Abu Dhabi

This came as part of the efforts to implement the joint Arab vision for the digital economy launched by His Highness Sheikh Mohammed bin Zayed Al Nahyan, President of the State, “may God protect him,” and in the presence of Lt. Arab countries, His Excellency Dr. Thani bin Ahmed Al-Zeyoudi, Minister of State for Foreign Trade, and heads of Arab organizations and federations, during the meetings of the Higher Coordination Committee for Joint Arab Action, which is being held in Abu Dhabi and hosted by the Arab Union for Digital Economy.

The Arab Food Market uses an advanced digital platform that connects its various components, which include the exporter and seller, the buyer and the importer, as well as all suppliers of supporting services, which include “transportation – logistics services – storage – examination, testing and classification – certification – financing and lending – insurance – customs clearance.” Implementation mechanisms rely on blockchain technology, through which financial dues can be transferred according to the agreed contract mechanism and guaranteed by the platform through an intermediary bank account that allows payment of amounts according to the completion of works and approvals on the system, to be transferred between digital wallets from the importer to the exporter.

It was agreed between all parties to cooperate with each other in order to provide significantly diminishing food security in the Arab world, during the spread and exacerbation of global crises, including the Corona crises, the Russian-Ukrainian war, and the effects and climate variables, which negatively affected the supply of food chains in the world.

This project comes in the context of the fifty initiatives and projects emanating from the Arab vision for the digital economy, which was announced for the first time at the International Conference on the Arab Digital Economy held in Abu Dhabi in December 2018, under the generous patronage of His Highness Sheikh Mohammed bin Zayed Al Nahyan, President of the State. God” which aims to advance digital economic development, as a step to pave the way towards building a sustainable digital economy in the region, which was approved at the Leaders’ Summit in Algeria in November 2022.

The memorandum was signed by His Excellency Dr. Ali Muhammad Al-Khoury, Advisor to the Council of Arab Economic Unity, Chairman of the Board of Directors of the Arab Federation for Digital Economy, His Excellency Juma Al-Kait, Assistant Undersecretary for Foreign Trade Affairs at the Ministry of Economy, His Excellency Rashid Abdul Karim Al-Balushi, Undersecretary of the Department of Economic Development Abu Dhabi, and Eng. Mahmoud Al-Bastaki, Executive Director of Operations. DP World, Abdel Mohsen Al-Faris, Vice-Chairman of the Board of Directors of the Federation of Arab Banks, Professor / Ibrahim Adam Ahmed Al-Dakhiri, Director General of the Arab Organization for Agricultural Development, Dr. Ashraf El-Sayed Rashad, Undersecretary of the Export Council for Food Industries, and Ambassador / Abdel Moneim Mohamed Mahmoud Ismail, Secretary-General of the Arab Union for Development Industrial Exports, and the President of the Arab Union of Customs Brokers, Dr. Mamdouh Abdullah Al-Rifai, and Dr. Haitham Al-Jaffan, President of the Arab Union for Food Industries, and Engineer / Bandar bin Fahd Al-Ghamdi, Chairman of the Board of Directors of Bandar Bin Fahd Holding Group, and Mr.Al-Rasheed Mohamed Ahmed Hassan, General Manager of the Multi-Directions Company, Mona Al-Baradai from the Crops of Egypt Company, and Haitham Al-Gamal, Executive Director of the Destiny Company.

An introductory video link about the Arab Food Market initiative