Using smart technology to cultivate fresh greens

Using smart technology to cultivate fresh greens
The Natufia Smart Garden gives households total control over the greens they want to consume without depending on the climate or the seasons. (Supplied)
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Updated 04 March 2023

Using smart technology to cultivate fresh greens

Using smart technology to cultivate fresh greens
  • Food tech firm adopts penetrative pricing to drive food security in Saudi Arabia

RIYADH: Saudi Arabia is in overdrive to achieve its ambitious goals of diversifying its economy and further uplifting the quality of life without compromising its commitment to sustainable living.

Its measures have created a rich environment conducive to innovation and investment and witnessed mushrooming startups developing novel ideas supported by different institutions in the public and private sectors.

One of those entities is the King Abdullah University of Science and Technology which has emerged as a beacon for innovative ideas and a home to the most diverse startups in the region.

Its venture, Natufia Labs, is contributing toward ensuring food security in the Kingdom. 

In 2014, the company pioneered a hydroponic kitchen farm that automates plant growth through a self-contained case that provides optimal water, lighting, and nutrients to cultivate fresh greens throughout the year.

Called Natufia Smart Garden, the technology gives households total control over the greens they want to consume without depending on the climate or the seasons.

With the smart kitchen garden, though, you place the seed pods within the nursery of the cabinet to germinate. After about 10 days, the pod turns into a plant. It is then moved to the growth chamber, and 30 days later, you have fresh green produce devoid of pesticides or preservatives.

The technology can sow over 40 varieties of seed pods and can grow almost 32 plants simultaneously, including basil, chilies, kale, lettuce, cherry tomatoes, and chamomile, to name a few. But the technology came with a price.

At $13,000, the product was a luxury and a preserve of the uber-rich. Weighing 270 kg, it was a hardware-intensive technology that commanded huge manufacturing costs coupled with the logistics challenges of sourcing parts from different parts of the world. 

“Our first clients were chefs in France and private clients in California. These were people who loved food and cooking, and for them, Natufia was an extension of their gardens. They told us it was something they wanted for years,” Gregory Lu told Arab News, who set up the company in 2014 in Estonia after spending the better part of his life selling dream homes across Europe.

What also went in the company’s favor was its environmental commitment because here was a product that curbed packaging, pollution, food miles, and toxins.

So, what turned this one-time realtor into an environmentalist? In 2012, after advising high net worth individuals on lucrative real estate opportunities, the law graduate found his true calling as he purchased an olive plantation in Sicily.

“I was able to reconnect with nature and produce olive oil in the most natural way, without fertilizer, pesticide, and excess watering,” said Lu. This enthusiastic embrace of natural living inspired Lu to dream of a farm for every household.

In 2018, Natufia Labs joined the Techstars Dubai Accelerator Opening Class and closed a $1.2-million seed round led by Butterfly Ventures, Techstars, and the Dubai-based Ginco Investments.

I was able to reconnect with nature and produce olive oil in the most natural way, without fertilizer, pesticide, and excess watering.

Gregory Lu, Natufia Labs founder and CEO

However, when the COVID-19 pandemic engulfed the world, it highlighted the fragility of the global supply chains and their impact on food security. It made it harder for farmers and food producers to get their produce to market.

For instance, according to the General Authority for Statistics, food and beverage in Saudi Arabia recorded the highest annual increase of 14.4 percent in July 2020, primarily due to a 19 percent increase in vegetable prices and 18.2 percent in meat prices.

With limited mobility and increased demand for home deliveries, transportation costs also shot up, burdening the food basket further. The July 2020 GASTAT report further revealed that transportation costs in Saudi Arabia increased by 7.3 percent, mainly from a 13.9 percent increase in vehicle prices.

The lightning had struck, furthering Lu’s resolve to reach the masses.

In 2021, Lu finally received a helping hand from the unlikeliest place nearly 4,000 km away from his base camp: KAUST.

It not only awarded $2 million to Natufia Labs through its venture capital investment arm, the KAUST Innovation Fund, but also offered a residency at the KAUST Research and Technology Park. Lu soon perfected the art of production and lowered the price. Later, Lu realized the only way he could push the envelope was by designing a product that was smaller in size and more compact in shape than the Natufia Smart Garden.

In the fall of 2022, it launched Natufia One, a smaller and semi-automated version of Natufia Smart Garden, which was entirely developed at KAUST. Weighing 65 kg, Natufia One ventured into the market.

Lu now plans to raise new investments to increase production capacity and triple the firm’s distribution network before the end of this year. He also hopes to launch a slew of new products in 2024.

The plans are encouraging, considering the Kingdom is on a war footing to localize the country’s food industry by 2030.


SNB appoints new chairman

SNB appoints new chairman
Updated 16 sec ago

SNB appoints new chairman

SNB appoints new chairman

RIYADH: Saudi National Bank has appointed Saeed Mohammed Al-Ghamdi as its new chairman following the resignation of Abdul Wahed Al-Khudairy from his post citing personal reasons, the bank said on Monday.

The bank also appointed Talal Ahmed Al Khereiji as the new acting CEO, according to a bourse statement.

SNB said that the new changes will be effective from March 27.

In 2022, the bank recorded a 46.7 percent increase in net profit, hitting SR18.6 billion ($4.96 billion), spurred by higher operating income and a decline in provisions for expected credit losses.

The Kingdom’s biggest bank also saw a 61 percent surge in net profit in the fourth quarter of 2022 to SR4.8 billion from SR2.96 billion during the same period in 2021.

The results beat the average analyst estimate of SR18.2 billion, according to Refinitiv data.

Earlier in March, the bank moved to play down any risk to its balance sheet caused by the fall in share value of Credit Suisse.

SNB bought almost 9.9 percent of Credit Suisse for SR5.5 billion in November 2022, with the Saudi bank later saying the investment represented just 0.5 percent of its total assets and approximately 1.7 percent of its overall investment portfolio.

In a statement to the Saudi stock exchange, made as Credit Suisse hit difficulties, SNB said: “Changes in the valuation of SNB's investment in Credit Suisse have no impact on SNB's growth plans and forward-looking 2023 guidance.”

Shares of Credit Suisse and other banks plunged after the failure of two banks in the US sparked concerns about other potentially shaky institutions in the global financial system.

Fellow Swiss bank group UBS agreed to buy Credit Suisse for more than $3 billion, a move which calmed markets after concerns about the global financial sector increased following the failure of two banks in the US.


Oil Updates — Crude edges up; Sinopec to actively explore opportunities in Saudi Arabia

Oil Updates — Crude edges up; Sinopec to actively explore opportunities in Saudi Arabia
Updated 46 min 46 sec ago

Oil Updates — Crude edges up; Sinopec to actively explore opportunities in Saudi Arabia

Oil Updates — Crude edges up; Sinopec to actively explore opportunities in Saudi Arabia

RIYADH: Oil prices climbed in early trade on Monday as concerns over turmoil in the banking sector eased, while comments by Russian President Vladimir Putin over the weekend ratcheted up geopolitical tensions in Europe.

Brent crude futures gained 74 cents, or 0.99 percent, to $75.73 a barrel at 11.30 a.m. Saudi time. US West Texas Intermediate crude was at $69.96 a barrel, up 70 cents, or 1.01 percent.

Brent rose 2.8 percent last week, while WTI rebounded 3.8 percent as jitters in the banking sector eased.

Oman offers 3 oil and gas concession areas 

Oman is offering three oil and gas concession areas for local and international local companies, a statement from the Ministry of Energy and Minerals said on Sunday.

The offering is open between March 26 and June 25, according to the statement published on Twitter.

Sinopec to actively explore opportunities in Saudi Arabia

China Petroleum & Chemical Corporation, also known as Sinopec, said on Monday it will actively explore opportunities in Saudi Arabia, where the state oil and gas major already owns a refinery stake.

Sinopec President Yu Baocai made the remarks without elaboration during a press briefing after the company announced a 6.9 percent decline in net profit last year.

DNO puts oil in storage after Iraq halts export via Turkiye

Norwegian oil firm DNO has begun storing oil in tanks at fields in the semi-autonomous Kurdistan region of northern Iraq after Baghdad ordered a halt to exports via a pipeline to the Turkish port of Ceyhan.

Iraq on Saturday halted crude exports from its northern region after the country won an arbitration case in which it said that Turkiye violated a joint agreement by allowing the Kurdistan Regional Government to export oil to Ceyhan.

A statement from DNO said it began diverting oil production from to storage on Saturday and that the tanks can hold “several days” worth of production.

“DNO notes from public reports that authorities in Ankara, Baghdad and Irbil are in discussion to reach agreements that will allow oil exports to resume,” the Norwegian company said.

Prior to the shutdown the pipeline carried about 400,000 barrels per day of Kurdish oil and another 70,000 bpd of Iraqi oil to global markets, DNO said. 

(With input from Reuters) 


First Citizens Bank to acquire Silicon Valley Bank

First Citizens Bank to acquire Silicon Valley Bank
Updated 27 March 2023

First Citizens Bank to acquire Silicon Valley Bank

First Citizens Bank to acquire Silicon Valley Bank

NEW YORK: The Federal Deposit Insurance Corp. has agreed on the sale of troubled Silicon Valley Bank to North Carolina-based First-Citizens Bank & Trust Co. 

The sale involves the sale of all deposits and loans of SVB to First-Citizens, the FDIC said in a statement late Sunday. 

The collapse of Silicon Valley Bank rattled the banking industry and led the FDIC and other regulators to act to protect depositors to prevent wider financial turmoil. 

The bank, based in Santa Clara, California, failed on March 10 after depositors rushed to withdraw money amid fears about the bank’s health. It was the second-largest bank collapse in US history. 

 

 


DP World in top 5 overseas investors since 2012

DP World in top 5 overseas investors since 2012
Updated 26 March 2023

DP World in top 5 overseas investors since 2012

DP World in top 5 overseas investors since 2012
  • Logistics company invested $320m in the last year

DUBAI: DP World has invested more than $10 billion in the global logistics sector since 2012, Emirates News Agency has reported. 

The figures make the UAE-based company one of the top five overseas investors during the time period, according to the most recent foreign direct investment data.

Despite the demand for logistics services slowing, along with the global economy, DP World invested $320 million in the last year. 

Other companies in the top five include Amazon, and Denmark’s AP Moller Maersk, making DP World the only company in the group not based in the US or Europe.

DP World CEO Sultan Ahmed bin Sulayem said: “The data shared by ‘FDI Intelligence’ demonstrates where we stand globally within the logistics sector, not only in the last year but consistently over the last 10 years.

“DP World’s companies touch people’s lives around the world every day. Sometimes it is tangible, and sometimes we are in the background, making sure people and businesses get the goods they require.

“Our infrastructure opens untapped trade opportunities, grows economies and makes goods more affordable.

“Investing in developing economies helps trade go further, facilitates economic growth, attracts foreign investment and generates thousands of jobs — raising the quality of life for everyone.”

According to a study in January commissioned by DP World and led by Economist Impact, 96 percent of companies are changing their supply chains as a result of geopolitical events.

One of DP World’s priorities in 2022 was to expand its partnerships in order to realize this trade potential.

It strengthened its partnership with India’s National Investment and Infrastructure Fund to raise about $300 million, and it established a new platform with British International Investment to accelerate work in Africa.

The African continent has been a key focus area, with the construction of the Port of Ndayane in Senegal marking the start of a $1 billion investment.

Plans are also in the works to expand the capabilities of operations at Caucedo in the Dominican Republic, while the Callao Port expansion in Peru, when completed later this year, will reportedly create one of the single largest terminals in South America.

Another popular investment destination has been the UK. DP World has invested £2 billion ($2.44 billion) in the UK over the last decade, supporting thousands of jobs, WAM reported.


Standard Chartered agrees to sell business in Jordan

Standard Chartered agrees to sell business in Jordan
Updated 26 March 2023

Standard Chartered agrees to sell business in Jordan

Standard Chartered agrees to sell business in Jordan
  • Bank said in April that it was seeking to narrow its focus to faster-growing markets in the region, such as Saudi Arabia and Egypt.

DUBAI: Standard Chartered plans to sell its Jordanian business to Arab Jordan Investment Bank (AJIB), the two parties said on Sunday, as the emerging markets-focused lender presses ahead with plans to exit seven markets in Africa and the Middle East.
The bank entered into an agreement with AJIB, subject to central bank approval, which will see Standard Chartered’s corporate, commercial and institutional banking, consumer lending and private banking businesses migrated to AJIB.
All Standard Chartered Bank employees in Jordan will be transferred to AJIB, it said an emailed statement.
Standard Chartered’s Africa and Middle East CEO Sunil Kaushal said the agreement is aligned with the banks global strategy “to deliver efficiencies, reduce complexity, as well as redirect resources within the Africa Middle East region to areas with the greatest potential to drive scale, grow and better support clients.”
AJIB said the purchase falls within the Jordanian lender’s strategy to grow its market share in the country, which continues to grow after it acquired HSBC’s banking business in Jordan in 2014 and National Bank of Kuwait’s banking business in Jordan in 2022.
Standard Chartered in April 2022 said it plans to leave seven markets, consisting of Angola, Cameroon, Gambia, Jordan, Lebanon, Sierra Leone and Zimbabwe.
The bank said at the time it was seeking to exit markets where it is sub-scale and narrow its focus to faster-growing markets in the region, such as Saudi Arabia and Egypt.