Kamal Gupta is the managing director of Fonterra in the Middle East, Africa and Commonwealth of Independent States (CIS). Never heard of Fonterra? It's New Zealand's biggest company and makes many of the dairy products you are likely to consume:
You sell the Anchor butter brand worldwide, but the Fonterra name is not well known. So can you tell us a bit about the business?
Well, we're the biggest company in New Zealand. Our revenues are equal to between 10 and 15 per cent of the country's GDP and about a quarter of the country's exports come from Fonterra. Given our size as a dairy company, we trade in about 40 per cent of dairy commodity trading worldwide.
What is the ownership structure?
We are owned by 13,000 farmers in New Zealand as a co-operative. The farmer's share in the company is in proportion to the milk they provide.
Do you export milk to the Middle East?
As New Zealand is so far away, it is not possible to bring the liquid milk, so the company converts this into solid products such as milk powder, cheese and butter. We also bring in ingredients such as milk protein concentrates, which we then use in our factory in [Saudi Arabia] to convert into cheeses such as feta.
So the Anchor butter on our sandwiches comes all the way from New Zealand?
It comes straight from New Zealand, exported direct to the UAE. We supply butter to all the GCC markets. We also directly import our Chesdale brand, the individual slices used in burgers. They are directly manufactured in New Zealand and exported to the customers here.
How do you get the product here?
The way we operate in the Middle East is that we have distributors in each market. Depending on which product we are selling them, the products generally go in a full container to the distributor on a ship. We might pay the freight costs or it is incorporated in the deal.
How big is the dairy market in the Middle East?
Last year we saw sales of about US$200 million (Dh734.5m) and expect double-digit growth this year in the region, compared with single digits globally. The market is fragmented because there are a lot products that come from Europe. But we are the number one supplier to the food service industry. We supply all sectors from hotels to restaurants, which includes casual and fine dining.
You mentioned commodity trading. What does that entail?
About one third of the company's sales come from converting our dairy products into our own consumer brands. The other two thirds comes from selling our products on a wholesale basis.
Does that mean your dairy products could be in any number of brands?
Yes, if you go round the shelves and see milk powder in the ingredients for something, it will probably be from Fonterra.
McIlroy's recent struggles
Last six stroke-play events (First round score in brackets)
Arnold Palmer Invitational Tied for 4th (74)
The US Masters Tied for 7th (72)
The Players Championship Tied for 35th (73)
US Open Missed the cut (78)
Travellers Championship Tied for 17th (67)
Irish Open Missed the cut (72)
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
The specs
Engine: 6.2-litre V8
Transmission: ten-speed
Power: 420bhp
Torque: 624Nm
Price: Dh325,125
On sale: Now
