Home Business & Finance Over 500 companies operate in Dubai’s spices trading sector, says DED

Over 500 companies operate in Dubai’s spices trading sector, says DED

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DUBAI: The Business Registration and Licensing (BRL) sector in the Department of Economic Development (DED), Dubai, in its new report, states that 514 companies operate in the spice trade sector in Dubai.

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.

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

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 Emiratis, 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. News Desk

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