UAE: ICD and Emirates Future sign MoU on halal food industry

CPI Financial

DSC04310Under the patronage of His Highness Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs in the United Arab Emirates, a memorandum of understanding (MoU) has been signed between the Islamic Corporation for the Development of the private sector (ICD), member of the Islamic Development Bank Group, and the Emirates Future (EF).

The MoU aims to promote economic development and encourage the flow of investments between Member countries through the creation, expansion and modernisation of institutions and private sector companies.

ICD and EF would like to establish a strategic partnership in order to strengthen the system of food security in the Islamic World and developing the halal food industry in the world. In addition, they aim to improve halal food quality and reliability using the latest food technology, agricultural research and certification systems around the world.

Practically, the parties agreed to develop a plan of joint cooperation to enter new markets, investments insurance and building strategic alliances with the relevant companies in ICD members’ countries. Furthermore, ICD will examine the possibility to establish an investment partnership with EF in order to create and manage hubs of manufacturing, packaging, certification and distribution of halal food around the world.  The memorandum of understanding included the support of food security and agribusiness fund which ICD is creating with a group of investors in the Gulf region. In addition, the parties will study jointly the possibility of establishing an international company to manufacture and distribute Halal Gelatin.

Mr. Khaled Al-Aboodi, the Chief Executive Officer of ICD, commented: “The cooperation between ICD and EF will rend their activities more effective and useful for the sectors of food security and halal food all over the world. The partners fully realize the multiple benefits that they will gain through this cooperation.”

H.E Humaid Al Neyadi, Chairman of Emirates Future Group, commented that, “the coordination between the private sector and the international development institutions has a big role in developing the food security sector in the Islamic world and boosting the development of the halal food industry around the world, including the support to overcome the obstacles and ensure the economic feasibility of this sector.” H.E also assured the role of the United Arab Emirates in supporting food security activities worldwide.

The parties agreed to meet after the signing of this memorandum in order to develop a detailed road map for the implementation of this cooperation framework.