(MENAFN - Qatar News Agency) Sugar prices will go down as more regional players are preparing to enter the market, says Jamal Al-Ghurair, founder and managing director of Al-Khaleej Sugar, the largest sugar refinery in the GCC region.
Talking on the sidelines of the 10th Annual International Sugar Conference in Dubai, he said: "The competition will be tough as Bahrain and Yemen are also going to open factories
Due to this competition, sugar prices will go down and producers' will see shrinking margins,'' reported Arab News on Sunday
Moreover, he said the global sugar surplus will extend for a fourth year in 2014-15
"Al-Khaleej Sugar, who distributes around 1.5 million tons to the international market each year, has already been facing tough competition from Saudi players for several years," he said. Around 650 key players from 45 countries have been attending the 10th Annual International Sugar Conference in Dubai
They will discuss latest trends on global sugar market and share expertise and opinions of international speakers
The official Sugar Conference, hosted by Al-Khaleej Sugar alongside Kingman-Platts, will run until Feb. 11