ABU DHABI // Ever struggled to find in-season chamoe or hallabong for a fruit salad at your local supermarket? Or maybe you were planning to make some bulgogi or dak galbi but couldn’t find the proper meat. Well, that could soon change with plans to increase food imports from South Korea.
The Asian country is adopting the Emirate’s halal certification system, which officials hope will act as a catalyst for the trade in animal products and have a knock-on effect for other food produce.
“The UAE halal certification programme will be introduced in Korea,” said Kwon Hae-ryong, South Korea’s ambassador, at the opening of a new Korea Agro-Trade Centre office in Abu Dhabi. “I hope Korean agricultural produce will be popular in the UAE in the near future.”
Two years ago, the Halal Development Council called for a unified local and regional certification body because different standards around the world confused consumers and authorities and obstructed trade.
The new centre will exchange information about halal certification with the Emirates Authority for Standardisation and Metrology (Esma).
“There is a lot of trade between the Middle East and Korea,” said Dr Kim Jae-soo, president and chief executive of the Korea Agro-Fisheries and Food Trade Corporation. “There is also a demand for Korean products and it’s increasing year by year.”
South Korea and the UAE have collaborated in energy, defence, security, education, culture, healthcare and agriculture since the 1970s.
“It is expanding rapidly,” Mr Hae-ryong said. “When our president visited last March, we signed an agreement on agricultural cooperation and halal food cooperation. This [centre] is the first step for implementation.
“This [centre] will allow us to have awareness of the halal food, industry and certification system here,” he said. “We are developing our halal food industry in Korea to then hopefully export agricultural produce.”
The UAE imports about 90 per cent of its food. Opening up another source of imports will allow the Emirates to diversify, avoid shortages and help to meet growing demand.
Retailers expressed interest in stocking South Korean produce.
“The UAE is a multicultural country,” said Salim M A, director at Lulu Group International. “This is the best place to try out new food. We already have Korean products in our supermarkets but with this office opening it will help us get more variety. People are always in search of new foods.”
Ahmed Khoori, managing director of Big Hit general trading, which supplies fruit and vegetable markets, said he was looking at importing seasonal fruits from South Korea.
“Korea has four seasons and people never import from there,” he said. “They import apples from China but the quality isn’t the best.”
Humaid Al Hammadi, president of the Emirati-Korean Friendship Society, said the office would deepen relations between the countries.
“I visit Korea often and I really enjoy the food. Some of my favourite products are Korean pears, strawberries and sweet melons. These things, if introduced here, will give people a chance to like it,” he said.
“In the past five years, people didn’t know much about Korea and its products but, nowadays, we’re finding kimchi in some supermarkets. Once the supply chain is made more halal friendly, they’ll have a big market in the region because the UAE is the gateway to the Middle East.”
cmalek@thenational.ae
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
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Jeff Buckley: From Hallelujah To The Last Goodbye
By Dave Lory with Jim Irvin
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Low turnout
Two months before the first round on April 10, the appetite of voters for the election is low.
Mathieu Gallard, account manager with Ipsos, which conducted the most recent poll, said current forecasts suggested only two-thirds were "very likely" to vote in the first round, compared with a 78 per cent turnout in the 2017 presidential elections.
"It depends on how interesting the campaign is on their main concerns," he told The National. "Just now, it's hard to say who, between Macron and the candidates of the right, would be most affected by a low turnout."
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Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
Killing of Qassem Suleimani
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UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
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Favourite Quote: Prophet Mohammad's quotes There is reward for kindness to every living thing and A good man treats women with honour
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