DHAKA: After long research and trials at his nursery in Cumilla, some 100 km from Dhaka, Shamsul Alam started to bring tiny mango, jackfruit, and fig trees to the Gulf region. The efforts — and trees — have recently started to yield fruit, inspiring other Bangladeshi farmers to follow in his footsteps.

Alam began to export fruit saplings to Qatar in 2019, and soon also to the UAE and Oman.

“Since 2019, I have exported around 150,000 saplings to UAE, Qatar, and Oman,” he told Arab News. “All these plants are grown now and offer the taste of Bangladeshi fruits to Arabs. Bangladeshi fruit orchards are now seen in Qatar, Oman, and the UAE.”

He tapped into the market at the right moment, as in recent years afforestation programs have been gaining momentum in Gulf countries.

This year, Alam is focusing on mango trees and has already prepared several varieties at his Green World Nursery.

“Dubai ordered some Bangladeshi mango saplings from me. I have prepared 400 mango saplings with seven varieties of Bangladeshi mangoes, and these plants are ready now,” he said. “I hope to make the shipment in October.”

Dr. Reza Khan, principal wildlife specialist at Dubai Safari Park, who ordered the saplings from Alam, told Arab News that they will be planted in the Dubai desert as part of an “experimental” initiative.

“If rice can be grown in the desert, I hope that with proper care mangoes could be cultivated here as well,” he said.

For Bangladeshi growers, the business has potential. While it costs them about $2 to prepare a tree sapling in nurseries in Bangladesh, they sell them in the Gulf market at a price about four times higher.

According to Bangladeshi government data, Qatar has been the largest export destination for Bangladeshi fruit saplings, but the UAE is quickly gaining pace.

“The UAE is a big potential … Especially saplings of mangoes are very popular,” said Kamrul Hasan, commercial counselor at the Bangladeshi Consulate General of Bangladesh in Dubai.

He believes that the UAE could become a hub for Bangladeshi sapling trade, as exporters have already scored phytosanitary certificates and environmental clearances.

“We have been exporting saplings in larger volumes for the last four-five years,” Hasan told Arab News.

“A lot of nurseries are there in Bangladesh involved in this sapling business and they are very efficient in their work, supplying quality saplings to Middle Eastern countries.”

Mohammad Khadim, who has been exporting saplings to the UAE since last year, says the main competitors for Bangladeshi exporters are Pakistan and India, which have easier access to the Gulf.

“For us, it takes around one month to reach the ports in Gulf countries,” he said. “Our competitors require only one week.”

But he is not discouraged and already plans to expand business to Saudi Arabia, which under the Middle East Green Initiative targets the planting of 50 billion trees across the whole region.

“I am in discussion with some buyers from Saudi Arabia,” Khadim said. “I hope to get positive results in the near future.”

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Dubai, the richest city in the Middle East and Africa (MEA) and the 29th richest city in the world, is seeing an influx of millionaires.

According to New World Wealth, a research firm that tracks the fortunes and movements of millionaires, multimillionaires and billionaires around the world, the number of high net worth individuals (HNWIs) in Dubai rose to 54,000 in June 2021, up 3.8 percent from 52,000 im last december.

The number of multimillionaires, or those with assets of $ 10 million or more, rose from 2,430 to 2,480 over the same period, while the number of centi-millionaires with assets of $ 100 million rose to 165, an increase of 8, 5 percent from 152 at the end of last year.

“Possible reasons for Dubai’s continued attraction to millionaires” [are] Safety, health services, luxury shops and restaurants, beaches, tax breaks and a world class financial center, ”Andrew Amoils, wealth analyst at New World Wealth, told Zawya.

Total personal wealth held in Dubai rose $ 13 billion in less than a year as more than 2,000 HNWIs are believed to have moved to the city despite the coronavirus pandemic.

As of June 2021, the net worth of all Dubai residents with at least $ 1 million in real estate, cash, stocks and business interests was $ 530 billion, up 2.5 percent from December 2020, New World Wealth said.

At least two people with assets of at least $ 1 billion have also joined the ranks of billionaires in the emirate.

Other rich travel destinations

The research firm also found that Tel Aviv in Israel this year is the second richest city in the MEA region, which has combined private assets of $ 312 billion.

Johannesburg in Africa ranked second with an estimated total wealth of $ 235 billion, followed by Istanbul ($ 180 billion) and Cape Town ($ 130 billion).

Globally, New York City topped the list with total assets of $ 2.9 trillion in June 2021, followed by the San Francisco Bay Area ($ 2.6 trillion), Tokyo ($ 2.5 trillion) , London $ 2.3 trillion), Beijing ($ 2 trillion), Shanghai ($ 1.8 trillion), Los Angeles ($ 1.3 trillion), Sydney ($ 1.1 trillion) Dollars), Chicago ($ 1 trillion), and Mumbai ($ 970 million) – all in the top ten.

(Reporting by Cleofe Maceda; Editing by Seban Scaria)

Cleofe.maceda@refinitiv.com

Disclaimer: This article is for informational purposes only. The Content does not provide any tax, legal, or investment advice or opinion as to the suitability, value, or profitability of any particular security, portfolio, or investment strategy. Read our full disclaimer policy here.

© ZAWYA 2021

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