(MENAFN) Euler Hermes, the globe's pioneering provider of trade-related credit insurance solutions, predicts food prices to increase in the UAE this year.
Accordingly, the UAE imports more than 80 percent of its food needs, while the Gulf Arab nation will face spillover effects from an increase in agricultural food prices this year.
Furthermore, Euler Hermes predicts spending on food & beverages to increase at a rate of 8 percent until 2018, which reinforces the strong growth trends.
This year, food consumption in the UAE is projected to show a 21 percent share amid the GCC market, the second highest in the area behind KSA at 59 percent.
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