Dubai: Dubai International Chamber, one of the three chambers operating under the umbrella of Dubai Chambers, has hosted a business event on the sidelines of Gulfood, the world’s largest conference and exhibition dedicated to the food and beverage (F&B) sector.
To provide attendees with up-to-date knowledge on the most recent developments influencing Dubai’s food and beverage scene, 400 representatives from both domestic and foreign companies attended the event. The discussion focused on the bright futures Dubai provides to businesses in the industry, which are bolstered by the emirate’s sophisticated logistical capabilities and advantageous business climate.
According to data from Euromonitor, the UAE’s F&B sector generated $16.4 billion in retail sales, including both fresh food and packaged food. Consumer spending on food via e-commerce platforms reached a value of $1.1 billion in 2023 and is expected to increase at a Compound Annual Growth Rate (CAGR) of 9.5 percent between 2023 and 2027.
According to data from FDI Intelligence, the UAE’s food and beverage industry brought in $577 million in new foreign direct investment between 2019 and 2023. 48 foreign businesses from 23 different nations made these investments.
HE Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, stated that, “Dubai is continuing to strengthen its position as a significant global hub for the world’s food and beverage trade, which creates promising opportunities for companies operating in the sector to expand and grow. The sector is developing innovative solutions to contribute to global food security while ensuring it keeps pace with the global drive for sustainability.”
“Organising Gulfood – the world’s largest F&B event – in Dubai creates an ideal platform for producers, suppliers, and traders from across the globe to connect and build cross-border partnerships. Dubai International Chamber is committed to accelerating the growth of the industry by supporting the expansion of Dubai-based F&B companies into promising global markets, as well as attracting foreign investors to leverage the rewarding opportunities available in the emirate in this vital sector,” Rashed Lootah added.