Business

Gulfood: India signs MoU with UAE’s Lulu Group to push millets’ exports

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2 years ago

February 22, 2023

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India’s millet exports to the UAE can expect a boost in numbers after retail giant Lulu Hypermarket LLC and the Indian government agency Agricultural and Processed Food Products Export Development Authority (Apeda) signed a Memorandum of Understanding at the World Trade Centre in Dubai on Tuesday.

The agreement is one of the highlights of the Gulfood 2023, the world’s largest annual food exhibition. The UAE is third-biggest importer of Indian products. India is promoting its range of wheat, rice, maize and many millet-related products as it observes 2023 as the International Year of Millets.

The MoU comes on the back of the CEPA agreement between the two countries, signed and improving by the day, to facilitate trade. Dr Tarun Bajaj, director at APEDA, and Saleem VI, chief operating officer of LuLu Group International (LLC) signed the MoU in the presence of the Ambassador of India Sunjay Sudhir, the APEDA chairman Dr M Angamuthu, Indian consul-general in Dubai Dr Aman Puri; and Lulu chairman MA Yusuff Ali.

India has exported millets worth US$46.05 million during April-November 2022. The new MoU will help Apeda reach the target of US$ 100 million for export of millets and its value-added products by 2025.

The LuLu Group International is a retail chain that operates 247 Lulu stores and 24 shopping malls across the GCC, Egypt, India and Far East. LuLu Group serves 1.2 million customers daily.

This year, the international trade show is focussing on export promotion of millets with trading partners from GCC, Asia, Africa and Europe participating in the event. A buyer-seller meet was also organised in the India Pavilion.

Apeda, which comes under the Ministry of Commerce of Government of India, is participating in 16 International Trade Fairs for export promotion of millets. The millets will be sourced from FPOs, FPCs, women and new entrepreneurs, start-ups, etc.

Apeda will also organise food sampling and tasting campaigns at the Lulu stores. Apeda will also assist Lulu in labelling the products according to the requirements of the importing countries.

Related Topics:#UAE agreement CEPA deal Featured Gulfood India Lulu Hypermarket millets pulses retail trade

Staff Reporter

Business

Sheikh Mohammed announces new UAE Ministry of Foreign Trade and renames Ministry of Economy

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1 day ago

June 20, 2025

Michael Gomes

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In a major UAE government move, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, and Ruler of Dubai, has announced the creation of a new Ministry of Foreign Trade and renamed the Ministry of Economy to the Ministry of Economy and Tourism.

Taking to the social media platform X, Sheikh Mohammed said the decisions were made in consultation with His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE.

“Brothers and sisters, after consultation with my brother, the President of the State, may God protect him, and with his approval, we announce today several changes in the UAE government as follows: The Ministry of Foreign Trade was established in the UAE government and the name of the Ministry of Economy is changed to Ministry of Economy and Tourism,” the Dubai Ruler wrote in his post.

Key announcements include:

The establishment of a new Ministry of Foreign Trade, with Dr. Thani Al Zeyoudi appointed as the minister.
The Ministry of Economy is now renamed the Ministry of Economy and Tourism, to reflect its broader scope. Abdullah Bin Touq Al Marri will continue to lead it.
The National Artificial Intelligence System will become an advisory member of the Cabinet, starting January 2026. It will also join the Ministerial Council for Development and the boards of all federal entities and government-owned companies.

The integration of AI into key decision-making bodies aims to enhance policy efficiency, provide real-time technical advice, and support future-focused governance across sectors.

Sheikh Mohammed emphasised that the move aligns with the UAE’s ongoing commitment to innovation, agility, and strategic leadership at all levels of government.

Real estate

Abu Dhabi launches smart platform to boost real estate investment and speed up construction approvals

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2 days ago

June 19, 2025

Michael Gomes

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Real estate investors in Abu Dhabi have a new reason to celebrate. The Department of Municipalities and Transport (DMT) has launched Binaa, an AI-powered digital platform that promises to slash building permit approval times by up to 70 per cent and reduce unnecessary construction costs, making the emirate even more attractive for real estate development and investment.

Unveiled during the Abu Dhabi Infrastructure Summit, the goal of Binaa is to dramatically reduce red tape, speed up approvals, and modernise how building projects are reviewed and managed.

What Binaa Means for You:

Up to 70 per cent faster permit approvals
Simplified process for private villa construction
Real-time tracking for architects, contractors, and homeowners
Minimises the cost and environmental impact of over-designed plans
Supports full coordination across 15 plus government entities

Smarter Construction, Powered by AI

Binaa uses AI, Building Information Modelling (BIM), and virtual/augmented reality to help spot design inefficiencies and ensure buildings meet safety and sustainability codes. It can also simulate site inspections using 3D overlays, making it easier to spot errors before they become costly construction issues.

During Phase 1, the platform will focus on private villas, which account for around 20,000 applications annually. Future phases will expand to larger developments.

One Platform, Endless Possibilities

Binaa offers a single digital window for managing the entire building process. It allows instant collaboration between consultants, project owners, and government agencies.

Business

UAE Central Bank keeps interest rate steady at 4.40%

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2 days ago

June 19, 2025

Michael Gomes

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The Central Bank of the UAE (CBUAE) has announced that it will maintain its Base Rate at 4.40%, following the US Federal Reserve’s decision to leave its Interest Rate on Reserve Balances (IORB) unchanged.

The Base Rate is applied to the Overnight Deposit Facility (ODF) and serves as a key benchmark for short-term interest rates in the country’s financial system.

In line with this, the CBUAE also confirmed that the borrowing rate for short-term liquidity from the central bank will remain 50 basis points above the Base Rate, applicable across all standing credit facilities.

What does this mean?
Anchored to the US Fed’s IORB, the UAE’s Base Rate reflects the overall monetary policy stance and helps set the floor for overnight money market interest rates, ensuring stability in the financial sector.