24-Aug-2016 - The on-again-off-again sale of a majority stake in Kuwait Food Co, otherwise known as Americana, to a Gulf-based consortium has been scrapped by the Al Kharafi family, bringing to an end months of negotiations over a deal worth billions of dollars.
One of the Gulf’s biggest food and beverage companies has completed the acquisition of 70% of Al Safi Food, effectively granting it a local platform to manufacture and distribute food and beverage products in the Kingdom.
Dubai Municipality will implement a smart track and trace system for halal and other foods in collaboration with Swiss company SICPA.
China, India and Saudi Arabia’s growing markets are spurring global demand for food processing machinery, which is expected to grow at an annualised rate of around 8% until 2020.
Saudi Arabia is now recognised as the third most obese nation in the world, while more than one-third of children in the country have been found to be overweight.
Homes and restaurants in the UAE toss out food worth an estimated AED14.7bn (US$4bn) each year, according to the Emirates Environmental Group. The waste is then dumped in the country’s landfills where capacity is shrinking.