Dubai: Jamal Al Ghurair, Al Khaleej Sugar Managing Director, will give an opening speech on Sunday morning for the Official Sugar Conference opens tomorrow at The Grand Hyatt Hotel in Dubai.
Over 45 countries will be present at the 10th Anniversary Sugar Conference, which runs until February 11. Al Khaleej Sugar will be hosting the event alongside Kingman-Platts. It is expected that around 650 key players from the sugar industry will be present at this year’s gathering.
Al Ghurair said: “We are proud to be a part of this revolutionary international sugar conference and we are looking forward to our 10th anniversary edition,” said Al Ghurair in a statement released on Saturday. “This event attracts the who’s who of the Sugar Industry and key players of this field can be found attending the event. The conference not only attracts people to exchange ideas but it is also used as a platform for the participants to work on their budgeting and planning for the year ahead. It is a privilege to be a part of this opportunity to share our vision and ideas with our peers on a global scale, this year will be different for Al Khaleej Sugar as we are looking forward to reflecting over the last ten years and celebrating the progress of this conference”.
Al Khaleej Sugar (“The Gulf Sugar”), based in Jebel Ali, is the largest sugar refinery in the GCC region to refine fine and coarse sugar and distribute approximately 1.5 million ton to the international market each year. They have been a part of the Dubai Sugar Conference since its conception in 2005 in partnership with Kingsman, an industry leader in providing key analytics and prices to the sugar and biofuels markets. In 2005 there were only 50 participants, today there are over 650 participants and the conference is considered to be one of the key industry global events for the sugar industry. The annual Dubai Sugar Conference provides guests a platform to discuss and develop new ideas while expanding their network that is growing rapidly every year. As always the diversity of the global sugar market will be discussed at the Sugar Conference.
Farmers in the main sugar producing countries are continuing to plant sugar cane despite the significant drop in sugar prices since the beginning of the year. A mixture of government support and weakening local currencies are helping to offset lower world prices.
The global sugar surplus will extend for a fourth year in 2014-15 as cane is still more profitable than other crops and currency devaluations in producing nations help offset price drops, according to Louis Dreyfus Commodities.
Sugar production will outpace consumption by 5 million metric tons in the season that starts October 1 in most countries, Jacques Gillaux, the Geneva-based juice and sugar platform head at the company, said in an interview with Bloomberg in Dubai on Saturday. That compares with excess supplies of 8.5 million tons a year earlier.
“In many countries, because the devaluation of local currencies, cane is still the best thing you can plant,” Gillaux said. “In all fairness, we haven’t had any material weather accident for a long time anywhere. Globally speaking, we still see quite significant surpluses.”
The Director of Agriculture in Kingmsan- Platts, Jonathan Kingsman, said that in India the high cane price and low arrears (delay in cane payment) encouraged farmers to persevere with planting cane.
The revenue for producers has undeniably fallen but in Brazil, the world’s biggest sugar producer and exporter, the Real has weakened by almost 20 per cent since the beginning of last year.
“The next six months are a key planting period in the northern hemisphere. The direction prices take will influence farmers’ planting decisions” Kingsman said.