Dubai Food Park signs Dh1.35 billion agreement to establish China-UAE Food Industrial cluster

Dubai Food Park is envisioned to enhance Dubai’s competitiveness as leading regional hub in the food sector. (Dubai Media Office)
Updated 10 September 2017
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Dubai Food Park signs Dh1.35 billion agreement to establish China-UAE Food Industrial cluster

DUBAI: Dubai Food Park has signed a Dh1.35 billion agreement with Chinese investors to build the China-UAE Food Industrial cluster foreseen to enhance the emirate’s competitiveness as the region’s leading hub in the food sector
The 4.38-million-square foot China-UAE Food Industrial cluster will be home to 30 food plants, including two Chinese catering companies and two advanced manufacturing plants for food packaging materials, and is expected to be completed 24 months after construction has been started.
The project, which will be undertaken with Ningxia Forward Fund Management Company, will have six major components: meals processing, packaged food processing, cold chain storage, production of food packages, e-commerce and commodities exhibition and bio-safety disposal of waste water and wastes.
At least 75 percent of the total project area will be allocated for factories, 17 percent for warehouses while the rest will be allocated for offices and other facilities.
Abdullah Belhoul, Chief Executive Officer of Dubai Wholesale City, in a statement said that the agreement comes at an “important time, given the urgent global need to enhance collaboration on food security by increasing the physical and economic access to sufficient, safe and nutritious food.”
“The partnership marks a step forward in strengthening bilateral relations at various levels, particularly trade and economic relations between the UAE and China,” he said.
A Ningxia Forward Fund Management Company spokesperson, meanwhile said the agreement would help meet China’s objectives for the Belt and Road initiative and “create large-scale employment opportunities and trade benefits for the world’s nations.”


Turkish financial watchdog cancels stock market abuse decision

Updated 15 July 2018
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Turkish financial watchdog cancels stock market abuse decision

  • The board said on Sunday the decision was taken in response to market demand
  • “speculation and negative perceptions” of the move would have prevented the decision having its desired effect

ISTANBUL: Turkey’s capital markets regulator decided on Sunday to cancel a partial suspension of a directive related to insider trading, saying “speculation and negative perceptions” of the move would have prevented the decision having its desired effect.
The Capital Markets Board said on Friday that until the end of August Borsa Istanbul share purchases by people party to a company’s internal information, or by those close to them, would not be subject to a stock market abuse directive.
It did not give a reason for the move in Friday’s statement but the board said on Sunday the decision was taken in response to market demand and was aimed at supporting companies’ share buyback programs and investors.
“The decision was taken to cancel this ruling... given the speculation and negative perceptions which arose after it was announced,” the statement said after a board meeting on Sunday.
“It was assessed that this would prevent the emergence of the desired benefits to the market of the decision,” it added.
Sunday’s statement said the decision only referred to transactions that were not a crime. Insider trading is a crime under Turkey’s capital markets law and the decision does not amount to any change in this, it added.