Day: November 20, 2023

Food & Beverages

International experts to exchange knowledge to strengthen Riyadh’s F&B industry

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At the Riyadh Exhibition and Convention Center in Riyadh, the international culinary exhibition InFlavour Expo will get underway on Sunday.

A well-known international event, InFlavour unites business, science, technology, art, hospitality, and cuisine. Renowned Michelin-starred chefs, business titans, global consumer brand ambassadors, and international dignitaries are drawn to it.

From October 29 to October 31, the event will be held in collaboration with the Saudi Ministry of Environment, Water, and Agriculture. Traditional Saudi treats like dates, coffee, and maqshush will be served to guests.

Among the 200 F&B pioneers on the schedule are celebrity chefs Marco Pierre White and Manal Al-Alem, as well as business titans from Big Idea Drinks, Ossiano, and Kitopi, the world’s top multibrand eatery and tech unicorn.

Marco Pierre White, widely regarded as the “godfather of modern cooking,” is an advocate for the expansion and development of the food and beverage sector. Headlining the inaugural InFlavour event is something he views as a “honor and privilege.”

White remarked, “It is extremely exciting to be involved in the launch of Saudi Arabia’s first food and beverage event. Not only does InFlavour promise to significantly accelerate the Kingdom’s burgeoning food sector, but it also clearly shows that the government is serious about improving food security and inspiring industry innovation across local and international businesses.”

“I see InFlavour bringing that to the table; Middle Eastern cuisine is all about coming together, sharing, socializing, and indulging.” Amazing things can happen when you combine technology, local insights, international knowledge, and cuisine. Expectations should be extremely high, considering the roster of knowledgeable speakers I have already seen.

The Culinary Arts Commission of Saudi Arabia is also taking part in the exhibition. The commission will present its cutting-edge approach to the culinary arts industry during the event, which includes the launch of Kawn’s business incubator, a program meant to help startups and small enterprises get off the ground and compete by providing workshops and mentorship. Participants will be incubated for a duration of four to six months.

The commission will also present the Abde’a cultural license platform, which aims to encourage the private sector to participate more in cultural events and initiatives.

The commission’s involvement in the show is a testament to its dedication to empowering Saudi chefs, arranging meetings with esteemed culinary professionals, and presenting the rich, traditional recipes of Saudi Arabian cuisine.

Considering the current state of the global food system, this event represents a significant shift in Saudi Arabia’s strategy for tackling pressing issues in the F&B sector. Saudi Arabia is recognizing the importance of improving the efficiency of its food systems in order to attain food security and sustainability, and is implementing measures to that end.

More than 200 speakers, 600 exhibitors, 40,000 attendees, and more than 200 foreign investors and venture capitalists that focus on the food and hospitality industry will all be present at the expo.

Food and water security, agritech, sustainability, logistics, food tech and investment, plant-based food, concept restaurants, culinary excellence, food waste, retail, and e-commerce are among the topics that will be covered at the InFlavour conference.

Saleh Bindakhil, a spokesman for the Ministry of Environment, Water, and Agriculture, stated that Saudi Arabia leads the region in the food and beverage market and is rapidly moving toward its goal of becoming the world’s largest market for food trade and hospitality.

Additionally, he claimed that InFlavour would accelerate the development of new standards for product sourcing options to advance the hospitality and consumer sectors while also increasing Saudi Arabia’s food imports and exports.

Bindakhil claims that the food industry in Saudi Arabia is expanding rapidly as a result of large investments made in hotels and resorts, a surge in entrepreneurs in the food and beverage sector, and a readiness to advance and accept new technologies. “All of these elements will fundamentally alter Saudi Arabia’s food service industry. The focal point and impetus for this convergence across the industry is InFlavour.

The food service industry in the Kingdom is expected to grow by 6.5% annually over the next five years, according to a conservative forecast by the Ministry of Investment. However, independent market intelligence provider Fortune Business Insights predicts that the industry will grow by 11.5% annually and reach a valuation of $30.47 billion by 2029.

entreprenuership

CEO of Shuaa Fawad Khan steps down after 18 months in position

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Wafik Ben Mansour is appointed acting CEO by Dubai Investment Bank.
Over the course of more than eighteen months, Fawad Khan, the head of the investment bank Shuaa Capital located in Dubai, has resigned.

Mr. Khan resigned for “personal reasons,” the company said in a statement to the Dubai Financial Market, where its shares are traded, on Monday. “Shuraaa will provide support and ensure smooth continuity of business activities” during Mr. Khan’s three-month notice period.

Wafik Ben Mansour has been named acting chief executive by Shuaa’s board to oversee business operations in the interim.

“Wafik will lead the next phase of Shuaa capital’s optimisation process to create a growth platform and capitalise on market opportunities in the UAE and wider region,” the organization stated.

Prior to joining Shuaa in May of this year, Mr. Ben Mansour worked for 15 years as a managing director at Credit Suisse. He now leads the advisory and capital markets platform of the company, which caters to institutional clients in the Middle East and North Africa.

As per Mr. Khan’s LinkedIn profile, he worked at Shuaa for over six years, holding various positions such as head of investment banking.

In June 2022, he became the managing director of Shuaa Capital, succeeding Jassim Alseddiqi, who left to become a managing director and join the board.

One of Shuaa Capital’s largest shareholders, Mr. Alseddiqi, also repositioned his ownership of the Dubai-based investment banking and asset management firm and resigned as managing director in August.

At the time, Mr. Alseddiqi wrote on LinkedIn that the company that oversees $5 billion in assets is going through a big transition that will allow for new investors.

During the past few years, Shuaa has undergone a business transformation. At its peak, the company managed over $13 billion in assets under management (AUM).

In an August interview with The National, Mr. Khan stated that Shuaa is assessing multiple investment deals throughout the wider GCC and hopes to double its AUMs to $10 billion in the next five years.

The business is considering possible investment opportunities, especially in the real estate and hospitality industries in Saudi Arabia and the United Arab Emirates, the two largest economies in the Arab world.

As it continues to develop and restructure its asset base, the investment manager is also looking for opportunities for its portfolio companies to divest, including public listings and partial exits through strategic investors. Mr. Khan,

Shuaa stated that in terms of possible investments, he is focusing on target businesses that have “real assets,” such as asset-backed real estate transactions, as well as deals in the shipping, industrial, and hospitality sectors.

Development in Dubai

In Al Wathba, Sheikh Khaled launches a Dh1.1 billion housing project.

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The Al Wathba housing project in Abu Dhabi was officially opened by Crown Prince Sheikh Khaled bin Mohamed.

The 875,000 square meter development, which cost more than Dh1.1 billion, will provide 347 new homes for citizens.

In addition to allotted land for commercial and community facilities, it comprises fifteen parks and four mosques that can accommodate 1,725 people each.

Sheikh Khaled was given an update on the project and given a tour of the eco-friendly house designs during the inauguration.

According to Sheikh Khaled, the housing project will guarantee stability and growth while providing for the needs of Abu Dhabi’s Emirati population.

The UAE is dedicated to giving Emiratis decent housing, and this new development is a part of that commitment.

A Dh2.74 billion housing support plan for Emiratis residing in the capital was approved this year by Sheikh Khaled. President Sheikh Mohamed’s orders will be followed in providing assistance for 1,800 citizens.

Under the program, low-income retirees and the surviving family members of mortgage holders will not be obliged to repay housing loans.

As part of the initiative, housing loans will also be given to eligible citizens.

Culture & customs

Filipinos living in Dubai bring unexpected Christmas gifts home.

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Christmas surprises for families back home have been prepared by Filipino residents in Dubai, who have prepared everything from Barbie dolls and cell phones to canned food and chocolate.

They adhere to the custom of balikbayan, or returning residents. Instead of spending the holidays at home, the majority of expatriate workers will pack cartons full of food, electronics, clothing, and sweets to open beneath the Christmas tree.

Many people gradually add to the box every few weeks after saving for months. In order to give their family and children a taste of what they enjoy in the UAE, they stock up and wait for sales.

With over 50,000 packages, weighing between 30 and 100 kg, shipped by freight to the Philippines between October and December, the Emirates is one of the world’s largest hubs.

“My kids have always been thrilled to open packages and see the clothes and chocolates inside,” said 45-year-old Sharon Toribio, a housemaid in Dubai.

“I purchase Ferrero Rocher or Toblerone during sales, and occasionally I include a cell phone so they’re delighted to find it.”

“I added groceries, meat or fish in cans, and sausage made from chicken or corned beef.

“I want them to appreciate what I’ve got in Dubai.”

A wish fulfilled
Ms. Toribo, a resident of the southeast town of Guinobatan, works as a part-time babysitter to supplement her income from three children in the 20–25 age range.

The family of Ms. Toribio will cherish this year especially.

Though the UAE resident will be in the Philippines in December for her first Christmas break in 14 years since she started working, balikabayan boxes are frequently sent because expatriate workers are unable to be at home.

She explained, “I didn’t go to the Philippines for a holiday for many years because I lost my job during the pandemic.”

“This year, I will be spending Christmas with my daughters as per their request.”

She includes household supplies in her box as well so her family can experience UAE goods.

Coffee, sugar, flour, pasta, detergents, and dishwasher soap are among the items I include. I know you can get these in the Philippines, but I still like to send them.

Santa’s elves LBC Express, a 75-year-old courier business in the Philippines, has hired more personnel, and its warehouses in Dubai, Sharjah, and Abu Dhabi are now loading boxes.

Head of sales and marketing for LBC Express Middle East Allan Bautista remarked, “We are like Santa’s elves; this is a busy time for us.”

“The origins of Bagibayan can be traced back to the generations when Filipino immigrants sent gifts for their family members back home.

“A returning resident, or balikbayan, is someone who is returning home. This is what keeps balikbayan boxes in demand.

Depending on how far away the location is, the company can deliver 50,000 packages from the Emirates to more than 7,500 Philippine Islands in a duration of 30 to 60 days.

For boxes weighing 30 kg to 100 kg, the prices range from Dh115 to Dh370.

He stated, “We try to get the boxes home before Christmas Eve.”

“On average, it takes people two to three months to complete the boxes.

“Our busiest time of year is Christmas. Our largest market in the region and one of the largest globally is the United Arab Emirates.

Kristine Suico, 37, a resident of Dubai, purchased gifts for the family as well as Barbie dolls and pink dresses for her young daughter.

Shopping for Barbie memorabilia for her six-year-old child and her daughter’s friend is made easier by the variety of toys that are available.

“I explore the city to find the best deals. The hotel industry employee Ms. Suico stated, “There are a lot more options here in Dubai.”

“It’s less expensive than in the Philippines because I can buy wholesale goods in Dubai.”

She claimed that while packing the gifts, she feels at home.

“They love that gesture, and they get excited when they get a parcel that comes from me,” she remarked.

“This will be under the Christmas tree when they open their gifts at midnight on December 24. I won’t be there.”

Travel & Explore

Generation Start-up: How Envi Lodges seeks to differentiate itself in the ecotourism space

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Envi Lodges is a luxury eco-pod operator based in the United Arab Emirates. It caters to environmentally conscious tourists who wish to minimize their environmental impact while enjoying a vacation in the middle of nature and meaningfully connecting with local communities.

Co-founders Noelle Homsy and Chris Nader launched the company in September 2021 after realizing that the Covid-19 pandemic had altered people’s travel patterns.

Many travelers are increasingly seeking out new experiences and learning about the countries they are visiting, rather than fleeing the boring routine of everyday life to stay at opulent hotels in far-off places or the typical tourist destinations.

Ms. Homsy observed that “eco-lodges are very well integrated in the communities and the environment, they aren’t just parachuted hotels in the middle of nature” while visiting South-East Asia as a graduate student.

“Instead of dividing visitors who are willing to spend money from the less fortunate locals, I felt there was a way to combine tourism with genuine communities,” she says.

The co-founders wanted to close a gap in the market by offering upscale lodging that lessens the impact of traveler trips on the environment.

According to Ms. Homsy, this is founded on the company’s seven sustainability pillars, which include protecting wildlife, using resources wisely, and assisting local communities.

Beyond Green, a coalition of environmentally conscious hotels, resorts, and lodges, has also certified Envi Lodges after reviewing the company’s sustainability policies.

According to its website, every two years, members of Beyond Green are evaluated on-site using more than 50 sustainability indicators.

These include adopting eco-friendly practices on the property, safeguarding the area’s natural and cultural heritage, and putting the social and economic welfare of the community first.

“My goal with Chris is to steer the Middle East’s hospitality and tourism sector toward sustainability and responsible travel,” she explains. “We had a larger goal in mind.”

“Saudi Arabia is leading the way in regenerative tourism, but we wanted to be involved as a company and as individuals when we saw the need for it.”

According to the World Travel and Tourism Council (WTTC), the travel and tourism industry is heavily reliant on nature, and the climate crisis threatens not only essential resources but also the survival of some of the planet’s most popular tourist destinations.

According to data from The Environmental Impact of Global Tourism report by the WTTC and Saudi Arabia’s Ministry of Tourism, between 2010 and 2019, absolute greenhouse gas emissions from the sector increased at an average rate of 2.5 percent a year, or roughly 8.1 percent of global emissions.

It stated, “It is a tremendous challenge that both our sector and global policymakers must take seriously.”

But during that same time, there has been a loosening of the connection between the sector’s growth and its carbon footprint. According to the report, between 2010 and 2019, the sector’s gross domestic product grew at an average annual rate of 4.3%, while emissions increased by 2.5%.

According to its website, Envi Lodges has agreements in place to manage and operate projects that are slated to open in 2024 and 2025 in Saudi Arabia, Oman, Zanzibar, and Costa Rica.

The company made its first venture into the sultanate in October when it collaborated with the Ministry of Defence Pension Fund of Oman to build a sustainable mountain lodge on Al Jabel Al Akhdar.

Tenthouse Structure, a South African architect of camping tents, created the 40 opulent expedition tents that overlook the Hajar Mountain range at Envi Al Jabel Al Akhdar, which is scheduled to open in 2025.
According to Ms. Homsy, the start-up’s market research has revealed three distinct target customer types based on their travel-related mindsets.

The first category consists of thrill-seekers who long for the exhilarating rush of activities like zip-lining and hiking. Those seeking spiritual experiences and well-being make up the second group. The third group consists of explorers who want to experience agritourism, explore the art scene, take cooking classes, or learn about local cultures.

Although the company’s projects are still in the early stages of development, Ms. Homsy says the preliminary research on demand is encouraging.

Globally, the demand for eco-lodges is rising. It’s the future of leisure travel, according to some,” she says.

Individual and family office investors are particularly interested in “impact investments,” or green projects, which offer both a “higher purpose”—such as sustainability objectives—and substantial financial returns.

She explains, “These investors are long-term investors; their diligence indicates that demand is high.”

When asked if the conflict between Israel and Gaza has affected the desire for investment in the area, Ms. Homsy responds that although stability is necessary to increase tourism, management agreements for hospitality projects typically last 20 to 30 years.

According to Ms. Homsy, Envi Lodges is negotiating a number of new contracts to join markets in the Middle East, Africa, Europe, and Latin America.

“We are nearing the end, but they haven’t signed yet. Before the year ends, we may sign one or two more,” she says.

The start-up is looking for a third round of funding to support its expansion, according to Ms. Homsy, who would not disclose the sum. It has already brought in $2 million.

In order to raise the money required to construct the projects that will enable Envi Lodges to run, the company has also partnered with funding managers and developers.

According to Ms. Homsy, it is doing so by facilitating funding from strategic partners like government agencies and public institutions in order to build a portfolio of lodges in different markets like Saudi Arabia and France.

The co-founder estimates that in the next year or two, more than $150 million will be raised for these projects.

“We have a project on every continent and aim to become a global brand in the next five years,” Ms. Homsy states.