Dubai PR Network, Online Press Release from Dubai and Middle East
 
Food, Beverages & Restaurant(Food Industry)
Filter PR by
  
Euler Hermes: UAE food sector, rising prices and increased demand
 
Euler Hermes: UAE food sector, rising prices and increased demand

DUBAI, UAE, February 25, 2017:  Euler Hermes, the world’s leading provider of trade-related credit insurance solutions, expects food prices to rise in the United Arab Emirates (UAE) in 2017. Global food prices stopped plunging in 2016, with a contained -1.5 percent drawback of the FAO Food Index. This was the lowest decrease in five consecutive years.

Jules Kappeler, Chief Executive Officer (CEO) Euler Hermes Middle East, Dubai, commented: “The UAE imports more than 80 percent of its food needs. Therefore, the Gulf Arab country will face spillover effects from a rise in agricultural food prices in 2017, as our analysts noted a sharp improvement of Sugar prices (+34 percent) and vegetal oils (+11 percent) last year.” 

In relation to UAE’s reliance on food imports, Euler Hermes expects spending on food & beverages to grow at a rate of 8 percent until 2018, which reinforces the strong growth trends. 

In 2017, food consumption in the UAE is estimated to represent a 21 percent share within the GCC market, the second highest in the region behind Saudi Arabia (59 percent) according to statistics (see chart 1). Being largely dependent on food imports, the six GCC nations are most  exposed to the fluctuations in international food prices. 

Euler Hermes expects that globally, agricultural commodities should report a slight pick-up after bottoming out in 2016. Jules Kappeler added: “Given this global environment, coupled with a 20 percent higher price of oil in 2017 (compared to the average price of oil last year), and an increasing demand for food due to organic population growth & international tourism, agrifood import firms face slightly higher food prices. This is also linked to the fact that the agrifood sector ranks among the three most regulated sectors for trade.”  

Posted by : Dubai PR Network Editorial Team
Viewed 8522 times
PR Category : Food Industry
Posted on : Saturday, February 25, 2017  12:24:00 PM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of DubaiPRNetwork.com.
Previous Story : GODIVA Introduces Buffet de Gâteaux
Next Story : Green pastures mean bright future for New Zealand dairy ingr...
Email this article Print this article

Share this article with your friends and followers
NewsVine
Back to Section Home

Related Stories



 
 
Most Viewed Press Release posted in the last 7 days
Coty Inc. Introduces James Molloy as Rimmel London's New Global Make-up Ambassador [18086-Views]
AIGNER Iridescence [12365-Views]
Lipstick shades to suit your hair colour from Lipstick Queen [11157-Views]
Anti Ageing Picks from Grown Alchemist [10028-Views]
Top 5 Autumn/Winter Beauty Trends [9992-Views]
LG DUALCOOL Air Conditioner Builds a Tower of Chocolate [9223-Views]
DS Podium GMT Chronometer: Because time knows no borders [6442-Views]
Dune London: The Autumn/Winter17 campaign [6411-Views]
Jaguar E-type Zero: “The Most Beautiful Electric Car in the World” [6259-Views]
India's famous fashion designer Suneet Varma brings his collections to Dubai [6228-Views]
Marks & Spencer Introduce the Autumn/Winter 17 Womenswear Collections [6222-Views]
Corum Heritage Diphylleia - The 'skeleton flower' blooms in a bed of diamonds and gold [6185-Views]
Etry Perfumes [6124-Views]
Italian Trade Agency Kicks Off F&B Promotional Activities in the UAE [5984-Views]
Contour, Highlight and Bronze your Body with Ease with Madame LA LA [5826-Views]
‘Third wave' coffee movement brews big business for Middle East market – forecast to reach... [5386-Views]
Vintage is the rage for new Chronofighter range [5173-Views]
Aster DM Healthcare bags Gulf Business Awards-2017 for the “Healthcare Company of the Year... [4965-Views]
The Spinneys Dubai 92 Cycle Challenge Marks the Start of the Cycling Season [4941-Views]
20,000 ICT leaders gather to witness Huawei unveil the future of cloud [4917-Views]
CITIZEN CA0641-83E Eco-Drive Chronograph exudes sporty elegance [4880-Views]
RTB House celebrates 1-year anniversary in the Middle East and Africa regions with big win... [4776-Views]
Bollywood sibling divas come together for the new diamond jewellery commercial of Malabar ... [4752-Views]
Mango Fall/Winter17 - Denim Special [4477-Views]
Panasonic announces robust plans for Middle East under new leadership [4453-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories