Food security is vital for UAE’s growth

Aflourishing food industry is key to the rise of Dubai as the capital of Islamic economy. Notably, the industry is also at the heart of several other strategic plans of the government that aim to consolidate the status of the UAE as the leading hub in the region. Despite the fact that UAE is a significant importer of food and relies heavily on exporting nations, events such as the Gulfood have given the emirate an unassailable lead in the industry. The event has grown to become the world’s largest annual food and hospitality platform. Year after year global businesses participate in increasing numbers to get a share of the burgeoning food industry. This year, around 5,000 exhibitors from 120 countries will be showcasing their products and services. Of these, more than 2,000 participants are making their debut. Food consumption in the region, after all, is expected to grow at a compounded annual growth rate of more than four per cent in the next four years offering more business opportunities. The growth is strong, particularly in the GCC region, with consumption levels expected to increase by 57 per cent between 2014 and 2030 due to economic and population growth as well as a surge in tourist numbers.

In the last few years, Dubai has made great strides in inching closer to its ambition of becoming the global hub of Islamic economy. Through the Nasdaq Dubai market, the emirate has taken over established financial centres such as Malaysia and London for trading in Islamic bonds, or sukuks. The Islamic banking system in the emirates, too, is the strongest in the region. However, what really is needed now is further development of the food sector, which would then propel Dubai and the UAE on the whole to become a leader in global Islamic economy. The emirate needs to concentrate more on food processing, and establish infrastructure that encourages companies to set up plants here.