We outline the top stories in the food sector this week.
Bahrain opens $12million food storage and security facility
The US$12 million Bahrain Agricultural Foods Storage and Security (Bafco), which is located in Hidd, aims to produce and distribute grains locally and export them internationally. The factory is line with the government’s commitment to implement policies that improve the country’s food security and diversify and sustain the supply chains.
Gulf Islamic Investments announces an office opening in Bahrain
Shari’ah-compliant company Gulf Islamic Investments (GII), recently launched a wholly owned company named Gulf Ventures Capital in Bahrain. The launch forms part of GII’s strategy to expand the company’s footprint in the MENA region and globally. The company is set to invest in food by growing production in sectors that are experiencing a demand-supply gap. Future sustainability projects will involve agriculture, aquaculture and food production.
Business booms for UAE oyster farm
Founded in 2016, Dibba Bay Oysters in northern Fujairah is the first farm in the Middle East to grow gourmet oysters. The farm currently produces over 300,000 a month, thanks to the ideal water temperatures and the rich density of phytoplankton. The edible oysters have an incredibly fast growth rate reaching adult size in only seven to nine months (a process that takes up to two years in other regions). Harvesting takes place three times a week, every week of the year, which ensures that there is a consistent delivery of fresh oysters.
Jaywun, an oceanographic research vessel has been launched by the Environment Agency – Abu Dhabi (EDA), with the aim of improving marine scientific research capabilities. Jaywun will serve as a vessel for the EDA’s Ocean World Discovery project, which studies the impact of climate change and monitors marine biodiversity in the UAE. The vessel will also support other environmental initiatives, such as the Blue Carbon Assessment Project for Ocean Fisheries, the region’s first blue carbon ocean fisheries assessment study.
Saudi Arabia’s Almarai acquires International Dairy and Juice
The largest dairy company in the GCC, Almarai Investment Holding, has acquired International Dairy and Juice Limited (IDJ), a former joint venture with PepsiCo in Egypt and Jordan.
Almarai bought PepsiCo’s 48% share in IDJ, increasing its stake in the company from 52 % to 100%, in a deal worth US$68 million. This investment is in line with the Kingdom’s goal of improving its food security.