Al Ain-based Al Foah, established in 2005, describes itself as the largest date company in the world. Fatima Al Marzooqi / The National.
Al Ain-based Al Foah, established in 2005, describes itself as the largest date company in the world. Fatima Al Marzooqi / The National.

Made in the UAE: Al Foah puts Emirati dates on the map



ABU DHABI// A date company has put Emirati produce on the map.

Established in 2005, Al Ain-based Al Foah describes itself as the largest date company in the world.

The company has five brands of the ancient Middle Eastern staple, which some believe could have a 7,000 year legacy of cultivation.

“Al Foah has chosen global appeal as its target, which is reflected across the company,” said Dhafer Al Ahbabi, chairman of the board for Al Foah.

To meet the demands of a global market, the company has invested heavily, including improvements to washing lines, production and packaging, he said.

According to the United Nation’s Food and Agriculture Organisation, the UAE is the world’s eighth-largest producer of dates, with 250,000 metric tonnes produced in 2012.

The lion’s share bear the stamp of Al Foah.

The company is taking on the global market with five separate brands, all aimed towards different customers, from bulk brand, Al Saad, to boutique label, Zadina.

Hadef Almessabi, export sales regional manager, said the company exports 80,000 tonnes of dates every year, to more than 47 countries in the world.

To spread its reach and take sweet Emirates dates to the world, the company has agents in a number of countries including Jordan, Morocco, Yemen, Saudi Arabia, Malaysia, Singapore, Bangladesh, Sri Lanka, and Syria.

“We have immense contracts with these countries,” he said.

Shipments can range from just a few cartons to several pallets, and as much as whole shipping containers, he said.

Exports represent more than 90 per cent of the total company sales, the company recently reported.

In addition to dates, Al Foah also processes associated products including dates with nuts and chocolate, date syrup, date paste, and date halwa – a sweet confection.

The company works with more than 16,000 date farmers across the UAE, helping them to improve the quality of their product and get a better return.

The company’s assets include its farm in Al Ain, which it describes as the largest organic farm in the world.

It has a total area of 1,321 hectares and more than 70,000 date palms.

In 2014, the company paid out over Dh327 million to 10,000 farmers in the UAE.

“The farmer is considered the backbone of the development of the palm industry in the country and the main axis to improve the quality of dates,” the company said. “Thus, supporting the farmer by meeting his needs is one of the most important priorities that Al Foah Company has made, it the subject of its interests.”

______________________________________________________________

Made in the UAE

An increasing flow of locally produced goods is positive news for the UAE’s energy dependent economy, but increasing manufactured exports will require overcoming some significant obstacles. Oil and gas, which accounts for 40 per cent of the country’s GDP, has long held the banner for the “made in the UAE” label, but plunging oil prices have once again exposed the perils of having an economy driven by a single powerful industry.

This five-part series profiles companies, products and goods, all made in the UAE.

Made in the UAE: Credibility supplied by Strata's high flyers

Made in the UAE: Home grown success, one cup at a time

Made in the UAE: Video game studio helps country reach next level

esamoglou@thenational.ae

THE SPECS

Engine: 6.75-litre twin-turbocharged V12 petrol engine 

Power: 420kW

Torque: 780Nm

Transmission: 8-speed automatic

Price: From Dh1,350,000

On sale: Available for preorder now

What is tokenisation?

Tokenisation refers to the issuance of a blockchain token, which represents a virtually tradable real, tangible asset. A tokenised asset is easily transferable, offers good liquidity, returns and is easily traded on the secondary markets. 

The specs

Engine: Dual 180kW and 300kW front and rear motors

Power: 480kW

Torque: 850Nm

Transmission: Single-speed automatic

Price: From Dh359,900 ($98,000)

On sale: Now

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

Avengers: Endgame

Directors: Anthony Russo, Joe Russo

Starring: Robert Downey Jr, Chris Evans, Scarlett Johansson, Chris Hemsworth, Josh Brolin

4/5 stars 

Fixtures and results:

Wed, Aug 29:

  • Malaysia bt Hong Kong by 3 wickets
  • Oman bt Nepal by 7 wickets
  • UAE bt Singapore by 215 runs

Thu, Aug 30: 

  • UAE bt Nepal by 78 runs
  • Hong Kong bt Singapore by 5 wickets
  • Oman bt Malaysia by 2 wickets

Sat, Sep 1: UAE v Hong Kong; Oman v Singapore; Malaysia v Nepal

Sun, Sep 2: Hong Kong v Oman; Malaysia v UAE; Nepal v Singapore

Tue, Sep 4: Malaysia v Singapore; UAE v Oman; Nepal v Hong Kong

Thu, Sep 6: Final

Europe’s rearming plan
  • Suspend strict budget rules to allow member countries to step up defence spending
  • Create new "instrument" providing €150 billion of loans to member countries for defence investment
  • Use the existing EU budget to direct more funds towards defence-related investment
  • Engage the bloc's European Investment Bank to drop limits on lending to defence firms
  • Create a savings and investments union to help companies access capital
RESULT

West Brom 2 Liverpool 2
West Brom: Livermore (79'), Rondón (88' ) 
Liverpool: Ings (4'), Salah (72') 

The specs: 2018 Genesis G70

Price, base / as tested: Dh155,000 / Dh205,000

Engine: 3.3-litre, turbocharged V6

Gearbox: Eight-speed automatic

Power: 370hp @ 6,000rpm

Torque: 510Nm @ 1,300rpm

Fuel economy, combined: 10.6L / 100km

COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 
SERIES SCHEDULE

First Test, Galle International Stadium
July 26-30
Second Test, Sinhalese Sports Club Ground
August 3-7
Third Test, Pallekele International Cricket Stadium
August 12-16
First ODI, Rangiri Dambulla International Stadium
August 20
Second ODI, Pallekele International Cricket Stadium
August 24
Third ODI, Pallekele International Cricket Stadium
August 27
Fourth ODI, R Premadasa Stadium
August 31
Fifth ODI, R Premadasa Stadium
September 3
T20, R Premadasa Stadium
September 6

Men from Barca's class of 99

Crystal Palace - Frank de Boer

Everton - Ronald Koeman

Manchester City - Pep Guardiola

Manchester United - Jose Mourinho

Southampton - Mauricio Pellegrino

The specs

Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now

COMPANY PROFILE

Name: Lamsa

Founder: Badr Ward

Launched: 2014

Employees: 60

Based: Abu Dhabi

Sector: EdTech

Funding to date: $15 million

The specs

AT4 Ultimate, as tested

Engine: 6.2-litre V8

Power: 420hp

Torque: 623Nm

Transmission: 10-speed automatic

Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)

On sale: Now