Over 50 Saudi companies exhibiting at Gulfood

Updated 26 February 2013
0

Over 50 Saudi companies exhibiting at Gulfood

More than fifty companies from Saudi Arabia are participating in the Gulfood exhibition that was opened by Sheikh Hamdan bin Rashid Al Maktoum, deputy ruler of Dubai and UAE minister of finance, yesterday (Monday) at Dubai World Trade Center.
Sheikha Lubna bint Khalid Al-Qasimi, UAE minister for foreign trade, and ministers, ambassadors and dignitaries from around the world were present on the occasion.
Al Mona Co. For Tahina & Halawa, Al Obeikan Elopak Factory for Packaging Co., Al Watania Plastics (WP), Al Zawaq Foods, Al-Alwani & Memoni Dates Factory, Al-Jasriah Chocolate & Sweet Factory, Al-Rabie Saudi Food Company Ltd., Almadinah Dates Co. (Tomoor), Americana Meat Company, Health Food Factory, and United Food Industries Corp Ltd. are some of the major participating companies from Saudi Arabia. All of them offer several new products for the region.
Gulfood has grown consistently over the last 26 years and has become a significant driver of food and beverage trade for global markets. The event has attracted over 1,400 new exhibitors this time.
“It is clear that Gulfood delivers substantial business contracts and facilitates unrivalled trade opportunities for both regional and international businesses,” said Helal Saeed Almarri, director general of Department of Tourism and Commerce Marketing (DTCM) and CEO of Dubai World Trade Centre (DWTC), organizer of Gulfood.
Following the inauguration of the show, government ministers and heads of international trade delegations from over 14 countries conducted bilateral talks at the Ministers Meet. The event will run through Thursday (Feb. 28).


Oil prices mixed as Trump calls on OPEC to lower prices

Updated 21 September 2018
0

Oil prices mixed as Trump calls on OPEC to lower prices

  • OPEC and its allies are scheduled to meet on Sunday in Algeria
  • They are not likely to agree to an official increase in crude output at this weekend’s meeting

SEOUL: Oil prices were mixed on Friday after falling in the previous session as US President Donald Trump urged OPEC to lower crude prices ahead of its meeting in Algeria this weekend.
International benchmark Brent crude for November delivery was up 5 cents at $78.75 a barrel by 0424 GMT.
US West Texas Intermediate crude for October delivery fell 8 cents to $70.24 a barrel.
Trump called on the Organization of the Petroleum Exporting Countries (OPEC) to lower prices, saying on Twitter “they would not be safe for very long without us, and yet they continue to push for higher and higher oil prices.”
OPEC and its allies are scheduled to meet on Sunday in Algeria to discuss how to allocate supply increases to offset a shortage of Iran supplies due to US sanctions.
Stephen Innes, head of trading for Asia-Pacific at OANDA in Singapore, said Trump’s remarks just days before the OPEC meeting put “a focus on the likely supply impacts of US-led Iran sanctions.”
“The market had until that point been trading fluidly with the assumption that Saudi Arabia is now comfortable with Brent at $80 or even higher, which is challenging the market’s long-held supposition that prompt Brent between $70 and $80 was OPEC’s sweet spot,” Innes added.
Brent has been trading just below $80 a barrel, backed by concerns of supply shortages from looming US sanctions against Iran, which are set to take effect in November.
“Iranian crude exports are coming earlier and bigger-than-expected, at a time seasonal demand is strong. With spare capacity also falling sharply, the market remains exposed to supply-induced price shocks,” according to a report by ANZ Bank.
Although supply worries have pushed up oil prices, OPEC and its allies were not likely to agree to an official increase in crude output at this weekend’s meeting, OPEC sources said.