Over the past decade, demand for food products in the GCC has risen with the increase in population and per capita income. The impact of organized retail, coupled with increasing demand for processed foods, has led to a shift in the consumption patterns of GCC residents.
Youssef Jammal, a regional hospitality expert based in the UAE and head of hospitality and retail in ‘The H Holding Enterprise’, a leading investment group in the country, says the food and beverage (F&B) sector is set to grow 36 per cent by end of 2015.
Quoting a report by the British firm KPMG, he said another 1,600 food and beverage outlets would be added by 2019 in Dubai.
“Food sales could grow to AED 38.5 billion in 2015 from AED 28.3 billion in 2011, an increase of 36 per cent. Our hospitality outlets across the UAE have recorded unprecedented sales, exceeding our expectations for the first half of 2015,” added Jammal.
The company, which has operations in various investment sectors, currently runs several food and beverage as well as entertainment outlets, including Monte Carlo Stars, Cash, L Club, LUA plus others. “Expansions in this vital and vibrant sector have been very rewarding. We have allocated higher budgets for expanding into new projects in Dubai’s F&B sector,” said Jammal.
The H Holding has firm plans to incorporate diversified retail and hospitality services under one roof. The company has been achieving new milestones driven by a highly enthusiastic and experienced team who is pursuing operations across various segments, including Restaurants, Lounges, Real Estate, Event Management and Media Production among others.