Strawberries and rocket: vertical farm in Abu Dhabi plans to expand


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A vertical farm in Abu Dhabi that has been growing fresh greens using hydroponics plans to produce strawberries and garden rocket for sale in the near future.

Smart Acres, the firm behind the project, said they have already seen a positive response from customers about their products, specifically their lettuce, which is going on sale end of this month.

The vegetables are grown under LED lights inside eight converted shipping containers using hydroponics – where crops are grown with nutrient-rich water instead of soil.

“We are planning for an expansion in the next year and we will have almost 80 shipping containers,” said Vishakh Nath, farm operations manager at the firm.

“In addition to the lettuces, we are planning for strawberries and rockets. The main project that we are looking forward to is to develop our own potato seeds within UAE.”

  • Sean Lee, director of Smart Acres, at the hydroponics farm at the Armed Forces Officers Club, Abu Dhabi, which produces lettuce and leafy greens for sale in UAE supermarkets. Victor Besa / The National
    Sean Lee, director of Smart Acres, at the hydroponics farm at the Armed Forces Officers Club, Abu Dhabi, which produces lettuce and leafy greens for sale in UAE supermarkets. Victor Besa / The National
  • Lettuce is grown in converted shipping containers. Victor Besa / The National
    Lettuce is grown in converted shipping containers. Victor Besa / The National
  • The produce grown using hydroponics. Victor Besa / The National
    The produce grown using hydroponics. Victor Besa / The National
  • Sean Lee, director of the Smart Acres hydroponics farm. We want it to be commercially viable, he said.Victor Besa / The National
    Sean Lee, director of the Smart Acres hydroponics farm. We want it to be commercially viable, he said.Victor Besa / The National
  • The farm is spread across eight converted shipping containers. Victor Besa / The National
    The farm is spread across eight converted shipping containers. Victor Besa / The National
  • The UAE’s newest vertical farm, Smart Acres, has started operation. All photos courtesy Smart Acres
    The UAE’s newest vertical farm, Smart Acres, has started operation. All photos courtesy Smart Acres
  • The company collaborated with n.thing, a Korean-based technology company, to design the farm modules.
    The company collaborated with n.thing, a Korean-based technology company, to design the farm modules.
  • Smart Acres grows fresh produce for UAE residents and businesses.
    Smart Acres grows fresh produce for UAE residents and businesses.
  • Smart Acres says its system not only consumes less resources but generates ultra-high quality crops.
    Smart Acres says its system not only consumes less resources but generates ultra-high quality crops.
  • Smart Acres was founded to improve food security in the UAE and develop the country’s farming capabilities.
    Smart Acres was founded to improve food security in the UAE and develop the country’s farming capabilities.
  • Smart Acres is in talks with hypermarkets and government entities to expand their distribution of produce across the country.
    Smart Acres is in talks with hypermarkets and government entities to expand their distribution of produce across the country.

The vegetables are grown in a 237-square-metre facility at Abu Dhabi’s Armed Forces Officers Club.

At present they can produce 900kg of lettuce a month and grow four different varieties. The lettuce will sell for Dh40 to Dh45 per kilogram.

“We have been giving samples of our lettuces to restaurants, cafes and customers in the last few months and we’ve been getting a very good review about the taste, texture and the freshness of our lettuces, so we’re so excited that it’s going on sale this month,” said Mr Nath.

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.

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.”

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
UAE currency: the story behind the money in your pockets
How to watch Ireland v Pakistan in UAE

When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.

Last five meetings

2013: South Korea 0-2 Brazil

2002: South Korea 2-3 Brazil

1999: South Korea 1-0 Brazil

1997: South Korea 1-2 Brazil

1995: South Korea 0-1 Brazil

Note: All friendlies

COMPANY PROFILE
Name: HyperSpace
 
Started: 2020
 
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
 
Based: Dubai, UAE
 
Sector: Entertainment 
 
Number of staff: 210 
 
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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The biog

Profession: Senior sports presenter and producer

Marital status: Single

Favourite book: Al Nabi by Jibran Khalil Jibran

Favourite food: Italian and Lebanese food

Favourite football player: Cristiano Ronaldo

Languages: Arabic, French, English, Portuguese and some Spanish

Website: www.liliane-tannoury.com

UAE currency: the story behind the money in your pockets
Defence review at a glance

• Increase defence spending to 2.5% of GDP by 2027 but given “turbulent times it may be necessary to go faster”

• Prioritise a shift towards working with AI and autonomous systems

• Invest in the resilience of military space systems.

• Number of active reserves should be increased by 20%

• More F-35 fighter jets required in the next decade

• New “hybrid Navy” with AUKUS submarines and autonomous vessels

APPLE IPAD MINI (A17 PRO)

Display: 21cm Liquid Retina Display, 2266 x 1488, 326ppi, 500 nits

Chip: Apple A17 Pro, 6-core CPU, 5-core GPU, 16-core Neural Engine

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Biometrics: Touch ID, Face ID

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In the box: iPad mini, USB-C cable, 20W USB-C power adapter

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BUNDESLIGA FIXTURES

Friday (all kick-offs UAE time)

Hertha Berlin v Union Berlin (10.30pm)

Saturday

Freiburg v Werder Bremen (5.30pm)

Paderborn v Hoffenheim (5.30pm)

Wolfsburg v Borussia Dortmund (5.30pm)

Borussia Monchengladbach v Bayer Leverkusen (5.30pm)

Bayern Munich v Eintracht Frankfurt (5.30pm)

Sunday

Schalke v Augsburg (3.30pm)

Mainz v RB Leipzig (5.30pm)

Cologne v Fortuna Dusseldorf (8pm)