28-Jan-2016 - The lifting of sanctions against Iran will open up new possibilities for the food sector, but growing tensions with Saudi Arabia makes GCC trade less certain.
Next month’s Gulfood will have a distinct coffee flavour, as the booming regional coffee sector hits around US$6.5bn – or 8% of the global coffee market.
Brazil’s agribusiness sales to the Middle East totalled US$7.2bn in 2015, making up 8% of the country’s agribusiness exports, and staying steady while other regions fell in value.
Almarai announced a 14.4% increase in annual profits, to US$510m, but said it expected costs to rise US$133m in 2016 due to increased costs, as it bought US land worth US$31.8m.
Savola’s full-year profits were down 13.5% on 2014 at US$478m thanks to a subsidiary sale, as Q4 profits beat analyst predictions, and the firm announced a new CEO appointment.
Del Monte is planning to acquire farms in Saudi Arabia and Jordan, to add to its current UAE and Turkey sites, and is planning new regional product launches at Gulfood.