|15 August, 2019

Over 500 companies operate in Dubai's spice trading sector, says DED

Of the 514 companies, 375 licences were issued for 'Trading of spices', 132 for 'Packaging of spices', and seven for 'Preparation of sauce and spices'

A man looks at goods for sale in the spice souq in old Dubai, United Arab Emirates March 26, 2018. Picture taken March 26, 2018. REUTERS/Christopher Pike

A man looks at goods for sale in the spice souq in old Dubai, United Arab Emirates March 26, 2018. Picture taken March 26, 2018. REUTERS/Christopher Pike

Reuters/Christopher Pike

DUBAI - Around 514 companies operate in the spice trade sector in Dubai, according to a new report released by the Business Registration and Licensing, BRL, sector in the Dubai's Department of Economic Development, DED.

The report, which includes statistics on the number of companies operating in Dubai and their activities, aims to familiarise entrepreneurs with the spices sector and highlight its role in adding value to the economy, said a press release issued by the DED on Thursday.

Of the 514 companies, 375 licences were issued for 'Trading of spices', 132 for 'Packaging of spices', and seven for 'Preparation of sauce and spices'. The first three companies were established in 1963 and are still operational.

The report also showed that Indians led the top ten nationalities investing in this sector followed by the citizens of Kuwait, Pakistan, Saudi Arabia, Egypt, Lebanon, Jordan, USA, Britain, and France.

The number of investors in the spice sector stands at 2,642, including 2,497 businessmen (95 percent), and 145 businesswomen (5 percent). The number of workers in the spices sector reached 1,210, while the operational rate of the companies is 72 percent.

Despite the growth in imports of spices, locally produced spices have been able to compete and sustain growth. This is evidenced by the increase in the number of local brands and the continued growth in demand with the products serving as basic food items for Emirati, Arab, Asian and European families living in the country.

Brands that are locally produced or packaged have grown in recent years led by competitive factors including quality and cleanliness, and high standards of packaging, compared to similar Asian products, said the press release.

© Copyright Emirates News Agency (WAM) 2019.

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