Malaysian Palm Oil exports to Saudi Arabia are expected to cross 50,000 metric tons (MT) in 2008, according to latest studies by the Malaysian Palm Oil Council (MPOC). The optimistic projection poses outstanding opportunities for Malaysian Palm Oil exporters currently participating at the first ‘Malaysia-UAE Palm Oil Trade Fair & Seminar' (POTS), which was opened on Monday by Hamad Buamim, director general, Dubai Chamber of Commerce & Industry. According to official statistics, Malaysian Palm Oil exports to the Kingdom reached RM89.9 million in 2007, accounting for 3.7 percent of Malaysia's overall product exports to the country, which was recorded at RM.46 billion. Malaysia's stronger total export figures to Saudi last year witnessed a 26.7 percent rise from 2006, with its palm oil exports, having exceeded 33,000 metric tons (MT) in 2007. With aims of further strengthening their ties with the leading source of palm oil in the region, players from the Saudi market, including Al-Qassim Food Factory and Savola Edible Oil, will be joining other regional companies as participants in this inaugural event. The two-day event, jointly organized by MPOC and the Malaysian Palm Oil Board (MPOB), runs under the theme “Exceeding Expectations, Enriching Partnerships” at the Grand Hyatt Hotel in Dubai. Among the prominent figures attending the event are Dato' Seri Lee Oi Hian, chairman MPOC, and Dato' Dr. Mohd Basri Wahid, director-general, MPOB. In addition to presentations, the event also features seminars, which are designed to encourage discussions on the opportunities in the palm oil business in the Gulf. Hamad Buamim, said, “Dubai today shares strong trade ties with Asia and serves as an important business hub for the trading partners from these countries while dealing with the rest of the world. This forum is very important for our members who belong to the business groups, which we established including the foodstuff trading group who will get a chance to discuss potential areas of cooperation with their Malaysian counterparts who deal in palm oil. I hope this meeting will translate into mutual business partnerships and lead to trade deals in the production and distribution of palm oil between both the parties.” __
