As many as 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 Wam news agency report quoting a DED statement.
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 10 nationalities investing in this sector followed by the citizens of Kuwait, Pakistan, Saudi Arabia, Egypt, Lebanon, Jordan, US, Britain, and France.
The number of investors in the spice sector stands at 2,642, including 2,497 businessmen (95 per cent), and 145 businesswomen (5 per cent). The number of workers in the spices sector reached 1,210, while the operational rate of the companies is 72 per cent.
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.