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The General Council of the WTO has elected Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, as Chair of the World Trade Organisation’s 13th Ministerial Conference (MC13).
The Ministerial Conference, attended by leading representatives from the 164 countries and customs blocs that make up the WTO, will take place in Abu Dhabi in February 2024.
MC13 comes at a critical time for world trade, and the conference will build on the outcomes of MC12, review the performance of the multilateral trading system, make decisions on the future work of the WTO, and set up the roadmap for MC14.
“This is a pivotal moment for world trade,” commented Al Zeyoudi. “As a Ministerial Conference, we have to tackle pressing issues and challenges, consider all the forces shaping the future of trade and come up with clear solutions, and challenge ourselves to take actionable decisions that move the needle on making trade more efficient, inclusive and sustainable.
“At the heart of all of this is the need to modernise trade and embed technology across supply chains, and we look forward to working closely with all the members of the WTO to make real progress at MC13. Our goal must be driving forward momentum for more change at the conference in Abu Dhabi next year, but also in the years to come, and I have the utmost confidence in our collective ability to make this happen.”
The announcement was made during the WTO General Council in Geneva, Switzerland, where he met with the WTO Director-General, Ngozi Okonjo-Iweala.
During their meeting they discussed the preparations for MC13, in addition to the landmark inclusion of trade as a thematic day at COP28, which is set to take place in Dubai later this year.
Dr. Thani delivered his first address as Chair at the General Council, where he stressed the importance of building resilient trade frameworks to tackle today’s challenging landscape.
In his address, he called for focused and decisive deliberations amongst WTO members ahead of MC13, and commented, “Trade policy extends far beyond the scope of trade itself; it is about shaping our common future. It is our collective responsibility to contribute to a predictable, rules-based, and open trade and investment environment that creates prosperity for all – and this is precisely why the success of MC13 is so imperative.”
According to the World Bank, the UAE has maintained its place among the list of countries with the highest per capita income based on the Atlas method.
The UAE ranked seventh in the world in terms of per capita national income, according to the latest World Bank data.
The UAE’s per capita income increased by $10,781 from 2021 to $87,729 in July 2022, based on purchasing power parity in current international dollars.
The international dollar is a virtual currency that is used for evaluating the purchasing power of various countries.
It is based on the US dollar, but it has the same purchasing power as each country’s local currency.
According to the World Bank, the UAE has maintained its place among the list of countries with the highest per capita income based on the Atlas method while also using current US dollar prices.
Using the Atlas method, the World Bank breaks down the world’s economies into four income groups: low, lower middle, upper middle and high.
The categorizations are revised annually depending on the previous fiscal year’s per capita income.
The UAE’s per capita national income in current US dollars rose to $48,950 in 2022 from $43,460 in 2021, surpassing the pre-COVID-19 level of $46,210.
The Atlas method, which was developed in its current form in 1989, is used to express gross national income in US dollars.
source/content: arabnews.com (headline edited)
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The UAE ranked seventh in the world in terms of per capita national income, according to the latest World Bank data. (Shutterstock/File Photo)
The managerial ability of Pep Guardiola was backed by Sheikh Mansour’s long-term project as City won a historic treble.
When Sheikh Mansour bin Zayed Al Nahyan, UAE Vice President, Deputy Prime Minister and Minister of Presidential Court, bought Manchester City in 2008, the club was languishing in the mid-table of the English Premier League.
It had just finished the previous season in ninth position, 32 points behind Manchester United, the champion of England and its famously successful city rival.
United then was brimming with world-class talent.
A team featuring Cristiano Ronaldo, Wayne Rooney, Carlos Tevez, Ryan Giggs, Paul Scholes, Rio Ferdinand, Patrice Evra, Nemanja Vidic and Edwin van der Sar, United had also won the Champions League in 2008.
It was Sir Alex Ferguson’s second European triumph with United as manager following the famous treble-winning season in 1999.
So it was a couple of months after United enjoyed one of its greatest seasons that Sheikh Mansour made his foray into English football with a club that was never able to sit alongside the elites in the sport.
But the visionary UAE leader went on to change the footballing landscape in such a way that City is now football’s ultimate aristocrat.
So how did City, who completed a historic treble by winning the Premier League, FA Cup and the Champions League this season, become the most dominant team after Sheikh Mansour took over the club?
Long-term goal
Brazilian star Robinho joined Man City from Real Madrid in 2008. — Twitter
City did not become successful overnight despite the takeover from Sheikh Mansour in 2008.
It made a slow and steady progress and one that was backed by Sheikh Mansour in every step.
In the first season after the takeover, City could only finish 10th in the league despite acquiring a big-name player from Real Madrid, Robinho, the Brazilian superstar.
But City made gradual improvement and next season in 2010, the team became stronger after the arrival of Emmanuel Adebayor, Carlos Tevez and Kolo Toure.
Chelsea, United, Arsenal and Tottenham were the top four teams that season as City finished fifth, narrowly missing out on a place in the Champions League.
FA Cup triumph
The next season in 2011, City finally ended its trophy drought. A Carlos Tevez-inspired City won the FA Cup that season with a 1-0 win over Stoke City in the final – it was the team’s first major triumph since 1976.
City had reached the final with victory over United in the semifinal, the club’s first success in a knockout game against the bitter rival since 1975.
City then went on to finish third in the league, qualifying directly for the Champions League in what was another landmark for the club.
Premier League ecstasy
After breaking into the top-three of the Premier League, City turned on the style in England.
Sergio Aguero had just joined City from Atletico Madrid and the Argentina star made an instant impact.
City thrashed Tottenham 5-1 and humiliated United 6-1, signalling its arrival on the big stage as the big contender for the title.
The battle for the league title, though, was not easy with United bouncing back only to fall again.
It went to the last day with City needing a win against the Queens Park Rangers to pip United for the title.
But City was trailing 2-1 until the 91st minute in the dramatic last game of the season.
The Blues though scored an equalizer in the 92nd minute before Aguero found the winner in the last minute of injury time with a moment of magic, sparking wild celebrations on the field and in the stands.
It was City’s first league title in 44 years and it was the start of a golden era for the club.
Guardiola arrives
City had added one more Premier League title in 2014. Two years later, the club hired Pep Guardiola, who famously led Lionel Messi’s Barcelona to glorious triumphs during his four-year stint as manager of the Catalan club.
Guardiola arrived in City after a two-year spell at Bayern Munich.
A man famous for building teams that play eye-catching football, Guardiola was entrusted with the responsibility of making City a serial winner as well as an aesthetically pleasing team.
The Spanish coach imposed his style on the team and it won the league in 2017-2018 by collecting the highest points for a season.
City retained the Premier League title next season, its first successful defence of the title in history.
With world-class players in the team, City was producing mesmeric football as it also won two more league titles in 2021 and 2022.
But the biggest dream — the Champions League title — remained unfulfilled after defeat to Chelsea in the 2021 All-England final.
Historic treble
Sheikh Mansour’s Manchester City was finally rewarded in Europe for its perseverance.
City produced another masterclass in beautiful and brilliant football as Guardiola’s team won its third straight Premier League title, overcoming a spirited challenge from Arsenal.
The club then beat city rival United in the final to win the FA Cup.
And once it outplayed Real Madrid, the most dominant team in the history of European football, in the Champions League semifinal, City became the overwhelming favourite in the final against Inter Milan.
The Italians put up a big fight in the Istanbul final, but the superior quality of City made the difference as Rodri’s sumptuous goal separated the victor from the vanquished.
City’s wait to be European champion was finally over as it also became the first team since Manchester United to complete the treble.
It has taken the team 15 years since the takeover from Sheikh Mansour to scale the highest peak.
The long-term vision of Sheikh Mansour helped City become the king of European football.
The club has won seven Premier League, three FA Cup, six League Cup and the 2023 Champions League title in these 15 trophy-laden years under Sheikh Mansour’s leadership.
“One of the main reasons why this club became what we are is because of the people from Abu Dhabi, Sheikh Mansour, took over the club,” Guardiola said. “Without that, we would not be here.”
The biggest tribute City can pay to Sheikh Mansour now is by becoming the first team since Real Madrid to defend the Champions League title.
Sheikh Mansour bin Zayed Al Nahyan, UAE Vice President, Deputy Prime Minister and Minister of Presidential Court, attends the Champions League final. — Reuters
Mohamed Bin Hadi Al Hussaini, Minister of State for Financial Affairs, rang the market-opening bell to celebrate and mark listing the domestic Dirhams Islamic Treasury Sukuk (T-Sukuk) on Nasdaq Dubai.
The United Arab Emirates, represented by the Ministry of Finance (MoF) as the issuer and in collaboration with the Central Bank of the UAE (CBUAE) as the issuing and paying agent, has announced launching dirham-denominated Islamic Treasury Sukuk (T-Sukuk), with a benchmark auction size of AED1.1 billion.
The launching of Dirham-denominated Islamic Treasury Sukuk (T-Sukuk) includes a series of issuances, in order to attract a new category of investors and support the sustainability of economic growth.
Total issuance of AED1.1 billion
The issuance of T-Sukuk is aimed at enhancing the UAE’s economic competitiveness by providing high-quality Islamic assets at competitive prices. This will support the Central Bank of the UAE in managing liquidity within the banking sector and boosts the size of financial investments, which will reflect positively on the country’s economy, investment environment, per capita income, and gross national income.
The bell-ringing ceremony was attended by a number of senior officials from the Ministry of Finance, Central Bank of the UAE, Nasdaq Dubai, and the CEOs of the eight banks that were onboarded as primary dealers, in addition to other senior officials from various relevant authorities.
The inaugural issuance of the Dirham-denominated Islamic Treasury Sukuk programme witnessed a strong demand through the eight primary bank dealers, with bids received worth AED8.3 billion, and an oversubscription by 7.6 times.
The strong demand was across both tranches, with a final allocation of AED550 million for the two-year tranche, and AED550 million for the three-year tranche, with a total issuance of AED1.1 billion. Other tranches of Islamic Treasury Sukuk will be issued with various tenures of up to five years initially, followed by a 10-year sukuk at a later date.
Reaffirming UAE’s position in Islamic economy
Al Hussaini noted that issuing the T-Sukuk contributes to expanding the scope of Islamic banking and is one of the most important tools for managing monetary policy and liquidity to finance development programmes and projects.
The T-Sukuks are Sharia-compliant financial certificates for trading in the secondary market along with the main distributors, reflecting the current return on investment. These sukuk will also contribute to stimulating the securities market and strengthening the base of Islamic securities, providing safe and rewarding investment alternatives, and attracting new segments of local and international investors.
He emphasised that the success of the first auction is another testament to the UAE’s creditworthiness as one of the most advanced and competitive economies in the world, reaffirming its position as a leading investment hub in the field of the Islamic economy.
Al Hussaini said, “The issuance of Islamic Treasury Sukuk is a new step towards achieving the comprehensive and sustainable economic and social development objectives of the UAE. It contributes to the development of the financial market and the investment environment in the country by attracting financial investments and rejuvenating the local financial and banking sector to diversify funding sources, which cements the UAE’s position as a global hub for the Islamic economy.”
Efficiency of UAE’s financial sector
Khaled Mohamed Balama, Governor of the Central Bank of the UAE, said, “The T-Sukuk programme’s first issuance, denominated in UAE Dirhams, reinforces the UAE’s competitive position as a developed global financial centre.
The programme has succeeded in diversifying financial markets activities, enhancing infrastructure to support Sharia-compliant investment options and alternatives, and strengthening the resilience and stability of the financial system. This milestone will also support in bolstering financial investments and promoting greater confidence among local and international investors in the UAE’s financial system, leading to further strategic growth across the sector and fortifying the UAE’s role in the global Islamic economy.”
He added, “The remarkable success of the first auction for the issuance of T-Sukuk denominated in UAE Dirhams is a testament to the soundness of the financial and economic policies, the robust creditworthiness, and the efficiency of the UAE’s financial sector. It also supports the UAE’s stimulating investment environment globally to diversify investment and financial alternatives and continue sustainable growth underpinned by future visions and plans. We are pleased to have partnered with the Ministry of Finance in enhancing the UAE’s financial markets and improving the investment environment in the country.”
Dubai as global centre for Sukuk listings
Hamed Ali, CEO of Dubai Financial Market and Nasdaq Dubai, said, “The issuance of the T-Sukuk is an important development for the UAE capital markets attracting diversified investment categories to the country and providing an important investment tool for Islamic banking. The listing today further strengthens Dubai’s position as one of the largest centres for Sukuk listings globally with US$77.67 billion total value of Sukuk listed in Dubai.
This opens the path for regional and international investors to strengthen their links with the UAE government as well as to expand their investment options in the UAE. At Nasdaq Dubai, our mission supports the UAE Central Bank’s ambitious strategy to develop a strong fixed-income market in the UAE by providing investors with investment opportunities in sovereign issuances and a more effective yield curve gauge in debt instruments.”
The Ministry of Finance onboarded eight banks, namely Abu Dhabi Islamic Bank (ADIB), Dubai Islamic Bank (DIB), Abu Dhabi Commercial Bank PJSC (ADCB), Emirates NBD, First Abu Dhabi Bank (FAB), HSBC, Mashreq, and Standard Chartered as Primary Dealers to participate in the T-Sukuk primary market auction and to actively develop the secondary market.
Dewa Sat-2 will help further improve Dubai’s utility network.
Dewa’s second nanosatellite was launched on Saturday morning on a SpaceX rocket from Vandenberg Air Force Base in California.
After several postponements due to bad weather, Falcon 9’s launch of the Transporter-7 mission took place shortly before 11am UAE time.
The launch is the seventh dedicated smallsat rideshare mission for SpaceX with 51 payloads on the flight, including CubeSats, MicroSats, hosted payloads, and orbital transfer vehicles carrying spacecraft to be deployed at a later time.
Dewa’s 6U nanosatellite — Dewa Sat-2 — comes a year after it launched its first satellite and will help further improve Dubai’s utility network.
The nanosatellite (or cubesat) features a high-resolution camera (4.7 metres) that will be used for Earth observation missions.
It was designed and developed at Dewa’s R&D centre, in co-operation with NanoAvionics in Lithuania, and is part of Dewa’s Space-D programme that it announced in 2021.
The programme aims to improve operations, maintenance and the planning of its networks by using nanosatellite technology, the Internet of Things and remote sensing technologies.
This involves launching a nanosat constellation that will support Dewa’s primary satellite.
Utility companies like Dewa can use satellite technology to monitor and map their infrastructure as well as track the environmental impact their operations have. The data can also help these companies improve their services.
Dewa is the first utility in the world to launch nanosatellites to improve its operations.
The high-resolution camera on Dewa Sat-2 will provide continuous line-scan imaging in seven spectral bands from approximately 500km orbit.
The satellite is also equipped with infrared equipment to measure greenhouse gases.
Marking a significant contribution to the preservation of Arab and Islamic cultural heritage, H.H. Dr. Sheikh Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, has directed the restoration of eight rare Arabic books housed at El Escorial Library in Spain.
The restoration project is part of His Highness’s efforts to preserve the global heritage and manuscripts of El Escorial, particularly those related to Arab and Islamic cultures. The initiative continues Sharjah’s endeavors in preserving the cultural legacy of the region and underscores His Highness’s commitment to cultural and intellectual exchange on a global scale.
The books slated for restoration include Ibn Arjomand’s Al-Ajrumiyyah, three copies of the Holy Quran from 1257, 1402, and 1397, Abu Al-Fida’s book on human history summaries, Tarikh Al Mukhtasar Fi Akhbar Al Bashar; Al-Asfahani’s book of songs, Al Aghani; Al-Milal Wa Al-Nihal; and Kharidat Al-Ajaib Wa Faridat Al-Ghraib.
Through this initiative, Sharjah is making the first global contribution to the preservation of the rare and invaluable books and manuscripts at El Escorial Library that document Arab and Islamic history. His Highness visited the library in 2019, resulting in collaborations between the emirate and the library in various fields, including restoring and showcasing rare Arabic books to interested parties.
The restoration project coincides with the opening of “The Arabic Manuscript Collection of El Escorial” Exhibition at the Sharjah Book Authority (SBA).
The event, held in collaboration with El Escorial library, showcases 14 rare manuscripts from the 13th to 16th centuries and runs from 2-9 April. Sharjah is also the first city to host an exhibition of the largest collection of rare Arabic artifacts from the El Escorial Library outside of Spain.
Dubai – Dubai is the also the most record-breaking city not just within the country but also across the Mena region.
The UAE is far ahead in achieving the Guinness World Records regionally as the country boasts 425 GWRs with 34 of them were achieved in 2020 alone.
Dubai is the also the most record-breaking city not just within the country but also across the Middle East and North Africa (Mena) region.
“The UAE is currently home to 425 Guinness World Records titles, making it the biggest record-breaking country in the Mena region… Dubai has the lion share of titles in the country with around 60 per cent of the overall number,” said Danny Hickson, senior events production manager at Guinness World Records Ltd in Dubai.
Global Village, a multicultural family entertainment destination, achieved two records in November alone. The first record was set by having the most LED lights ever on a car. The vehicle had 36,676 LED lights. The feat began two weeks ago as the park achieved the record for the most videos in a music medley video following the Rockin’1000 Season 25 opening concert.
Global Village aims to break 25 records this season as part of its Silver Jubilee anniversary celebrations.
Emirati shipbuilder Obaid Jumaa bin Majid Al Falasi also made it into the history by building the world’s largest dhow, a wooden Arabic boat, measuring 91.47-metre long and 20.41-metre wide. That is equal to the length and almost half the width of a standard American football field floating over the Indian Ocean.
Dubai’s Nakheel Mall, too, recently broke the record for the world’s largest fountain, measuring a whole 7,327 m2. The record breaking fountain named The Palm Fountain was designed a with tricks including colour and brightness controls.
The emirate is also home to the world’s tallest hotel – 75-storey Gevora Hotel, measuring 356.33 metres tall from the group level to the top.
Danny Hickson said Saudi Arabia comes second with 96 Guinness World Records titles, while Egypt is not far in the third place with 93 titles.
On September 23, Saudi Arabia achieved the Guinness World Record for the largest fireworks display in multiple cities as the display consisted of 962,168 fireworks.
“What’s brilliant about breaking world records with brands in the UAE is that there is almost a chance to do something different with the heritage. Brands and individuals think it is impossible to be break world records, but we believe everyone is amazing in his own way, and we are here to make their achievement Officially Amazing!,” said Hickson.
“We have seen the tallest house of cards build in 12 hours, sat on top of a washing machine, to demonstrate its reduced vibrations and noise levels; and an iconic car brand celebrated its 80th anniversary by breaking the record for the largest loop the loop in a car! Would we find amazing talents among Khaleej Times readers?,” concluded Hickson.
An Emirati, a Moroccan, a South Korean, two Brits and three Americans were honored with the King Faisal Prize 2023.
They served people and enriched humanity with their pioneering work so deserve to be honored and recognized for their distinguished efforts, the King Faisal Foundation said when honoring the winners of the King Faisal Prize 2023.
A glittering award ceremony was held in Riyadh on Monday under the patronage of King Salman, and on his behalf, Prince Faisal bin Bandar, governor of Riyadh Region, attended the ceremony for handing over the King Faisal Prize to the winners this year.
The annual awards are the most prestigious in the Muslim world and recognize outstanding achievement in services to Islam, Islamic studies, Arabic language and literature, medicine and science.
This year an Emirati, a Moroccan, a South Korean, two Brits and three Americans won the prestigious prize, which in its 45th session recognized COVID-19 vaccine developers, nanotechnology scientists and eminent figures in Arabic language and literature, Islamic studies, and service to Islam.
The prize for service to Islam was awarded jointly to Shaikh Nasser bin Abdullah of the UAE and Professor Choi Young Kil-Hamed from South Korea.
The prize for Islamic studies was awarded to Professor Robert Hillenbrand from the UK.
The prize for Arabic language and literature was awarded to Professor Abdelfattah Kilito of Morocco.
The prize for medicine was awarded jointly to Professor Dan Hung Barouch from the US and Professor Sarah Catherine Gilbert from the UK.
In his acceptance speech, Barouch said, “The Ad26 vaccine for COVID-19 demonstrated robust efficacy in humans, even after a single shot, and showed continued protection against virus variants that emerged. This vaccine has been rolled out across the world by the pharmaceutical company Johnson & Johnson, and over 200 million people have received this vaccine, particularly in the developing world.”
Gilbert said that she was “humbled to join the other 2023 laureates, and to follow-in the footsteps of the men and women whose work has been recognized by the foundation for more than four decades. This award is in recognition of my work to co-create a vaccine for COVID-19. A low-cost, accessible, efficacious vaccine that has now been used in more than 180 countries and is estimated to have saved more than six million lives by the start of 2022.”
The prize for science was awarded jointly to Professor Jackie Yi-Ru Ying and Professor Chad Alexander Mirkin, both from the US.
Ying’s research focuses on synthesis of advanced nano materials and systems, and their application in biomedicine, energy conversion and catalysis.
Her inventions have been used to solve challenges in different fields of medicine, chemistry and energy. Her development of stimuli-responsive polymeric nanoparticles led to a technology that can autoregulate the release of insulin, depending on the blood glucose levels in diabetic patients, without the need for external blood glucose monitoring.
“I am deeply honored to be receiving the King Faisal prize in science, especially as the first female recipient of this award,” she said in her acceptance speech.
This year two women scientists have been honored as winners of the King Faisal Prize for medicine and science categories.
The woman behind the Oxford–AstraZeneca COVID-19 vaccine, Professor Sarah Gilbert, the Saïd chair of vaccinology in the Nuffield department of Medicine at Oxford University, was honored with the medicine award.
The other woman scientist honored with the King Faisal Prize in science is Professor Jackie Yi-Ru Ying; the A-star senior fellow and director at NanoBio Lab, Agency for Science, Technology and Research. She is a professor at Massachusetts Institute of Technology, and was chosen for her work on the synthesis of advanced nanomaterials and systems, and their applications in catalysis, energy conversion and biomedicine.
The King Faisal Prize was established in 1977. The prize was granted for the first time in 1979 in three categories: Service to Islam, Islamic studies and Arabic language and literature. Two additional categories were introduced in 1981: Medicine and science. The first medicine prize was awarded in 1982, and in science two years later.
Since 1979, the King Faisal Prize in its different categories has awarded 290 laureates who have made distinguished contributions to different sciences and causes.
Each prize laureate is given $200,000 (SR750,000); a 24-carat gold medal weighing 200 grams, a certificate inscribed with the laureate’s name and a summary of their work that qualified them for the prize, and the certificate signed by chairman of the prize board, Prince Khalid Al-Faisal.
The IFFCO Group, one of the UAE’s largest producers of food products, has opened the first 100-percent plant-based meat factory in the region, in Dubai.
Located in the Dubai Industrial City, the THRYVE factory will catalyse the move towards a more sustainable and healthy food chain in the Middle East, actively supporting the United Nations’ Sustainable Development Goals and the UAE’s Vision 2051 initiative to bolster food security through diversity and innovation. The factory will provide nourishing, sustainable and healthy local plant-based meat products inspired by the unique flavours of Middle Eastern cuisine.
Mariam bint Mohammed Almheiri, Minister of Climate Change and the Environment, said, “The new 100-percent plant-based meat factory supports the UAE’s Food Security Strategy and our mandate to mitigate the impact of climate change. The opening of this innovative new facility also supports our efforts to protect the country’s ecosystems and enhance its food and water security and diversify our food sources. By fostering such robust research and development focused on producing innovative food products, we seek to raise the UAE’s ability to move up the global food industry value chain and achieve first place on the Global Food Security Index by 2051. The new factory represents a significant contribution to sustainability in the food supply chain.”
Hadi Badri, CEO of the Dubai Economic Development Corporation at Dubai’s Department of Economy and Tourism said, “The opening of this factory, which will pave the way for a dynamic new industry that will boost trade across the region, is a reflection of the UAE’s commitment to pioneer the use of innovative technologies to provide sustainable solutions to real world problems. It contributes to Dubai’s economic diversification journey in line with the goal of the Dubai Economic Agenda D33 to consolidate the emirate’s status as one of the top three global cities. The new facility is a testament to the pivotal role being played by Dubai in promoting the growth and evolution of environmentally sound practices that can alleviate the effects of climate change. By providing opportunities for private companies to invest in sustainable technologies, Dubai is accelerating the creation of a robust and resilient green economy.
“Such initiatives also reflect Dubai’s success in creating a fertile environment for new businesses and investors to thrive, and generating new job opportunities. Dubai and the UAE will continue to work with stakeholders and partners to remain at the forefront of innovation and economic sustainability, inspired by the ambition of our visionary leadership to create a better future for all.”
Saud Abu Alshawareb, Executive Vice President, Industrial Leasing, Dubai Industrial City, said, “DIC is an ideal location for initiatives like the IFFCO Group’s plant-based meat factory that underscore the importance of food security. The Dubai Industrial City is home to a growing number of Dubai-based food manufacturers who are leading the way in introducing innovative food products. This new enterprise adds value to the industry while strengthening our reputation as facilitators of a self-reliant food programme.”
The THRYVE plant-based venture, developed using cutting-edge food technology, contributes to at least three UN’s SDG’s: good health and well-being, responsible consumption and production, and climate action.
The only 100 percent plant-based meat factory in the Middle East, IFFCO’s THRYVE will leverage advanced food technologies to produce tasty, healthy, sustainable and culturally relevant food that meets the needs of the local consumer. In addition, IFFCO is working closely with the government to create regulatory standards for plant-based food products.
The global plant-based meat market was estimated to be worth US$7.9 billion in 2022, and is forecast to reach US$15.7 billion by 2027, according to a report from ResearchAndMarkets.com. The newly opened THRYVE factory will cater to 30 percent of the GCC population, stimulating the development of the market for local plant-based products. As per proprietary research, the GCC has the potential to be a future leader in developing food products for flexitarians, people whose diet is primarily vegetarian.
