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FINANCIAL NEWS
GCC likely to import USD53.1b worth of food products by 2020
26 Feb 2012
(MENAFN) UAE’s minister of trade, Lubna Al Qasimi, said that by 2020, the Gulf region’s food imports might more than double to USD53.1 billion, from USD25.8 billion in 2010, reported Arabian Business.
Al Qasemi added that consumption of food should reach 51.1 million tons over the decade, with average annual growth of 4.6 percent.
She also said that imports in the UAE are expected to increase to USD8.4 billion, from USD3 billion recorded last year, with food consumption up 5.4 percent per year on average.
It is worth noting that over the next 4 years, the restaurant sector was expected to expand 30 percent, to be worth USD780 million, according to Al Qasimi.
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