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Category: Middle East & Africa

UK/UAE: “Rock star” Islamic scholars a risk for Islamic finance

| 29/02/2012 | Reply
UK/UAE: “Rock star” Islamic scholars a risk for Islamic finance

There are over 400 sharia scholars worldwide but only around 15 to 20 prominent and experienced ones, which creates demand for scholars to sit on multiple boards. The top 20 scholars hold 14 to 85 positions each, occupying a total of around 620 board positions or 55 percent of the industry.

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USA: Muslim Consumer Group Presentation at Riyadh’s Halal conference

| 27/02/2012 | Reply
USA: Muslim Consumer Group Presentation at Riyadh’s Halal conference

Syed Rasheeduddin Ahmed, founder & President of Muslim Consumer Group For Food Products USA/Canada presented a paper on Processing Aid or Hidden Ingredients in Food Products & ingredients and their Halal status from US food industry point of view at First International Conference on Halal Food Control at Riyadh, Saudi Arabia.

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UAE: Shariah-compliance boosts business value by 25%

| 25/02/2012 | Reply
UAE: Shariah-compliance boosts business value by 25%

Converting a conventional business to a Shariah-compliant entity can increase the value of a company by 18-25 per cent due to the scarcity of genuine Islamic investments, but the process involves various risks, said Swiss banking group, Bank Sarasin.

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UK: HMC Delegation returns with assurances from CEO of SFDA

| 23/02/2012 | Reply
UK: HMC Delegation returns with assurances from CEO of SFDA

Presenting his report to the HMC National Executive Committee, Shaykh Yunus said; “This was a
very important conference for the Muslim community around the world and we congratulate the Saudi Drug and Food Authority for an outstanding conference and wonderful hospitality.”

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Malaysia: Huge Opportunities For Malaysian Businesses In Arab Countries

| 23/02/2012 | Reply
Malaysia: Huge Opportunities For Malaysian Businesses In Arab Countries

The Council of Arab Economic Unity is in Malaysia for the first time to enhance economic ties as well as for the Malaysia Global Business Forum-Strategic Partners-Malaysia and The Arab World held at the Malaysian External Trade Development Corporation (MATRADE) on Tuesday. The Secretary General said that Muslim and Arab countries should work very hard towards enhancing the halal standard and promoting halal products.

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Italy: UAE, Italy promoting halal food certification

| 22/02/2012 | Reply
Italy: UAE, Italy promoting halal food certification

“The ministry is working on an ambitious project of halal certification, an instrument that allows a marriage of Italian excellence and the guarantee of production respecting Islamic rules, which brings significant potential for opening towards markets connected to precise religious principles,” the director of the department of trade internationalisation at the ministry, Patrizia Giarratana, said.

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USA: McDonald’s to open 100 new outlets in Middle East

| 22/02/2012 | Reply
USA: McDonald’s to open 100 new outlets in Middle East

At the largest food trade fair in the Middle East, Gulfood, it was revealed that McDonald’s is expected to open 100 new outlets this year with a particular focus on the United Arab Emirates and Saudi Arabia. Currently, the Golden Arches has 833 restaurants in 17 markets in the Middle East and Africa – a growth rate of between 10 to 15 per cent every year.

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Saudi Arabia: Private Equity firms buy key stake in Saudi food group

| 22/02/2012 | Reply
Saudi Arabia: Private Equity firms buy key stake in Saudi food group

Levant Capital, an investment firm focused on regional private equity investments and Citi Venture Capital International (CVCI) said they have jointly acquired a controlling stake in Saudi-based Al-Raya For Foodstuff Company for $100 million. The transaction presents an opportunity for Levant Capital and CVCI to capitalize on the growth in consumer-driven demand and the increasingly attractive middle income segment of the Gulf region’s largest economy.

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UAE: Al Islami signs major Joint Venture for Pakistani Market at Gulfood

| 22/02/2012 | Reply
UAE: Al Islami signs major Joint Venture for Pakistani Market at Gulfood

Under the terms of the agreement, M/s Neat Foods will be the sole partner of Al Islami in Pakistan to develop and re-export Al Islami products in Pakistan and in the international market. In addition, Neat Foods is constructing a state-of-the-art food production plant equipped with latest food production machinery.

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Saudi fast food market to hit $4.5bn by 2015

| 20/02/2012 | Reply
Saudi fast food market to hit $4.5bn by 2015

Saudi Arabia’s fast food market is expected reach a value of $4.5bn in the next three years, driven by high demand among young, affluent citizens, according to a report by Euromonitor. “Fast food outlets have become important social spaces for a growing cohort of Saudi young people,” said Michael Schaefer, head of consumer foodservice research at Euromonitor.

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UAE: Gulfood Awards 2012 Recognise Excellence In The Food And Beverage Industry

| 20/02/2012 | Reply
UAE: Gulfood Awards 2012 Recognise Excellence In The Food And Beverage Industry

HalalFocus would like to congratulate their advertiser Midamar Corporation, Iowa, USA, for winning the Best New Halal Food Award for the second year running at Gulfood 2012, the largest annual trade exhibition in the world. The award was presented for their Halal Black Pepper Smoked Beef Strips! Midamar has been producing Halal Food in the USA since 1974, and they are now a leading trusted brand for Halal food products all over the world.

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UAE: Ensuring food security of the UAE

| 19/02/2012 | Reply
UAE: Ensuring food security of the UAE

In recent years, the UAE has seen a steady rise in food imports. Food consumption in the UAE has been growing at the rate of 12 per cent per year and, within this, the demand for food staples has increased by 30 per cent, according to the Ministry of Economy.

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Saudi Arabia: Young Saudis find home entertainment cheaper and safer

| 18/02/2012 | Reply
Saudi Arabia: Young Saudis find home entertainment cheaper and safer

Young Saudi men and women are increasingly turning their own private rooms into entertainment hubs as a way of saving themselves from boredom. They equip their rooms with DJ turntables and other entertainment spots such as billiard tables, sound systems, electronic equipment and others.

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UAE: Minister to speak at Gulfood conference

| 17/02/2012 | Reply
UAE: Minister to speak at Gulfood conference

The annual Gulfood Conference running concurrently with the exhibition brings together over 40 world-class speakers and experts to present insights and innovations shaping the global food industry. The conference consists four specialised programmes that reflect the latest international industry trends.

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Saudi Arabia: Sweet success as Mars invests SR225m in KAEC

| 16/02/2012 | Reply
Saudi Arabia: Sweet success as Mars invests SR225m in KAEC

In a sign of growing confidence in the Kingdom’s economic stability, Mars Incorporated, a global food giant with annual sales exceeding $30 billion, announced on Wednesday SR225 million ($60 million) initial investment to build a state-of-the-art manufacturing facility at King Abdullah Economic City (KAEC) in Rabigh, about 130 km north of Jeddah.

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Saudi Arabia: Food exporting countries urged to heed Halal norms

| 16/02/2012 | Reply
Saudi Arabia: Food exporting countries urged to heed Halal norms

The First International Conference on Halal Food in Riyadh concluded on Tuesday, calling on non-Muslim countries exporting food to Islamic countries to strictly adhere to Islamic regulations with regard to ensuring products are halal.

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Saudi Arabia: Need for halal standards for food additives underlined

| 15/02/2012 | Reply
Saudi Arabia: Need for halal standards for food additives underlined

Mian Nadeem Riaz from Texas said that for the food industry to serve the halal market, it is very important that they know the halal status of additives. He pointed out that some of the common additives are derived from sources that are not halal, for example pigs and animals slaughtered without abiding by religious directives.

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Oman: A’saffa Foods in major expansion spree

| 14/02/2012 | Reply
Oman: A’saffa Foods in major expansion spree

A’saffa Foods, in its bid to become a major food producer in the region, is setting out on major expansion plans. The company is increasing its poultry production by about 24 per cent with a capital expenditure of RO 4 million. The expanded facility is expected to begin commercial production by the middle of the first quarter of this year.

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IDB ready to fund Oman’s Islamic banking sector

| 14/02/2012 | Reply
IDB ready to fund Oman’s Islamic banking sector

Islamic Development Bank (IDB), an international financial institution based in Jeddah, Saudi Arabia, is ready to provide equity capital to Oman’s upcoming Islamic banking industry, development projects in the sultanate and private-sector businesses.

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Oman: Sultanate’s Participation in Riyadh’s Halal Food Conference

| 14/02/2012 | Reply
Oman: Sultanate’s Participation in Riyadh’s Halal Food Conference

The Sultanate’s participation in this conference comes within the framework of exchanging expertise, data and to view the latest developments and changes in halal food area, as well as to coordinate efforts and activities among states participating in the conference.

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