Manufacturing Kezad and Al Ghurair Foods sign lease for $272m projects By Pramod Kumar April 30, 2023, 5:16 AM Kezad The projects will drive the UAE’s food production capabilities and enhance the country’s position as a regional hub Khalifa Economic Zones Abu Dhabi (Kezad Group), a wholly-owned subsidiary of AD Ports Group, and Al Ghurair Foods, a part of UAE-based Al Ghurair Investment, have signed a 50-year land lease agreement for three food processing projects worth over AED1 billion ($272.31 million). The agreement marks the first phase of Al Ghurair Foods division’s investments in Kezad, state-run WAM news agency reported. The first two projects of Al Ghurair Foods, a manufacturer and supplier of high-quality food, will be the region’s first starch processing plant, in addition to one of the top broiler producers in the UAE in terms of capacity. The third project, details of which are set to be announced later this year, will see the division’s involvement in the debut of Abu Dhabi Food Hub – Kezad, which will form a new supply market for the UAE. Mohamed Al Khadar Al Ahmed, CEO of Kezad Group, said: “Al Ghurair Foods’ establishment of its plants will significantly strengthen the food supply chain and guarantee domestic supply, as well as exports from one of the region’s fastest-growing trade and industrial ecosystem.” Ibrahim Al Ghurair, non-executive board director, Al Ghurair Investment, said the projects will produce key ingredients for the food industry, including enhanced protein production and reduced reliance on imported goods.
Trade Jordan and Qatar trade volume rises 6% in 2024 Trade between Jordan and Qatar increased by 6 percent year on year in 2024 amid growing economic ties. The total volume reached QR910 million ($250 million), up from QR860 million in 2023, the state-run Petra news agency reported, citing data released by Qatar’s planning and statistics authority. Jordan’s exports to the Gulf state include consumer and […] 3 hours ago
Economy Arab investments in Egypt’s economy top nearly $40bn Foreign direct investments from Arab countries into to Egypt reached $39.5 billion in the last quarter of the fiscal year 2023-24, led by the UAE. The UAE’s investments in the construction sector reached $37.5 billion, accounting for 95.3 percent of the total incoming investments, Arabic-language Al Arabiya Business reported citing the central bank of Egypt […] 3 hours ago
Energy Turkey to triple cross-border electricity links Turkey is aiming to triple its electricity interconnections with neighbouring countries and is set to supply power to Syria soon, a news report said. Ankara supplies electricity to Iraq, Daily Sabah newspaper reported citing energy and natural resources minister Alparslan Bayraktar’s speech at a panel discussion at the International Renewable Energy Agency (Irena) assembly in […] 2 hours ago
Oil & Gas Oil prices remain near four-month highs above $80 Oil prices slipped at market open on Tuesday but remained near four-month highs as Chinese and Indian buyers sought new suppliers in the wake of the Biden administration’s toughest sanctions yet on Russian oil. Brent futures slipped 22 cents, or 0.27 percent, to $80.79 a barrel by 01:22 GMT, while US West Texas Intermediate crude fell 16 cents, or […] 27 mins ago
