The annual consumption volume reaches 200 thousand tons
40% increase in the prices of sugar supplies to the UAE market
The Dubai Diabetes Conference brings together representatives and speakers from 68 countries.
From the source
Jamal Al Ghurair: "The sugar market in the UAE faces lower-cost supply to Asian companies."
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The Gulf Sugar Company reported that the annual volume of sugar consumption in the UAE market has recently reached 200,000 tons, pointing out that its local market shares currently exceed 50%.
On the sidelines of the "Dubai Sugar 2022" conference, whose sixth edition began yesterday in Dubai, with the participation of representatives and speakers from 68 countries, and its work will continue until the 16th of this month, she pointed out that the variables of freight and the high cost of raw materials, raised the prices of local sugar supply by 40% She indicated that there are many companies from Asian countries that supply sugar to the UAE market, at less than cost prices, which calls for protectionist measures that the Ministry of Economy has called for their application.
In detail, Jamal Al Ghurair, Managing Director of Al Khaleej Sugar Company, said that "the annual consumption of sugar in the UAE market has reached 200,000 tons," noting that "the company's local market shares exceed 50%, while its products are exported to many international markets."
He pointed out that «the sugar market in the UAE is facing supply operations at prices below cost to Asian companies, in a manner similar to dumping, while the UAE industry suffers from imposing protectionist measures from countries such as India and others in many countries of the world, which export their products to the state’s markets, at prices lower than The local product, which puts the national industry in front of the challenge of dumping and the high costs of raw materials and shipping.”
Al-Ghurair explained that "the company contacted the Ministry of Economy and submitted a request to verify these matters and develop solutions to them," calling on "the official authorities to work to protect the national industry from dumping and to treat imports of sugar, to the state, in the same way."
He pointed out that "the price of supplying sugar locally increased by up to 40%, due to the high costs of global raw materials, shipping and energy," noting that "Al-Khaleej Sugar's production was recently reduced from 7,000 tons per day from the company's refinery in Dubai, to 3,000 tons per day." To carry out regular maintenance.
He added that "the cost of sugar production globally is facing challenges in the cost of freight, raw materials and energy, in addition to the significant rise in oil prices due to the Russian-Ukrainian war."
Al-Ghurair explained that Canal Sugar, which is partly owned by the company in Egypt, will start trial production next April in its project, which is being worked on in phases, after the completion of the construction works, while Gulf Sugar is looking at investment opportunities in the Spanish markets during the coming periods. .
Regarding the timeframe for operating a “blockchain” platform for sugar trade, Al Ghurair explained that the platform exists, but it is still theoretical, and is awaiting activation by the companies that intend to participate in it, pointing to the possibility of conducting transactions on it in encrypted currencies or real currencies.
In turn, the CEO of the international company "Imetera" for the supply of sugar products, Jacob Robins, said that "current sugar prices are witnessing at the global level, many variables and price fluctuations, as a result of the repercussions of the Russian-Ukrainian crisis, and the rise in oil prices, which makes sugar prices likely to rise by rates. varied in the coming periods in the international markets.
He added that “the high cost of shipping and supply and the difficulties of sea freight due to the repercussions of the (Corona) pandemic had different effects, which led to raising the prices of sugar supply by rates that exceeded 40% recently, compared to the same time period last year, while the events of the Russian-Ukrainian war came to increase the pressures that support Expectations of a rise in sugar prices in the coming periods.
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