The gradual shift of the consumer’s preference for organic food and products in the Middle East and the current position of UAE as the second largest market for organic food has made this sector integral to the country, said a top official.
“It is our goal to promote and become one of the major pillars for the organic food sector in the coming years,” said Saud Salim Al-Mazrouei, director of Hamriyah Free Zone Authority (HFZA) and Sharjah Airport International Free Zone (SAIF Zone).
The director led a delegation to London to participate in the Natural & Organic Products Europe exhibition that concluded in London recently.
“HFZA’s participation in this year’s Natural & Organic Products is a start for us to understand the sector further and interact with potential investors,” he said.
Quoting a report by Frost and Sullivan, Al-Mazrouei said that organic farming in the GCC is set to reach $1.5 billion by 2018, driven by evolving consumer tastes and change in health habits.
In the UAE, the number of organic farms rose to 39 at the end of 2013, covering a total of 3,920 hectares, compared with just 218 hectares in 2007, he said.
In general, the demand for organic food in the Middle East and North Africa is increasing.
“HFZA is facilitating the set-up of more food industries in the zone to increase their growth in the MENA region, because of the strategic position and advantages it has to offer, in addition to which it is noteworthy that UAE is emerging as a major food re-exporting hub in the World, making HFZA all the more attractive as a destination for investors to expand there business and tap in to new business opportunities through the region.”
The Natural & Organic Products Europe exhibition that took place at ExCeL London, featured an unprecedented 600 exhibitors showcasing thousands of natural and organic brands — including supplements, botanicals, superfoods, homeopathic remedies, personal care and beauty, eco-household, and food and drink.
More than 10,000 people visited the event this year, renowned for attracting key buyers and decision makers from the food, beauty, health and eco-label categories.
“The event provided a good window for HFZA to introduce its capabilities and facilities to potential investors and exhibitors from other countries like the US, Poland, France, Italy, Sicily and many others,” said Ali Al-Jarwan, deputy commercial director of HFZA.
GCC organic farming market to reach $1.5bn
GCC organic farming market to reach $1.5bn
Closing Bell: Saudi equities continue 4-day upward trend
RIYADH: Saudi equities closed higher on Wednesday, with the Tadawul All Share Index rising 51.52 points, or 0.47 percent, to finish at 10,945.15.
Trading activity was robust, with 373.9 million shares exchanged and total turnover reaching SR6.81 billion.
The MT30 Index also ended the session in positive territory, advancing 11.93 points, or 0.82 percent, to 1,472.82, while the Nomu Parallel Market Index declined 116.82 points, or 0.49 percent, to 23,551.47, reflecting continued volatility in the parallel market.
The main market saw 90 gainers against 171 decliners, indicating selective buying.
On the upside, Al Kathiri Holding Co. led gainers, closing at SR2.18, up SR0.12, or 5.83 percent. Wafrah for Industry and Development Co. advanced to SR23, gaining SR0.99, or 4.5 percent, while Al Ramz Real Estate Co. rose 4.35 percent to close at SR60.
SABIC Agri-Nutrients Co. added 4.21 percent to SR118.70, and Al Jouf Agricultural Development Co. climbed 4.12 percent to SR45.
Meanwhile, losses were led by Saudi Industrial Export Co., which fell 9.73 percent to SR2.69. United Cooperative Assurance Co. declined 5.08 percent to SR3.74, while Thimar Development Holding Co. dropped 4.54 percent to SR35.30.
Abdullah Saad Mohammed Abo Moati for Bookstores Co. retreated 4.15 percent to SR48.50, and Gulf Union Alahlia Cooperative Insurance Co. slipped 3.96 percent to SR10.44.
On the announcement front, Saudi National Bank announced its intention to issue US dollar-denominated Additional Tier 1 capital notes under its existing international capital programe, with the final size and terms to be determined subject to market conditions and regulatory approvals.
The planned issuance aims to strengthen Tier 1 capital and support the bank’s broader financial and strategic objectives.
The stock closed at SR42.70, gaining SR0.70, or 1.67 percent, reflecting positive investor reaction to the capital management move.
Separately, Almasane Alkobra Mining Co. said its board approved the establishment of a wholly owned simplified joint stock company to provide drilling, exploration and related support services, with a share capital of SR100 million and headquarters in Najran, subject to regulatory approvals.
The new subsidiary aligns with the company’s strategy to enhance operational efficiency and expand its role in the Kingdom’s mining sector.
Shares of Almasane Alkobra Mining closed at SR98.70, up SR0.30, or 0.3 percent, by the end of the session.
