A bold vision to connect ancient agriculture with cutting-edge blockchain technology has been unveiled in the Middle East.
At an invite only event held at the Burj Khalifa in Dubai, the Global Olive Corporation (GOC) revealed its plan to tokenize 100 million olive trees worldwide, starting with a million already planted across Georgia.
"This is the first time in the world we are tokenizing the olive industry," George Svanidze, founder and executive chairman of GOC told The National on the side-lines of the event held at the end of April. "But, it's not only tokenisation. We give each tree a digital passport − you know exactly which country its in, the variety, the age, what it produces, its carbon data. It's fully digitalised."
The project, called Prosperity With A Purpose, aims to link investors with real-world olive trees through blockchain tokens that represent ownership in a tangible, productive asset.
Through this model, token holders are promised a share of profits from olive oil and fruit sales, as well as carbon credits, while supporting afforestation and land regeneration across four continents.
Currently in pre-launch, the GOC's olive-backed token − tentatively named Olive Cash − will be formally introduced in Singapore in October. "We are not selling today. It's pre-launch. We're informing the world about what we've done − planting over a million trees in Georgia − and were we're going next," Mr Svanidze says.
The future includes expansion into Kazakhstan, Uzbekistan, India, Brazil, Spain, Chile, South Africa, and even Saudi Arabia. "We want to gift olive trees to Dubai's government, and plant here too," he adds.
Combining environment with investment
Mr Svanidze's mission, he says, is to green the planet tree by tree while giving people "a sustainable investment in an asset that appreciates over time." An olive tree, he explains, can live for centuries, producing steadily - increasing harvests over the first 20 years. "It's not just symbolic-it's healthy, profitable, and sustainable," he says.
Each tree will be assigned a unique digital token, trackable via blockchain. Real-time data from sensors and satellite imagery provide updates on soil health, water needs, tree condition, and carbon absorption. "This is not fantasy," Mr Svanidze says. "We are really planting, really cultivating, really growing this culture in new countries. But now we want to tokenise it."
Tokenization, he believes, can revolutionise agriculture by boosting productivity and improving resource management. "When you know exactly how much water or fertiliser each tree needs, when disease strikes, how many people are needed − everything becomes more efficient. Productivity increases, and so do profits."
The model also includes a built-in safety net for investors. If a tree dies or becomes diseased, GOC replaces it from a reserve. Mr Svanidze says as the tree grows so does its value.
Although the concept is new to the region, Svanidze believes the Middle East is ripe for engagement. "We're having good conversations with governments and investors here," he says.
Carbon credits form a major pillar of the strategy. By planting millions of trees, GOC aims to tap into global demand for verified, nature-based carbon offset − digitally linked to each token. "When you make the world greener, you get more carbon credits. More fresh air, more health, more hope," the Georgian businessman says.
But questions remain. How quickly can the initiative scale 100 million trees? Will the promise of carbon credits and olive oil satisfy investor appetite? And how will it stand apart in a marketplace crowded with green claims and crypto volatility?
Mr Svanidze is undeterred. "We offer something real-something good for the planet, for health, and for future generations. It's sustainable," he says.
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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.”
