GCC Halal food imports set to jump to $53bn by 2020

Updated 08 November 2014

GCC Halal food imports set to jump to $53bn by 2020

The annual 9th Dubai International Food Safety Conference and Exhibition (DIFSC), being held in Dubai from tomorrow until Nov. 11, is organized by the Food Control Department of Dubai Municipality with the support of International Association for Food Protection (IAFP), International Union of Food Science and Technology (IUFoST) and Institute of Food Technologists.
The importance of this conference is the global food supply, which is getting increasingly complex. The increase of food safety challenges and reports of widespread food-borne illnesses require individuals and organizations to collaborate and collectively work to address them.
The conference aims discuss how people protect the highly complex and growing global food supply chain with innovation and a strong desire to change the way things are done to create a better future, according to its organizers.
"Halal food will be the focus of attention of this year’s conference,” said Hussain Nasser Lootah, director general of Dubai Municipality.
He said: “Halal food has an estimated annual global market value of $1 trillion, which equates to approximately 20 percent of a global food market predicted to reach $5.3 trillion by the end of 2014. Halal food imports into the GCC are set to jump from $25.8 billion in 2010 to $53.1 billion by 2020.”
He added: “Halal food imports into the UAE annually will reach $8.4 billion by the end of the decade.”
Khalid Sherif, director of food control department at Dubai Municipality, said: "This new initiative represents an engaging, value-added proposition for our global network of food manufacturers and traders.”
Halal food, according to the Food and Agriculture Organization of the United Nations (FAO), is defined by Islamic law as lawful food permitted for consumption.
Halal food cannot consist of or contain anything which is considered unlawful under Islamic law and there are strict criteria governing the entire supply chain - from slaughtering of animals, processing and transportation to kitchen preparation and storage, he added.
The principal food inspection officer at Dubai Municipality, Bobby Krishna believes that "the four days at the conference will be spent on learning, discussion and constructive arguments and, above all, paving the way for sharing our responsibilities and challenges."


OPEC, allied nations extend nearly 10M barrel cut by a month

Updated 9 min 57 sec ago

OPEC, allied nations extend nearly 10M barrel cut by a month

  • The meeting, originally scheduled for next week, was brought forward to Saturday

VIENNA: OPEC and allied nations agreed on Saturday to extend a production cut of nearly 10 million barrels of oil a day through the end of July, hoping to boost energy prices hard-hit by the coronavirus pandemic.
Ministers of the group and outside nations like Russia met via video conference to adopt the measure, aimed at cutting out the excess production depressing prices as global aviation remains largely grounded due to the pandemic. It represents some 10% of the world's overall supply.
However, danger still lurks for the market. Algerian Oil Minister Mohamed Arkab, the current OPEC president, warned attendees that the global oil inventory would soar to 1.5 billion barrels by the mid-point of this year.
“Despite the progress to date, we cannot afford to rest on our laurels,” Arkab said. “The challenges we face remain daunting.”
That was a message echoed by Saudi Arabia's Oil Minister Abdul Aziz bin Salman, who acknowledged “we all have made sacrifices to make it where we are today.” He said he remained shocked by the day in April when US oil futures plunged below zero.


“There are encouraging signs we are over the worst,” he said.
Russian Energy Minister Alexander Novak similarly called April “the worst month in history” for the global oil market.
The decision came in a unanimous vote, Energy Minister Suhail al-Mazrouei of the United Arab Emirates wrote on Twitter. He called it “a courageous decision and a collective effort deserving praise from all participating producing countries.”
OPEC has 13 member states, including Saudi Arabia. The additional countries part of the plus-accord have been led by Russia, with Mexico under President Andrés Manuel López Obrador playing a considerable role at the last minute in the initial agreement.
Crude oil prices have been gaining in recent days, in part on hopes OPEC would continue the cut. International benchmark Brent crude traded Saturday at over $42 a barrel. Brent had crashed below $20 a barrel in April.
The oil market was already oversupplied when Russia and OPEC failed to agree on output cuts in early March. Analysts say Russia refused to back even a moderate cut because it would have only served to help US energy companies that were pumping at full capacity. Stalling would hurt American shale-oil producers and protect market share.
Prices collapsed as the coronavirus and the COVID-19 illness it causes largely halted global travel. That also hurt US shale production, drawing the ire of President Donald Trump. But Trump welcomed the earlier deal, as US Energy Secretary Dan Brouillette did on Saturday with the extension.
“I applaud OPEC-plus for reaching an important agreement today which comes at a pivotal time as oil demand continues to recover and economies reopen around the world,” Brouillette wrote on Twitter.
Under a deal reached in April, OPEC and allied countries were to cut nearly 10 million barrels per day until July, then 8 million barrels per day through the end of the year, and 6 million a day for 16 months beginning in 2021.
However, some countries produced beyond their quotas set by the deal. One of them was Iraq, which remains decimated after the yearslong war against the Islamic State group.
On Saturday, Iraq Oil Ministry spokesman Assem Jihad said in statement that Baghdad had “renewed its full commitment” to the OPEC+ deal.
“Despite the economic and financial circumstances that Iraq is facing, the country remains committed to the agreement," Jihad said.
Analysts had expected OPEC and the other nations to extend the cuts of 10 million barrels per day by one more month, but not longer, since the level of demand is still fluctuating.
“If the demand is great, countries like Russia will want to produce more oil, so they probably won’t want to get locked into a longer-term deal that may not help them,” said Jacques Rousseau, managing director at Clearview Energy Partners.