DUBAI IS STARTING its own tea brand, Shay Dubai, to learn what consumers prefer from the beverage.
“This is not to compete with Lipton,” Ahmed Bin Sulayem, executive chairman of state-owned Dubai Multi Commodities Center, said in an interview at the Global Dubai Tea Forum on Wednesday. “We are trying to understand what the consumer wants.”
Shay Dubai will be DMCC’s “very own signature high-end tea brand,” according to a press release distributed at the tea forum. DMCC has no plans to market other commodities traded at the free zone, Mr. Bin Sulayem said.
“We’re excited to share a first look at this new product here,” he also said in a statement. “We look forward to revealing more later this year.”
The DMCC is home to trading in gold to diamonds and has more than 10,000 registered companies under license, according to its Web site. The DMCC Tea Center handled 41 million kilograms (kg.) last year, little changed from 2014 and up from 13 million kg. in 2013, Sanjeev Dutta, Tea Center director, said. Tea futures are being considered as a new product, he said.
Shay Dubai tea will be marketed under flavors Khaliji Blend, Dubai Spirit, and Arabic Breakfast, according to an advertising panel at the tea forum.
Global tea production last year was about 5.2 million metric tons, exceeding demand of about 4.99 million MT, said Manuja Peiris, chief executive/statistician of the London-based International Tea Committee. Prices averaged $2.40/kg. last year, little changed from 2014 and down from $2.50-$2.60/kg. in 2013, he said. — Bloomberg
