UAE Initiative on Sustainable Agricultural Practices Launched

UAE Minister of Climate Change and Environment during the announcement of the initiative on Monday. (Asharq Al-Awsat)
UAE Minister of Climate Change and Environment during the announcement of the initiative on Monday. (Asharq Al-Awsat)
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UAE Initiative on Sustainable Agricultural Practices Launched

UAE Minister of Climate Change and Environment during the announcement of the initiative on Monday. (Asharq Al-Awsat)
UAE Minister of Climate Change and Environment during the announcement of the initiative on Monday. (Asharq Al-Awsat)

An initiative on sustainable agricultural practices was launched in the UAE on Monday, following the success of the inaugural edition of the Greenhouse Accelerator Program.

The initiative is a partnership between the UAE Ministry of Climate Change and Environment (MOCCAE) and Food Tech Valley and PepsiCo.

As part of the program with PepsiCo, the entities will offer technical and strategic mentorship to applicants participating in the program, as well as access to local and regional knowledge networks.

“By supporting the PepsiCo Greenhouse Accelerator Program: MENA Sustainability Edition, we are not only continuing the momentum from last year and expanding innovation in agriculture but also building on the country’s wider commitment to tackling climate change with clear vision and action,” said Mariam Almheiri, UAE Minister of Climate Change and Environment.

She added that with the UAE preparing to host COP28 and President of the UAE Sheikh Mohamed bin Zayed Al Nahyan announcing the year 2023 as the Year of Sustainability, “there will be an enormous spotlight on innovators who can develop solutions to optimize the valuable natural resources needed in agriculture.”

The minister went on to say that “from saving water and reducing electricity to rethinking processes and strategies, sustainable agriculture is the key to ensuring food security for everyone while being considerate of our shared environment.”

“Our best wishes accompany the start-ups who are dreaming big and putting their solutions on the map, where they can grow into opportunities that can sustain long-term economic and environmental prosperity.”

For his part, Project Lead for Food Tech Valley Ahmed AlShaibani said “establishing food security is a crucial part of the quest for a more sustainable future, especially in the MENA region.”

He added that “by engaging the latest technologies and inspiring start-ups who are at the forefront of innovation, we can help transform agriculture so that it can deliver sustainable local production and diversified imports that will enhance the self-sufficiency of countries and contribute to a sustainable global food supply chain.”

“We’re excited to see agriculture at the heart of this year’s PepsiCo Greenhouse Accelerator Program: MENA Sustainability Edition and we’re delighted to support this fantastic initiative that also feeds into our mission to build a smarter food system together.”

Through pep+, the company is working to source crops and ingredients in ways that restore the soil and strengthen farming communities, and the Greenhouse Accelerator Program is intended to unlock innovative and disruptive agricultural solutions in partnership with purpose-driven start-ups from the region.

Aamer Sheikh, CEO – Middle East, PepsiCo., said: “We understand the crucial role of innovation and sustainability in driving forward our pep+ strategy.”

“After seeing first-hand the positive impact felt by innovators during the first regional round of the Greenhouse Accelerator Program, we are proud to build on this momentum with a second edition – expanding the program to Egypt and playing a meaningful part in helping entrepreneurs tackle sustainability challenges.”

“With the region heavily reliant on imports, it's essential that we support the passionate change-makers working to make a significant impact through positive agricultural practices.”

“The private sector has an important role to play in addressing the major challenges facing the MENA region, such as food security, arid climate, scarce arable land, and limited water supply, and our goal is to lead by example,” he added.



Dollar Set to End Week on a High on US Rates, Economic Outlook

A teller sorts US dollar banknotes inside the cashier's booth at a forex exchange bureau in downtown Nairobi, Kenya February 16, 2024. REUTERS/Thomas Mukoya/File photo
A teller sorts US dollar banknotes inside the cashier's booth at a forex exchange bureau in downtown Nairobi, Kenya February 16, 2024. REUTERS/Thomas Mukoya/File photo
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Dollar Set to End Week on a High on US Rates, Economic Outlook

A teller sorts US dollar banknotes inside the cashier's booth at a forex exchange bureau in downtown Nairobi, Kenya February 16, 2024. REUTERS/Thomas Mukoya/File photo
A teller sorts US dollar banknotes inside the cashier's booth at a forex exchange bureau in downtown Nairobi, Kenya February 16, 2024. REUTERS/Thomas Mukoya/File photo

The dollar was on track for its strongest weekly performance since early December on Friday, propped up by expectations that the US economy will continue to outperform its peers globally this year and US interest rates will stay elevated for longer.

The greenback began the new year on a strong note, reaching a more than two-year high of 109.54 against a basket of currencies on Thursday as it extended a stellar rally from last year. A more hawkish Fed and a resilient US economy have led US Treasury yields to rise, prompting the dollar to charge higher.

Coupled with expectations that policies by US President-elect Donald Trump will boost growth this year and potentially add to price pressures, the dollar now looks relentless.

"Looks like dollar strength is here to stay for now in early 2025 given the US exceptionalism story is here to stay, and it still comes with high US yields," said Charu Chanana, chief investment strategist at Saxo, Reuters reported.

"Add to that the uncertainty from policies of the incoming (Donald) Trump administration, and you also get the safety aspect of the dollar looking attractive." Uncertainties over how Trump's plans for hefty import tariffs, tax cuts and immigration restrictions will affect global markets has in turn given the greenback additional safe haven support. Jobless claims data on Thursday confirmed a resilient US labor market, with the number of Americans filing new applications for unemployment benefits dropping to an eight-month low last week. The dollar index last stood at 109, down 0.2% on the day, but on track for a weekly gain of just under 1%, its strongest since early December.

Other currencies attempted to rebound against the firm dollar on Friday, still tracking steep losses on the week. The euro was last up 0.28% at $1.02950 but was headed for a 1.3% weekly decline, its worst since November.

The common currency was among the biggest losers against a towering dollar, having tumbled 0.86% in the previous session to a more than two-year low of $1.022475.

Traders are pricing in more than 100 basis points worth of rate cuts from the European Central Bank next year, while they expect just about 45 bps of easing from the Fed.

Uncertainties around trade policies of the incoming Trump administration are also weighing on the outlook for the euro looking ahead, along with China's yuan and some other emerging market currencies.

"We expect Trump's policy mix to trigger further dollar strengthening, with European currencies – and the euro in particular – coming under pressure from protectionism and monetary easing," said ING analysts in a note. Similarly, sterling ticked up 0.22% to $1.24065, after sliding 1.16% on Thursday. It was on track to lose roughly 1.4% for the week. Elsewhere, the yen rose around 0.24% to 157.085 per dollar, but was not far from an over five-month low of 158.09 per dollar hit in December. The Japanese currency has been a victim of the stark interest rate differential between the US and Japan for over two years now, with the Bank of Japan's caution over further rate increases spelling more pain for the yen.

The yen tumbled more than 10% in 2024, extending its losses into a fourth straight year. China's onshore yuan hit its weakest level in over a year at 7.3190 per dollar, as falling yields and expectations of more domestic rate cuts continued to weigh on the currency.