Cairo – The Arab Federation for Digital Economy signed a memorandum of understanding with government and private agencies from different Arab countries to establish an Arab Food Hub. The memorandum of understanding was signed on the sidelines of the meetings of the Higher Coordination Committee for the Joint Arab Action in Abu Dhabi.
The Arab Food Hub will use an advanced digital platform to connect its different members, including exporters, importers, other sellers and buyers, as well as providers of services like transport, logistics, storage, examination, product testing and classification, certifications, financing and loans, insurance, and customs. The platform will use blockchain and accommodate transaction payments.
The parties agreed to cooperate to ensure food security, which has decreased significantly in the Arab world due to the spread and aggravation of global crises, including the coronavirus pandemic, the Russian-Ukrainian war, and the impacts of climate change, which have negatively affected the food supply chain around the world.
The signing ceremony of the memorandum of understanding was attend by the League of Arab States secretary-general Ahmed Aboul Gheit, United Arab Emirates deputy prime minister and Interior minister Saif bin Zayed Al Nahyan, Foreign Trade minister Thani bin Ahmed Al Zeyoudi, as well as directors of Arab organizations and associations.
Signatories of the memorandum of understanding include the Arab Federation for Digital Economy, the Department of the Economic Development of Abu Dhabi, DP World, the Union of Arab Banks, the Arab Organization for Agricultural Development, the Egyptian Food Exports Council, the Arab Union for Industrial Exports Development, the Arab Union for Customs Brokers, the Arab Federation for Food Industries, the Bandar Bin Fahd Holding, Multi Directions Co., Crops Egypt Co., and Haitham El-Gamal, CEO of Destination Company.
Food Export Council vice chairman Ashraf Rashad said Egypt is the Arab largest food exporters and one of the most important countries in preserving and supporting the Arab food security. He said Egypt stands out for its achievements in the sector and has played a leading role in producing different foods, like frozen strawberries, for example. According to him, Egypt ranks first in the exports of this and other products like table olives, dried onions, cheese, frozen fruits and vegetables.
According to Rashad, Egypt’s food industry managed to support the food security in the country over the successive global crises and maintained its exports levels that reached USD 4.1 billion in 2022.
Translated by Georgette Merkhan & Guilherme Miranda
