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.



Oil Prices Set for Second Annual Loss in a Row, Stable Day on Day

FILE PHOTO: A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia, June 4, 2023. REUTERS/Alexander Manzyuk/File Photo
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Oil Prices Set for Second Annual Loss in a Row, Stable Day on Day

FILE PHOTO: A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia, June 4, 2023. REUTERS/Alexander Manzyuk/File Photo

Oil prices were on track to end 2024 with a second consecutive year of losses on Tuesday, but were steady on the day as data showing an expansion in Chinese manufacturing was balanced by Nigeria targeting higher output next year.

Brent crude futures fell by 7 cents, or 0.09%, to $73.92 a barrel as of 1306 GMT. US West Texas Intermediate crude lost 4 cents, or 0.06%, to $70.95 a barrel.

At those levels, Brent was down around 4% from its final 2023 close price of $77.04, while WTI was down around 1% from where it settled on Dec. 29 last year at $71.65.

In September, Brent futures closed below $70 a barrel for the first time since December 2021, while their highest closing price of 2024 at $91.17 was also the lowest since 2021, as the impacts of a post-pandemic rebound in demand and price shocks from Russia's 2022 invasion of Ukraine began to fade.

According to Reuters, oil prices are likely to be constrained near $70 a barrel in 2025 as weak demand from China and rising global supplies are expected to cast a shadow on OPEC+-led efforts to shore up the market, a Reuters monthly poll showed on Tuesday.

A weaker demand outlook in China in particular forced both the Organization of Petroleum Exporting Countries (OPEC) and the International Energy Agency (IEA) to cut their oil demand growth expectations for 2024 and 2025.

With non-OPEC supply also set to rise, the IEA sees the oil market going into 2025 in a state of surplus, even after OPEC and its allies delayed their plan to start raising output until April 2025 against a backdrop of falling prices.

Investors will also be watching the Federal Reserve's rate cut outlook for 2025 after central bank policymakers earlier this month projected a slower path due to stubbornly high inflation.

Lower interest rates generally incentivise borrowing and fuel growth, which in turn is expected to boost oil demand.

Markets are also gearing up for US President-elect Donald Trump's policies around looser regulation, tax cuts, tariff hikes and tighter immigration, as well as potential geopolitical shifts from Trump's calls for an immediate ceasefire in the Russia-Ukraine war, as well as the possible re-imposition of the so-called "maximum pressure" policy towards Iran.

Prices were supported on Tuesday by data showing China's manufacturing activity expanded for a third straight month in December but at a slower pace, suggesting a blitz of fresh stimulus is helping to support the world's second-largest economy.

However, that was balanced out by potential for higher supply next year, as Nigeria said it is targeting national production of 3 million barrels per day (bpd) next year, up from its current level of around 1.8 million bpd.