ABU DHABI // Academics have suggested that dates, one of the UAE's main crops, could become more important as the world's food supply comes under pressure from climate change and population growth. In her keynote address to the 4th International Date Palm Conference at the Emirates Palace hotel yesterday, Dr Linda Katehi, the chancellor at the University of California, Davis, highlighted the importance of dates to world food production. "The world's population will increase by 2.5 billion in 50 years, which will demand a 70 per cent increase in food production," Dr Katehi said.
The combined negative effects of water scarcity and climate change on the agriculture industry may make dates, which can grow in harsh climates, more important to the world's future food needs. Date palm scientists, university researchers, specialists in the field and ministers of agriculture from the GCC region are among the 260 participants from 40 countries attending the three-day conference. Participants will examine and discuss 144 working papers that focus on the cultivation and other aspects of date palms worldwide.
"This year's conference aims to provide the opportunity to renew scientific knowledge around the different aspects of date palm production, propagation, protection and marketing," said Prof Abdelouahhab Zaid, the secretary general of the Khalifa International Date Palm Awards. Prof Zaid, who is also the director of the Date Palm Global Network at UAE University, which organised the conference, noted that the UAE has more than 42 million date palms, the most of any country.
The five winners of the Khalifa International Date Palm Awards were honoured during the opening ceremonies. Applications for next year's awards will be accepted from June 1 to October 30 in five categories: excellent research and study, distinguished date producers, best new technique, best development project and distinguished figure. The prize money for this year's winners was doubled to Dh2.3 million (US$626,000).
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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.”
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Each player begins with one of the great empires of history, from Julius Caesar's Rome to Ramses of Egypt, spread over Europe and the Middle East.
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Free admission. All fixtures broadcast live on icc.tv
Tuesday March 15, v PNG at Sharjah Cricket Stadium
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Tank warfare
Lt Gen Erik Petersen, deputy chief of programs, US Army, has argued it took a “three decade holiday” on modernising tanks.
“There clearly remains a significant armoured heavy ground manoeuvre threat in this world and maintaining a world class armoured force is absolutely vital,” the general said in London last week.
“We are developing next generation capabilities to compete with and deter adversaries to prevent opportunism or miscalculation, and, if necessary, defeat any foe decisively.”