ADIB becomes first bank to join UAEIIC

ADIB will join government decision-makers, locally and internationally, with the support of the UAE’s minster of economy. (Photo/Supplied)
Updated 23 June 2018
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ADIB becomes first bank to join UAEIIC

Abu Dhabi Islamic Bank (ADIB), a leading financial institution, has joined the UAE International Investors Council (UAEIIC), making it the first bank in the UAE to become a member in the council. This comes following an approval from the board of directors of the UAEIIC, headed by Sultan bin Saeed Al-Mansoori, UAE minister of economy.

Through this membership, ADIB will join government decision-makers, locally and internationally, with the support of the UAE’s minster of economy, to help remove obstacles, strengthen foreign investment relations and support sustainable economic development.

Khamis Buharoon, vice chairman and acting CEO at ADIB, said: “We are proud to be the first bank to join the UAE’s Investors Council. We are also committed to the development of Emirati investments, which are critical to economic diversification and the UAE’s global economic competitiveness. Important measures have already been taken to secure support and protection and to overcome any challenges faced by Emirati investors abroad, and we look forward to playing an instrumental role in building on these efforts.”

He added: “The establishment of the UAE International Investors Council forms part of broader efforts to advance economic diversification policies that complement the expansion and growth of the UAE’s private sector as well as create a favorable environment that supports national companies investing abroad. The council provides a vital link between investors interested in promising opportunities available in countries with close ties to the UAE and governmental and semi-governmental entities to streamline the investment process. It also serves as a pillar for ensuring the protection of UAE capital abroad through advice, guidance, and logistic support.”

Jamal Saif Al-Jarwan, secretary-general of the Emirates Council for overseas investors, said: “We have the honor to join Abu Dhabi Islamic Bank as an active member of the council, which contributes to enhancing the role of the council’s working environment to support the state’s economic development and to keep pace with developments in the economic, investment and banking sectors in general, since the measure of success depended not only on financial results but also on how it dealt with the needs changing markets, innovative and sophisticated solutions that keep pace with rapid global changes and shifts in those sectors.”

He added: “Emirati investment abroad plays a vital role in more than 70 countries in the world and has a great impact on the soft and reputed power of our young state in the world, which is a great achievement and a strong demonstration of the path of investment of the Emirati investors in the right direction.”


Spain’s Provacuno aims to beef up Saudi market

Updated 14 November 2018
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Spain’s Provacuno aims to beef up Saudi market

Abdulaziz Alaquil Jeddah: Provacuno, the inter-professional organization of the Spanish beef industry, is currently on a promotional tour across the Kingdom showcasing the benefits of their high-quality and environmentally-friendly beef production. A non-profit organization officially recognized by the Spanish government, Provacuno represents 85 percent of the Spanish beef industry.
Established in 1997, Provacuno comprises national associations representing and protecting the interests of companies involved in the production, industrial, and commercial sectors of the Spanish beef industry. Their annual meat production exceeds 650,000 tons, and they have over 110,000 farms, with industry exports amounting to 175,000 tons annually.
For the past 20 years, they have officially been recognized by the Spanish Ministry of Agriculture, Fisheries and Food, as an agro-food inter-professional organization.
Along with defending the interests of the Spanish beef industry, from production, through processing, and trading, Provacuno aims to support the internationalization process of beef companies into export markets such as Saudi Arabia. Their promotion of responsible beef consumption through research and development programs is done with the goal of enhancing the beef industry’s image through their sustainable and environmentally-friendly production processes that are in strict compliance with the European Production Model, which adheres to the most stringent of standards regarding animal welfare, hygiene control, and environmental protection. While at the same time, they are able to cater to international market demands, such as being 100 percent halal-certified for Saudi markets.
Representatives of Provacuno are currently in the Kingdom promoting their marketing campaign “What a Wonderful European Beef,” which will conclude at the Foodex Saudi 2018 in Jeddah on Thursday. During this campaign trail, they organized a presentation on Spanish beef at the residence of Ambassador of Spain to Saudi Arabia Don Alvaro Iranzo in Riyadh.
The event was attended by over 50 Saudi import and distribution agents, who sampled Provacuno’s beef prepared by Spanish Chef Fernando Del Cerro.
Provacuno considers Saudi Arabia a key target market as it is one of the largest meat-consuming nations in the world reliant on quality meat imports. In 2017, the Kingdom produced 60,000 tons of meat while consuming over 220,000 tons. Recently, Brazil (39 percent) overtook India (26 percent) as the main exporter of beef to the Kingdom.
Along with meeting with industry executives in Riyadh, Provacuno also hosted a cooking workshop at the King Abdul Aziz University (KAU) in Jeddah.