DUBAI: Dubai Food Park has signed a Dh1.35 billion agreement with Chinese investors to build the China-UAE Food Industrial cluster foreseen to enhance the emirate’s competitiveness as the region’s leading hub in the food sector
The 4.38-million-square foot China-UAE Food Industrial cluster will be home to 30 food plants, including two Chinese catering companies and two advanced manufacturing plants for food packaging materials, and is expected to be completed 24 months after construction has been started.
The project, which will be undertaken with Ningxia Forward Fund Management Company, will have six major components: meals processing, packaged food processing, cold chain storage, production of food packages, e-commerce and commodities exhibition and bio-safety disposal of waste water and wastes.
At least 75 percent of the total project area will be allocated for factories, 17 percent for warehouses while the rest will be allocated for offices and other facilities.
Abdullah Belhoul, Chief Executive Officer of Dubai Wholesale City, in a statement said that the agreement comes at an “important time, given the urgent global need to enhance collaboration on food security by increasing the physical and economic access to sufficient, safe and nutritious food.”
“The partnership marks a step forward in strengthening bilateral relations at various levels, particularly trade and economic relations between the UAE and China,” he said.
A Ningxia Forward Fund Management Company spokesperson, meanwhile said the agreement would help meet China’s objectives for the Belt and Road initiative and “create large-scale employment opportunities and trade benefits for the world’s nations.”
Dubai Food Park signs Dh1.35 billion agreement to establish China-UAE Food Industrial cluster
Dubai Food Park signs Dh1.35 billion agreement to establish China-UAE Food Industrial cluster
Saudi POS transactions see 20% surge to hit $4bn: SAMA
RIYADH: Saudi Arabia’s total point-of-sale transactions surged by 20.4 percent in the week ending Nov. 29, to reach SR15.1 billion ($4 billion).
According to the latest data from the Saudi Central Bank, the number of POS transactions represented a 9.1 percent week-on-week increase to 240.25 million compared to 220.15 million the week before.
Most categories saw positive change across the period, with spending on laundry services registering the biggest uptick at 36 percent to SR65.1 million. Recreation followed, with a 35.3 percent increase to SR255.99 million.
Expenditure on apparel and clothing saw an increase of 34.6 percent, followed by a 27.8 percent increase in spending on telecommunication. Jewelry outlays rose 5.6 percent to SR354.45 million.
Data revealed decreases across only three sectors, led by education, which saw the largest dip at 40.4 percent to reach SR62.26 million.
Spending on airlines in Saudi Arabia fell by 25.2 percent, coinciding with major global flight disruptions. This followed an urgent Airbus recall of 6,000 A320-family aircraft after solar radiation was linked to potential flight-control data corruption. Saudi carriers moved swiftly to implement the mandatory fixes.
Flyadeal completed all updates and rebooked affected passengers, while flynas updated 20 aircraft with no schedule impact. Their rapid response contained the disruption, allowing operations to return to normal quickly.
Expenditure on food and beverages saw a 28.4 percent increase to SR2.31 billion, claiming the largest share of the POS. Spending on restaurants and cafes followed with an uptick of 22.3 percent to SR1.90 billion.
The Kingdom’s key urban centers mirrored the national decline. Riyadh, which accounted for the largest share of total POS spending, saw a 14.1 percent surge to SR5.08 billion, up from SR4.46 billion the previous week. The number of transactions in the capital reached 75.2 million, up 4.4 percent week-on-week.
In Jeddah, transaction values increased by 18.1 percent to SR2.03 billion, while Dammam reported a 14 percent surge to SR708.08 million.
POS data, tracked weekly by SAMA, provides an indicator of consumer spending trends and the ongoing growth of digital payments in Saudi Arabia.
The data also highlights the expanding reach of POS infrastructure, extending beyond major retail hubs to smaller cities and service sectors, supporting broader digital inclusion initiatives.
The growth of digital payment technologies aligns with the Kingdom’s Vision 2030 objectives, promoting electronic transactions and contributing to the nation’s broader digital economy.
