Dubai – Mubasher: Sugar consumption in the UAE reached 250,000 tonnes per year, while the GCC countries annually consume 750,000 tonnes of sugar, Al Khaleej Sugar’s chairman Jamal Al Ghurair stated on Monday.
Al Khaleej Sugar acquires 70% of the sugar market in the GCC, the chairman added, noting that the UAE's sugar consumption will not be affected by the introduction of the value-added tax (VAT).
Globally, sugar prices declined 30% in 2017 due to the growth in supply and the strong competition in the market, therefore, Al Khaleej Sugar cut about 20% of its production in 2018, Al Ghurair revealed.
The company is exporting around 1,6 million tonnes of sugar to more than 30 countries around the world, he commented, concluding that the UAE-based firm is facing some sort of difficulty in exporting to countries impose additional fees on imported sugar.
