Updates
In an interview on 10 May 2022, Abdullah Bin Touq Al Marri, Minister of Economy, said the Comprehensive Economic Partnership Agreement (CEPA) between India and UAE would help to encourage trade by reducing custom tariffs by 90% and increase non-oil trade from $45 billion to $100 billion annually in the next five years. The agreement which came into force on 1 May 2022 will intensify their bilateral trade and add 1.7% to the UAE’s GDP by 2030.
Right Farm, a B2B digital platform that sources fresh produce for the food and retail sector is an agritech based startup to address food security challenges. It secured around two million AED through a seed funding for developing tech capabilities to address supply chain solutions. The platform is designed to predict the demand for fresh produce in any given market. This information will help to supply the quantities of fresh produce needed, therefore reducing unnecessary costs and waste
The pivotal role of the industrial sector for UAE’s food security strategy was highlighted by Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology during his visit to the Al Dahra Group on 8 May 2022.The visit was part of the Ministry’s efforts to directly communicate with its partners and review innovative industrial projects. He highlighted the importance of firms like Al Dahra Group to achieve technical solutions for the Fourth Industrial Revolution.
The National Food Strategy 2051 of UAE has helped in accruing a better position in addressing food supply shortage created due to the Russia-Ukraine war. Realising the importance of agriculture, Abu Dhabi National Oil Company has entered into a joint venture with Dutch fertiliser producer OCI NV in 2019 to form a global fertiliser group called Fertiglobe. In October 2021 Fertiglobe raised $795 million and became the largest export focused nitrogen fertiliser platform in the world.
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The UAE camel dairy market is expected to continue its moderate growth during the forecast period (2021-2026) as per the latest report by IMARC Group released on 09 May 2022. Camel dairy products are preferred by lactose-intolerant individuals.The rising incidences of diabetes also provides a boost to the demand, since it is known to have a positive effect on human insulin receptors. Numerous government initiatives like value added tax (VAT) exemption certificates are also there to maximise production.
The Central Bank of the UAE increased its base rate by 50 basis points to 2.25% on 11 May 2022 due to inflationary pressure. Data from the UAE’s National Bureau of Statistics shows that the annual inflation increased to 2.58% from 1.86% and there has been a 20% rise in fuel prices over the past two months. Overall, the gross increase in the price of a commodity is 28.97%. So, a commodity that would cost Dh100 in 2008 could be bought in early 2021 for Dh128.97.
Processed Food & Beverage Preservatives Market Forecast Report provides complete information on the current market situation and offers information about the potential size, volume and dynamics of the market during the forecast period 2022-2028. The research study offers complete analysis of critical aspects of the global Processed Food & Beverage Preservatives market including competition, segmentation, geographical progress, manufacturing cost analysis and price structure.
The UAE Ministry of Finance has launched a public consultation initiative on its website to receive comments on newly proposed corporate tax initiative with a due date of 19 May 2022.This will help UAE to achieve its strategic objectives by refining and implementing the proposed regulations which helps to reduce compliance cost and complexity. Comments on areas that are not covered in the document are also welcome with clear and concise views on the public consultation document.
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