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Cashing in On the Halal Food Industry
The launch of the first ever halal food indices causes Kipp to ask when will the UAE catch on?
April 13, 2011 3:58 by Eva Fernandes
“One of the main reasons Arab and GCC countries can’t meet their own demand is that feed and grain is fairly expensive for them to buy. Also, they lack the infrastructure for going into mass meat production. For example, their cold chains are very fragmented.” says Emily Woon, Head of Fresh Food Research at Euromonitor.
That may very well have been the case but recent reports show that there are at least 150 food processing plants in the UAE. The UAE government has also been heavily promoting food investments, themselves investing a total of $1.4 billion in investments.
With greater investment from the government and the establishment of a halal food index, will the UAE finally be cashing in on an industry that, according to the latest research by the World Halal Forum, is worth about $632 billion?
Cashing in on a booming market will prove to not only be profitable, but will cater to their large Muslim population. Currently the Brazil, Canada, Australia, New Zealand and France are the biggest halal suppliers in the West, with Thailand, Malaysia, Indonesia, Singapore are the leading halal products suppliers in the East. When will the GCC join the list?
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