Companies from more than 100 countries descended on Dubai yesterday hoping for a bigger slice of the food retail sector across the GCC, which is expected to grow by US$23 billion (Dh84.48bn) over the next five years.
More than 4,200 exhibitors are taking part in Gulfood 2013, the world's largest annual trade show for the food and hospitality industry.
Consumer spending in the GCC food sector stood at $83bn at the end of last year, but is expected to reach $106bn in the next five years, according to a study by ATKearney, a global management consultancy.
And many of the exhibitors at the four-day show are hoping to expand their share of the spoils.
"There are billions of dollars of trade that takes place in and around this event and for them, when many of their home markets are at best flat, at worst struggling, here is a market in the ascendant and the Middle East for them is a very attractive place to be because it connects them with a very wide geography," said Mark Napier, the director of exhibitions at Dubai World Trade Centre.
Greece-based Agrovim, which owns the Iliada olive oil brand, is one such company. It mainly exports its products to countries including the Emirates, so it has not been too badly affected by Greece's economic woes. But many of the countries it exports to are in Europe, which is suffering from its own financial troubles.
"The Middle East is a very good market for us because the people have money," said Jenny Gyftea, the vice president of Agrovim.
The company is participating in Gulfood with an aim to expand its customer base in the region. "For us Egypt is a very good market [in addition to] Kuwait and Dubai. We are working on Saudi Arabia now."
Pro Ecuador, the trade and investment promotion organisation of Ecuador, is taking part in Gulfood for the first time to increase the country's exports to the Emirates and the region. Last year Ecuador's exports to the UAE stood at around $4 million.
"It is the new strategy of Pro Ecuador and the government of Ecuador to [penetrate] new international and especially emerging markets such as the United Arab Emirates and the region," said Hussam Hassan, the head of commercial office at Pro Ecuador.
The organisation brought four Ecuadorian businesses to the show, ranging from the fruit exporter, Earthfructifera to the organic chocolate company, Pacari to help them to establish connections.
But for some regional companies, Gulfood represents an opportunity to pursue opportunities further afield.
Aujan Group Holding, which is headquartered in Saudi Arabia and owns the Rani and Barbican drinks brands, has just created two beverage companies with The Coca-Cola Company - the Aujan Coca-Cola Beverages Company and Rani Refreshments.
"One aspect of this partnership, is the international expansion of Rani and Barbican," said Roland Ebelt, the general manager of Rani Refreshments.
Aujan Industries began expanding into Africa about four years ago and Rani and Barbican drinks are now sold in Egypt, Libya, Algeria, Ethiopia and Senegal. Aujan is using Gulfood to support the expansion.
"Africa is our number one target for international expansion," said Mr Ebelt. "We will use Gulfood to meet up with people who are working in these markets."
gduncan@thenational.ae
COMPANY%20PROFILE
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If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
FA CUP FINAL
Manchester City 6
(D Silva 26', Sterling 38', 81', 87', De Bruyne 61', Jesus 68')
Watford 0
Man of the match: Bernardo Silva (Manchester City)
Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
COMPANY%20PROFILE%20
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TOURNAMENT INFO
Women’s World Twenty20 Qualifier
Jul 3- 14, in the Netherlands
The top two teams will qualify to play at the World T20 in the West Indies in November
UAE squad
Humaira Tasneem (captain), Chamani Seneviratne, Subha Srinivasan, Neha Sharma, Kavisha Kumari, Judit Cleetus, Chaya Mughal, Roopa Nagraj, Heena Hotchandani, Namita D’Souza, Ishani Senevirathne, Esha Oza, Nisha Ali, Udeni Kuruppuarachchi
UAE currency: the story behind the money in your pockets
The%20Secret%20Kingdom%20
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Matt%20Drummond%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3EAlyla%20Browne%2C%20Alice%20Parkinson%2C%20Sam%20Everingham%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203%2F5%26nbsp%3B%3C%2Fp%3E%0A
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
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%201.8-litre%204-cyl%20turbo%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E190hp%20at%205%2C200rpm%0D%3Cbr%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20320Nm%20from%201%2C800-5%2C000rpm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3ESeven-speed%20dual-clutch%20auto%0D%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%3C%2Fstrong%3E%206.7L%2F100km%0D%3Cbr%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20From%20Dh111%2C195%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENow%3C%2Fp%3E%0A
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
'Gold'
Director:Anthony Hayes
Stars:Zaf Efron, Anthony Hayes
Rating:3/5
UAE currency: the story behind the money in your pockets
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
Farasan Boat: 128km Away from Anchorage
Director: Mowaffaq Alobaid
Stars: Abdulaziz Almadhi, Mohammed Al Akkasi, Ali Al Suhaibani
Rating: 4/5
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What is Diwali?
The Hindu festival is at once a celebration of the autumn harvest and the triumph of good over evil, as outlined in the Ramayana.
According to the Sanskrit epic, penned by the sage Valmiki, Diwali marks the time that the exiled king Rama – a mortal with superhuman powers – returned home to the city of Ayodhya with his wife Sita and brother Lakshman, after vanquishing the 10-headed demon Ravana and conquering his kingdom of Lanka. The people of Ayodhya are believed to have lit thousands of earthen lamps to illuminate the city and to guide the royal family home.
In its current iteration, Diwali is celebrated with a puja to welcome the goodness of prosperity Lakshmi (an incarnation of Sita) into the home, which is decorated with diyas (oil lamps) or fairy lights and rangoli designs with coloured powder. Fireworks light up the sky in some parts of the word, and sweetmeats are made (or bought) by most households. It is customary to get new clothes stitched, and visit friends and family to exchange gifts and greetings.
COMPANY PROFILE
Name: Mamo Year it started: 2019 Founders: Imad Gharazeddine, Asim Janjua Based: Dubai, UAE Number of employees: 28 Sector: Financial services Investment: $9.5m Funding stage: Pre-Series A Investors: Global Ventures, GFC, 4DX Ventures, AlRajhi Partners, Olive Tree Capital, and prominent Silicon Valley investors. Essentials
The flights
Emirates, Etihad and Malaysia Airlines all fly direct from the UAE to Kuala Lumpur and on to Penang from about Dh2,300 return, including taxes.
Where to stay
In Kuala Lumpur, Element is a recently opened, futuristic hotel high up in a Norman Foster-designed skyscraper. Rooms cost from Dh400 per night, including taxes. Hotel Stripes, also in KL, is a great value design hotel, with an infinity rooftop pool. Rooms cost from Dh310, including taxes.
In Penang, Ren i Tang is a boutique b&b in what was once an ancient Chinese Medicine Hall in the centre of Little India. Rooms cost from Dh220, including taxes.
23 Love Lane in Penang is a luxury boutique heritage hotel in a converted mansion, with private tropical gardens. Rooms cost from Dh400, including taxes.
In Langkawi, Temple Tree is a unique architectural villa hotel consisting of antique houses from all across Malaysia. Rooms cost from Dh350, including taxes.
The specs: 2017 Ford F-150 Raptor
Price, base / as tested Dh220,000 / Dh320,000
Engine 3.5L V6
Transmission 10-speed automatic
Power 421hp @ 6,000rpm
Torque 678Nm @ 3,750rpm
Fuel economy, combined 14.1L / 100km
SPEC%20SHEET%3A%20SAMSUNG%20GALAXY%20S23%20ULTRA
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THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
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THE%20STRANGERS'%20CASE
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Zayed Sustainability Prize
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