conservancy, Samburu, Kenya. The sanctuary has been overwhelmed with rescue operations and the influx of orphaned and abandoned calves because of the drought in the conservancy. AFP
A gamekeeper with an orphaned generuk calf at Reteti Elephant Sanctuary in Samburu, Kenya. East Africa’s worst drought in 40 years is starving Kenya’s wildlife of its usual food and water sources while increasing human-wildlife conflict. AFP
A gamekeeper with an orphaned generuk calf at Reteti Elephant Sanctuary in Samburu, Kenya. East Africa’s worst drought in 40 years is starving Kenya’s wildlife of its usual food and water sources while increasing human-wildlife conflict. AFP
Elephant keeper Kiapi Lakupanai rests next to orphaned calf Naesemare in the quarantine area at Reteti Elephant Sanctuary. AFP
Elephant keeper Kiapi Lakupanai rests next to orphaned calf Naesemare in the quarantine area at Reteti Elephant Sanctuary. AFP
A veterinary worker analyses samples from elephant calves in Samburu, Kenya. AFP
A veterinary worker analyses samples from elephant calves in Samburu, Kenya. AFP
Naesemare, who is a month old, was recently rescued after her herd abandoned her when she became stuck in a dry well. AFP
Naesemare, who is a month old, was recently rescued after her herd abandoned her when she became stuck in a dry well. AFP
A keeper prepares feeding bottles containing enriched milk to feed elephant calves at the sanctuary. AFP
A keeper prepares feeding bottles containing enriched milk to feed elephant calves at the sanctuary. AFP
The carcass of an adult elephant that died during the drought in Namunyak Wildlife Conservancy. AFP
The carcass of an adult elephant that died during the drought in Namunyak Wildlife Conservancy. AFP
Elephant keeper Kiapi Lakupanai and resident veterinarian Isaiah Alolo check on a calf at the sanctuary in Namunyak Wildlife Conservancy. AFP
Elephant keeper Kiapi Lakupanai and resident veterinarian Isaiah Alolo check on a calf at the sanctuary in Namunyak Wildlife Conservancy. AFP
An elephant calf at Reteti Elephant Sanctuary, Samburu, Kenya, where severe drought has not only put millions of people on the brink of starvation, but is also threatening the rich biodiversity in the region. AFP
An elephant calf at Reteti Elephant Sanctuary, Samburu, Kenya, where severe drought has not only put millions of people on the brink of starvation, but is also threatening the rich biodiversity in the region. AFP
A gamekeeper with a rescued generuk calf at the Reteti Elephant Sanctuary, in Samburu, Kenya. EPA
A gamekeeper with a rescued generuk calf at the Reteti Elephant Sanctuary, in Samburu, Kenya. EPA
Naesemare plays with a keeper at the sanctuary. EPA
Naesemare plays with a keeper at the sanctuary. EPA
Carers treat a wound on Naesemare's trunk. EPA
Carers treat a wound on Naesemare's trunk. EPA
Keepers feed rescued elephant calves at Reteti Elephant Sanctuary. EPA
Keepers feed rescued elephant calves at Reteti Elephant Sanctuary. EPA
Rescued elephant calves play in the sand at the sanctuary. EPA
Rescued elephant calves play in the sand at the sanctuary. EPA
Orphaned calf Naesemare plays with a keeper at the Reteti Elephant Sanctuary. EPA
Orphaned calf Naesemare plays with a keeper at the Reteti Elephant Sanctuary. EPA
Elephant calves walk after a feeding routine early in the morning at Reteti Elephant Sanctuary. AFP
Elephant calves walk after a feeding routine early in the morning at Reteti Elephant Sanctuary. AFP

Half of Kansas’s wheat supplies are exported.

Kansas neighbour Nebraska ranks third and fourth in corn and soybean production, respectively – the two biggest agricultural food exports to Saudi Arabia, which buys more than $1 billion in US agricultural products every year. Half the state is facing either “severe” or “extreme” drought conditions.

Last year, nearly $200 million worth of Nebraska soybeans – used to feed animals and make cooking oils – were exported to Egypt, the Midwestern state’s third-biggest importer of the crop behind China and Mexico.

About $24 million worth of Nebraska corn was exported to Saudi Arabia, and $16 million exported to Egypt and Morocco, respectively.

It’s not just grain and bean markets that have been affected.

Saudi Arabia and other Gulf states are home to huge dairy operations that supply milk and other dairy products to countries across the Middle East and North Africa. Many of those farms rely on large volumes of hay and other animal feed from the US.

In 2019, Saudi Arabia and the UAE imported more than 750,000 metric tonnes of American alfalfa and hay. Combined, that accounted for about 20 per cent of all US exports of those products.

This year, from the months of January to August, that figure had fallen to 5 per cent, according to the Gombos Company, a California-based forage exporter.

“GCC countries face a shortage of hay and forage not only this year, but also into the future,” says Shohei Takimoto, analyst at the Japanese company Mitsui, a major trader of international grain.

A river runs dry: drought on the Colorado - video

This year, demand for forage in the US has ramped up due to poor yields fuelled by a brutal drought in Texas, the country’s largest hay producer, last summer.

And reports suggest dry conditions in the Midwest are set to continue for the coming months, in large part due to the La Nina climate event, with the 2022-23 crop of wheat estimated to be among the lowest in the past 20 years.

This could lead to shortages in countries such as Yemen, the tenth-largest importer of US wheat and a country in the midst of a civil war.

“We are seeing some of the worst drought conditions,” says Dennis Todey of the Midwest Climate Hub, an agency of the US Department of Agriculture.

Mr Todey compared the current situation to the 1930s Dust Bowl phenomenon, when severe dust storms greatly damaged agriculture in the American prairies, destroying the lives and livelihoods of millions.

“If you look at the 1930s drought, we are probably similar to a couple of those years, though we are not to the length of those droughts.”

He says that what has made this year particularly bad for crop farming is that most of the Plains and the Midwest regions have faced some degree of drought throughout most of this year.

Revealed by drought - in pictures

The remains of the submerged Gary Qasruka village abandoned 36 years ago, which have resurfaced after falling water levels at the Dohuk Dam due to drought, in the autonomous Kurdish region of Iraq. AFP
The remains of the submerged Gary Qasruka village abandoned 36 years ago, which have resurfaced after falling water levels at the Dohuk Dam due to drought, in the autonomous Kurdish region of Iraq. AFP
The tall bleached 'bathtub ring' is visible on the rocky banks of Lake Powell at Reflection Canyon in Utah, as severe drought grips parts of the western US. Getty Images
The tall bleached 'bathtub ring' is visible on the rocky banks of Lake Powell at Reflection Canyon in Utah, as severe drought grips parts of the western US. Getty Images
The dolmen of Guadalperal, also known as the Spanish Stonehenge, is seen due to the receding water of the Valdecanas reservoir near El Gordo, Spain. Reuters
The dolmen of Guadalperal, also known as the Spanish Stonehenge, is seen due to the receding water of the Valdecanas reservoir near El Gordo, Spain. Reuters
A shopping cart rusts on a sandbank in the Rhine, exposed by the low tide in Bonn, Germany. Reuters
A shopping cart rusts on a sandbank in the Rhine, exposed by the low tide in Bonn, Germany. Reuters
A formerly sunken boat sits upright along the shoreline at the Lake Mead National Recreation Area in Boulder City, Nevada. EPA
A formerly sunken boat sits upright along the shoreline at the Lake Mead National Recreation Area in Boulder City, Nevada. EPA
The Kloental lake's low water level in Glarus, Switzerland. EPA
The Kloental lake's low water level in Glarus, Switzerland. EPA
Houses of the former village of Aceredo, in Galicia, Spain. The village was buried under water due to the construction of a reservoir in 1992, yet in 2021 the village resurfaced due to a drought. EPA
Houses of the former village of Aceredo, in Galicia, Spain. The village was buried under water due to the construction of a reservoir in 1992, yet in 2021 the village resurfaced due to a drought. EPA
The wreck of a ship that sank during the Second World War is revealed by the unusually low water level of the River Danube near Vamosszabadi, in north-western Hungary. EPA
The wreck of a ship that sank during the Second World War is revealed by the unusually low water level of the River Danube near Vamosszabadi, in north-western Hungary. EPA
A view of the Roman camp Aquis Querquennis, located on the banks of the Limia river in the As Conchas reservoir, in Ourense, Spain. The camp is usually underwater but can now be seen due to the low level of the reservoir. EPA
A view of the Roman camp Aquis Querquennis, located on the banks of the Limia river in the As Conchas reservoir, in Ourense, Spain. The camp is usually underwater but can now be seen due to the low level of the reservoir. EPA
Visitors on the salt flats watching the sunset over the Great Salt Lake, Utah. The lake has lost 50 per cent of its volume since the arrival of Mormon pioneers in 1847. EPA
Visitors on the salt flats watching the sunset over the Great Salt Lake, Utah. The lake has lost 50 per cent of its volume since the arrival of Mormon pioneers in 1847. EPA
A buoy sits high and dry on cracked earth previously under the waters of Lake Mead at the Lake Mead National Recreation Area near Boulder City, Nevada. AP Photo
A buoy sits high and dry on cracked earth previously under the waters of Lake Mead at the Lake Mead National Recreation Area near Boulder City, Nevada. AP Photo
Robert Smithson's earthwork 'Spiral Jetty' on the shore of Great Salt Lake, Utah. Constructed in 1970, the work remained submerged until 2002, when a mega-drought began to afflict the region. EPA
Robert Smithson's earthwork 'Spiral Jetty' on the shore of Great Salt Lake, Utah. Constructed in 1970, the work remained submerged until 2002, when a mega-drought began to afflict the region. EPA
A tire sits on dried land that was once under water at the Lake Mead National Recreation Area in Boulder City, Nevada. EPA
A tire sits on dried land that was once under water at the Lake Mead National Recreation Area in Boulder City, Nevada. EPA
The Virgen de los Dolores (Our lady of Sorrows) Temple in Guanajuato state, Mexico. The temple, built in 1898, was flooded 40 years ago to build a dam. Heavy drought in the region has exposed its structure again. EPA
The Virgen de los Dolores (Our lady of Sorrows) Temple in Guanajuato state, Mexico. The temple, built in 1898, was flooded 40 years ago to build a dam. Heavy drought in the region has exposed its structure again. EPA

Back in Ohio, Mike Lutmer says he has felt those effects. He typically harvests about 500 acres of high-quality hay each year, much of which is bought by local famers right out of the field.

This year has been a little different.

“We’ve actually shipped hundreds of tonnes of hay out to Texas and Oklahoma,” he says. “I’ve got some friends out there - it’s really bad right now.”

Although corn and soybean yields in many traditionally high-producing states are way down this year, that has partly been offset by higher yield returns in other states.

And while the drought’s effects on many agricultural regions continues to be a concern, experts say that, in the short term, China’s grappling with its Covid-19 response is currently of greater concern to international markets than any fallout from the US drought.

Still, the ongoing lack of rain in the US heartland, combined with drought in Argentina – the second-largest wheat producer in the southern hemisphere – and the war in Ukraine, another major global grain producer, means that the outlook for next year is far from ideal.

“Now the issue becomes how much rainfall do we get ahead of production next year,” says Todey.

“We have some very dry soils and winter wheat conditions are very poor going into the winter.”

In numbers: China in Dubai

The number of Chinese people living in Dubai: An estimated 200,000

Number of Chinese people in International City: Almost 50,000

Daily visitors to Dragon Mart in 2018/19: 120,000

Daily visitors to Dragon Mart in 2010: 20,000

Percentage increase in visitors in eight years: 500 per cent

Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.

Global state-owned investor ranking by size

1.

United States

2.

China

3.

UAE

4.

Japan

5

Norway

6.

Canada

7.

Singapore

8.

Australia

9.

Saudi Arabia

10.

South Korea
UAE currency: the story behind the money in your pockets
RESULTS

Argentina 4 Haiti 0

Peru 2 Scotland 0

Panama 0 Northern Ireland 0

Some of Darwish's last words

"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008

His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.

Benefits of first-time home buyers' scheme
  • Priority access to new homes from participating developers
  • Discounts on sales price of off-plan units
  • Flexible payment plans from developers
  • 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
START-UPS%20IN%20BATCH%204%20OF%20SANABIL%20500'S%20ACCELERATOR%20PROGRAMME
%3Cp%3E%3Cstrong%3ESaudi%20Arabia%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EJoy%3A%3C%2Fstrong%3E%20Delivers%20car%20services%20with%20affordable%20prices%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EKaraz%3A%3C%2Fstrong%3E%20Helps%20diabetics%20with%20gamification%2C%20IoT%20and%20real-time%20data%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMedicarri%3A%3C%2Fstrong%3E%20Medical%20marketplace%20that%20connects%20clinics%20with%20suppliers%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMod5r%3C%2Fstrong%3E%3A%20Makes%20automated%20and%20recurring%20investments%20to%20grow%20wealth%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStuck%3A%3C%2Fstrong%3E%20Live%2C%20on-demand%20language%20support%20to%20boost%20writing%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EWalzay%3A%3C%2Fstrong%3E%20Helps%20in%20recruitment%20while%20reducing%20hiring%20time%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EUAE%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EEighty6%3A%20%3C%2Fstrong%3EMarketplace%20for%20restaurant%20and%20supplier%20procurements%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFarmUnboxed%3A%20%3C%2Fstrong%3EHelps%20digitise%20international%20food%20supply%20chain%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ENutriCal%3A%3C%2Fstrong%3E%20Helps%20F%26amp%3BB%20businesses%20and%20governments%20with%20nutritional%20analysis%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EWellxai%3A%3C%2Fstrong%3E%20Provides%20insurance%20that%20enables%20and%20rewards%20user%20habits%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EEgypt%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EAmwal%3A%3C%2Fstrong%3E%20A%20Shariah-compliant%20crowd-lending%20platform%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EDeben%3A%3C%2Fstrong%3E%20Helps%20CFOs%20manage%20cash%20efficiently%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EEgab%3A%3C%2Fstrong%3E%20Connects%20media%20outlets%20to%20journalists%20in%20hard-to-reach%20areas%20for%20exclusives%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ENeqabty%3A%3C%2Fstrong%3E%20Digitises%20financial%20and%20medical%20services%20of%20labour%20unions%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EOman%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMonak%3A%3C%2Fstrong%3E%20Provides%20financial%20inclusion%20and%20life%20services%20to%20migrants%3C%2Fp%3E%0A
BUNDESLIGA FIXTURES

Friday Stuttgart v Cologne (Kick-off 10.30pm UAE)

Saturday RB Leipzig v Hertha Berlin (5.30pm)

Mainz v Borussia Monchengladbach (5.30pm)

Bayern Munich v Eintracht Frankfurt (5.30pm)

Union Berlin v SC Freiburg (5.30pm)

Borussia Dortmund v Schalke (5.30pm)

Sunday Wolfsburg v Arminia (6.30pm)

Werder Bremen v Hoffenheim (9pm)

Bayer Leverkusen v Augsburg (11.30pm)

Quick pearls of wisdom

Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”

Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.” 

While you're here
While you're here
While you're here
Background: Chemical Weapons
Inside Palestine-Israel
Killing of Qassem Suleimani
The five pillars of Islam

1. Fasting

2. Prayer

3. Hajj

4. Shahada

5. Zakat 

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Blackpink World Tour [Born Pink] In Cinemas

Starring: Rose, Jisoo, Jennie, Lisa

Directors: Min Geun, Oh Yoon-Dong

Rating: 3/5

How Tesla’s price correction has hit fund managers

Investing in disruptive technology can be a bumpy ride, as investors in Tesla were reminded on Friday, when its stock dropped 7.5 per cent in early trading to $575.

It recovered slightly but still ended the week 15 per cent lower and is down a third from its all-time high of $883 on January 26. The electric car maker’s market cap fell from $834 billion to about $567bn in that time, a drop of an astonishing $267bn, and a blow for those who bought Tesla stock late.

The collapse also hit fund managers that have gone big on Tesla, notably the UK-based Scottish Mortgage Investment Trust and Cathie Wood’s ARK Innovation ETF.

Tesla is the top holding in both funds, making up a hefty 10 per cent of total assets under management. Both funds have fallen by a quarter in the past month.

Matt Weller, global head of market research at GAIN Capital, recently warned that Tesla founder Elon Musk had “flown a bit too close to the sun”, after getting carried away by investing $1.5bn of the company’s money in Bitcoin.

He also predicted Tesla’s sales could struggle as traditional auto manufacturers ramp up electric car production, destroying its first mover advantage.

AJ Bell’s Russ Mould warns that many investors buy tech stocks when earnings forecasts are rising, almost regardless of valuation. “When it works, it really works. But when it goes wrong, elevated valuations leave little or no downside protection.”

A Tesla correction was probably baked in after last year’s astonishing share price surge, and many investors will see this as an opportunity to load up at a reduced price.

Dramatic swings are to be expected when investing in disruptive technology, as Ms Wood at ARK makes clear.

Every week, she sends subscribers a commentary listing “stocks in our strategies that have appreciated or dropped more than 15 per cent in a day” during the week.

Her latest commentary, issued on Friday, showed seven stocks displaying extreme volatility, led by ExOne, a leader in binder jetting 3D printing technology. It jumped 24 per cent, boosted by news that fellow 3D printing specialist Stratasys had beaten fourth-quarter revenues and earnings expectations, seen as good news for the sector.

By contrast, computational drug and material discovery company Schrödinger fell 27 per cent after quarterly and full-year results showed its core software sales and drug development pipeline slowing.

Despite that setback, Ms Wood remains positive, arguing that its “medicinal chemistry platform offers a powerful and unique view into chemical space”.

In her weekly video view, she remains bullish, stating that: “We are on the right side of change, and disruptive innovation is going to deliver exponential growth trajectories for many of our companies, in fact, most of them.”

Ms Wood remains committed to Tesla as she expects global electric car sales to compound at an average annual rate of 82 per cent for the next five years.

She said these are so “enormous that some people find them unbelievable”, and argues that this scepticism, especially among institutional investors, “festers” and creates a great opportunity for ARK.

Only you can decide whether you are a believer or a festering sceptic. If it’s the former, then buckle up.

MATCH INFO

Scotland 59 (Tries: Hastings (2), G Horne (3), Turner, Seymour, Barclay, Kinghorn, McInally; Cons: Hastings 8)

Russia 0

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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
MATCH INFO

Rugby World Cup (all times UAE)

Final: England v South Africa, Saturday, 1pm

On Women's Day
UAE currency: the story behind the money in your pockets
Kareem Shaheen on Canada
THE SPECS

Engine: 3.5-litre V6
Transmission: six-speed manual
Power: 325bhp
Torque: 370Nm
Speed: 0-100km/h 3.9 seconds
Price: Dh230,000
On sale: now

Graduated from the American University of Sharjah

She is the eldest of three brothers and two sisters

Has helped solve 15 cases of electric shocks

Enjoys travelling, reading and horse riding

 

Updated: December 16, 2022, 6:00 PM`
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