ABU DHABI// A date company has put Emirati produce on the map.
Established in 2005, Al Ain-based Al Foah describes itself as the largest date company in the world.
The company has five brands of the ancient Middle Eastern staple, which some believe could have a 7,000 year legacy of cultivation.
“Al Foah has chosen global appeal as its target, which is reflected across the company,” said Dhafer Al Ahbabi, chairman of the board for Al Foah.
To meet the demands of a global market, the company has invested heavily, including improvements to washing lines, production and packaging, he said.
According to the United Nation’s Food and Agriculture Organisation, the UAE is the world’s eighth-largest producer of dates, with 250,000 metric tonnes produced in 2012.
The lion’s share bear the stamp of Al Foah.
The company is taking on the global market with five separate brands, all aimed towards different customers, from bulk brand, Al Saad, to boutique label, Zadina.
Hadef Almessabi, export sales regional manager, said the company exports 80,000 tonnes of dates every year, to more than 47 countries in the world.
To spread its reach and take sweet Emirates dates to the world, the company has agents in a number of countries including Jordan, Morocco, Yemen, Saudi Arabia, Malaysia, Singapore, Bangladesh, Sri Lanka, and Syria.
“We have immense contracts with these countries,” he said.
Shipments can range from just a few cartons to several pallets, and as much as whole shipping containers, he said.
Exports represent more than 90 per cent of the total company sales, the company recently reported.
In addition to dates, Al Foah also processes associated products including dates with nuts and chocolate, date syrup, date paste, and date halwa – a sweet confection.
The company works with more than 16,000 date farmers across the UAE, helping them to improve the quality of their product and get a better return.
The company’s assets include its farm in Al Ain, which it describes as the largest organic farm in the world.
It has a total area of 1,321 hectares and more than 70,000 date palms.
In 2014, the company paid out over Dh327 million to 10,000 farmers in the UAE.
“The farmer is considered the backbone of the development of the palm industry in the country and the main axis to improve the quality of dates,” the company said. “Thus, supporting the farmer by meeting his needs is one of the most important priorities that Al Foah Company has made, it the subject of its interests.”
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Made in the UAE
An increasing flow of locally produced goods is positive news for the UAE’s energy dependent economy, but increasing manufactured exports will require overcoming some significant obstacles. Oil and gas, which accounts for 40 per cent of the country’s GDP, has long held the banner for the “made in the UAE” label, but plunging oil prices have once again exposed the perils of having an economy driven by a single powerful industry.
This five-part series profiles companies, products and goods, all made in the UAE.
■ Made in the UAE: Credibility supplied by Strata's high flyers
■ Made in the UAE: Home grown success, one cup at a time
■ Made in the UAE: Video game studio helps country reach next level
esamoglou@thenational.ae
UAE currency: the story behind the money in your pockets
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.”
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
Jeff Buckley: From Hallelujah To The Last Goodbye
By Dave Lory with Jim Irvin
Tonight's Chat on The National
Tonight's Chat is a series of online conversations on The National. The series features a diverse range of celebrities, politicians and business leaders from around the Arab world.
Tonight’s Chat host Ricardo Karam is a renowned author and broadcaster who has previously interviewed Bill Gates, Carlos Ghosn, Andre Agassi and the late Zaha Hadid, among others.
Intellectually curious and thought-provoking, Tonight’s Chat moves the conversation forward.
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How to get there
Emirates (www.emirates.com) flies directly to Hanoi, Vietnam, with fares starting from around Dh2,725 return, while Etihad (www.etihad.com) fares cost about Dh2,213 return with a stop. Chuong is 25 kilometres south of Hanoi.
The bio
Favourite book: The Alchemist by Paulo Coelho
Favourite travel destination: Maldives and south of France
Favourite pastime: Family and friends, meditation, discovering new cuisines
Favourite Movie: Joker (2019). I didn’t like it while I was watching it but then afterwards I loved it. I loved the psychology behind it.
Favourite Author: My father for sure
Favourite Artist: Damien Hurst
COMPANY PROFILE
Company name: BorrowMe (BorrowMe.com)
Date started: August 2021
Founder: Nour Sabri
Based: Dubai, UAE
Sector: E-commerce / Marketplace
Size: Two employees
Funding stage: Seed investment
Initial investment: $200,000
Investors: Amr Manaa (director, PwC Middle East)
match info
Union Berlin 0
Bayern Munich 1 (Lewandowski 40' pen, Pavard 80')
Man of the Match: Benjamin Pavard (Bayern Munich)
The specs
Engine: 2.0-litre 4-cylinder turbo
Power: 258hp from 5,000-6,500rpm
Torque: 400Nm from 1,550-4,000rpm
Transmission: Eight-speed auto
Fuel consumption: 6.1L/100km
Price: from Dh362,500
On sale: now
How the bonus system works
The two riders are among several riders in the UAE to receive the top payment of £10,000 under the Thank You Fund of £16 million (Dh80m), which was announced in conjunction with Deliveroo's £8 billion (Dh40bn) stock market listing earlier this year.
The £10,000 (Dh50,000) payment is made to those riders who have completed the highest number of orders in each market.
There are also riders who will receive payments of £1,000 (Dh5,000) and £500 (Dh2,500).
All riders who have worked with Deliveroo for at least one year and completed 2,000 orders will receive £200 (Dh1,000), the company said when it announced the scheme.
VEZEETA PROFILE
Date started: 2012
Founder: Amir Barsoum
Based: Dubai, UAE
Sector: HealthTech / MedTech
Size: 300 employees
Funding: $22.6 million (as of September 2018)
Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC
SECRET%20INVASION
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MATCH INFO
Uefa Champions League semi-final, first leg
Tottenham v Ajax, Tuesday, 11pm (UAE).
Second leg
Ajax v Tottenham, Wednesday, May 8, 11pm
Games on BeIN Sports