Saudi food consumption to touch $70bn
Riyadh, September 23, 2013
The value of food consumption in Saudi Arabia will reach $70 billion in the next four years due to increasing population, which accounts for 70 per cent of the GCC's total population, said a report.
The country is expected to remain the highest food consumer in the GCC at 64 per cent by 2015, followed by the UAE at 18.9 per cent, with Bahrain coming in last at 1.5 per cent, said the Arab News report quoting a release by the Foodex Saudi Expo.
Saudi Arabia’s food imports are projected to grow 35.2 per cent by 2020 compared to 16.8 percent in 2010, it said.
Based on market data, the kingdom ranked first in the consumption of raw materials such as sugar, wheat and barley, the expo’s sales manager Ahmed Rahim was quoted as saying.
Many countries, notably Turkey, Britain, Spain, Italy, Japan and Indonesia, are investing in hotel chains and restaurants in the kingdom, said Rahim.
The sector is on the verge of rapid growth in the area of food and drink over the next two years, he was quoted as saying.
More Miscellaneous Stories
- Number of HNWIs in Africa to double by 2023
- World boxing legend to visit Bahrain
- UAE road accidents decline by 23.5pc
- Top businesswomen in Bahrain honoured
- Death penalty sought for Bahrain terrorists
- Girl, 9, dies after fall from 8th floor in Abu Dhabi
- Lebanese café brand opens Dubai outlet
- Bahrain poultry firm told to step up safety
- Customer dies in Bahrain cafe brawl
- Bahraini boys hurt while planting bombs
- Philips, Ericsson launch LED street lighting
- DuBiotech to set up first Halal safety lab
- Jotun to supply coatings for Makkah Station
- Raytheon wins $655m Kuwait Patriot deal
- Alwaleed Foundation lights up 3 Saudi villages
- Poultry farms strike may trigger shortages in Bahrain
- Oman seals Victoria food security pact
- Saudi woman, 80, donates $133m to charity
- New Saudi clamp on energy drinks
- Outrage follows Bahrain killer bomb
- Improvised explosive device used in Bahrain attack
- 3 policemen killed in Bahrain blast
- Dammam-Al Ahsa train service starts
- Egypt wheat supplies enough to last until June
- Expat killed at Saudi workers' holding facility
- 80 global speakers for Doha summit on family
- Restaurant runs up $47,555 phone bill in 4 days
- NZ minister to visit Gulf states
- Public-private tie-ups ‘vital for agri growth’
- China firm wins solar power project in Amman