Dubai: The Deputy Ruler of Dubai and UAE Minister of Finance, Shaikh Hamdan Bin Rashid Al Maktoum, officially inaugurated Gulfood 2017, a food and beverage commodity expo, on Sunday morning at Dubai World Trade Centre (DWTC).
Following a depressed 2016, the event begins amidst a resurgence in the price of foodstuffs, bucking the wider decline in the commodities market. Traders at the event have cited uncertain supplies, particularly of sugar, palm oil, and grains from emerging economies, as the cause behind the increase in price.
Palm oil is currently at a 30-month high on supply limits in Southeast Asia.
Producers in Abu Dhabi are currently being squeezed by January 2017’s utilies rate hike, increasing operating costs.
Running until March 2, the 1,000,000 square foot exhibition is expected to receive around 90,000 food professionals from 150 countries.
“Buyer demand for healthy and halal products, as well as trusted resource provenance, has turned Gulfood 2017 into a window to global food sector reinvention. The show is already underlining its international reputation as a hotbed for unique business opportunities,” said Trixie LohMirmand, Senior Vice President, Exhibitions & Events Management, DWTC.
Health and wellness, alongside free-from products, including wheat-free, gluten-free, and dairy-free, feature prominently at this year’s Gulfood. Oganic foods are set to hit $1.5 billion in sales by 2018, driven by demand from key supermarkets, according to a Frost and Sullivan report.
The exhibition also plays host to the world’s largest annual Halal food sourcing trade show. A key issue on this year’s agenda is the standardisation of Halal certifications. The Emirates Authority for Standardisation and Metrology is driving a push for the unification of Halal accreditation and harmonised Halal standards.
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