Dilmah Tea, a global tea company founded by Merrill J Fernando, has been a pioneer in the tea industry for decades.

In an exclusive interview, his son and now Dilmah chairman Dilhan C Fernando shares insights into the company’s commitment to quality, sustainability, and innovation.

Fernando discusses the challenges and opportunities in the evolving tea market, the importance of ethical sourcing, and the company’s efforts to promote tea culture globally. He also sheds light on Dilmah’s unique approach to tea production, its focus on sustainability, and its plans for the future.

The global tea market has seen significant changes in recent years. How has Dilmah adapted to evolving consumer preferences, particularly regarding sustainability and ethical sourcing?

My father – Dilmah Founder, Merrill J Fernando – set out in 1985 to make the world a better tea. He devoted his life to tea and, wishing to make Dilmah a business that is also a matter of human service, he formed our family company on a foundation of quality and integrity, with a heart of kindness.

He passed away last year at the age of 93, although we honour the inspiring legacy of kindness he leaves, with a minimum of 15 per cent of the pretax profits used to build schools, and hospitals, fund scholarships and vocational training for the less fortunate, nutrition, welfare, healthcare and housing for plantation workers.

A further 5 per cent is used by our Dilmah Conservation for biodiversity conservation and restoration, environmental education and awareness, and climate action. That emphasis on kindness to people and nature is our greatest resilience today.

With the rise of speciality teas and artisanal blends, how does Dilmah maintain its position in the premium tea segment while staying true to its Ceylon roots?

We are tea growers, driven by a passion for tea. Maintaining the perspective of a tea grower in a tea category corroded by discounts and compromise is difficult, but we believe that where quality – taste and goodness – are concerned, we must always focus on doing what is right, and not what is profitable. When we do that, the profit will find us, because quality will always triumph.

Having our tea gardens, amongst our greatest joys is the expression of the art of teamaking, and our Uva Seasonal Flush is an example of that.

Each month we produce single estate teas in our luxury collection, including our 85 Reserve, t-Series Designer Gourmet Teas, and others.

Dilmah Tea hosted an exclusive event in Dubai in November last year, featuring the Uva Seasonal Flush tea. Could you elaborate on what makes this particular tea unique and why it was chosen for this event?

Ceylon Tea acquired its desirability as a result of our emphasis on high-quality teas made in the traditional, orthodox way, blessed with significant natural diversity of aroma and taste. From among the seven tea-growing regions of Ceylon, teas grown in the remote Uva region were known for their pleasantly mellow character.

During the autumnal, southwest monsoon, however, they are transformed for a brief moment – dry and desiccating winds barrel through the mountainous region, causing a natural seasonal, wintergreen character in the teas. This rare and exotic seasonal character expresses the fingerprint of nature in teas — handpicked and handmade in the artisanal, orthodox style.

A changing climate meant that we haven’t had a Uva Seasonal Flush Tea for five years, and that makes this one very special. Bright, with complex minty, eucalyptus merging with floral notes and soft astringency – it’s an exceptional tea.

As the parent company of Resplendent Ceylon, which operates luxury resorts in Sri Lanka, how does Dilmah integrate its tea heritage into the guest experience at these properties?

Tea is hospitality in Sri Lanka, and as a boutique, luxury resort company our Relais & Chateaux resorts are imbued with tea inspiration. Ceylon Tea Trails was the first of our resorts, where tea-inspired cuisine is complemented by fine teas, in the extraordinary setting of Ceylon’s most historic tea-growing region.

Adding to the allure of our Cape Weligama and Wild Coast resorts is a tea experience where the taste of the goodness of nature’s healing herb is presented in its purest form as well as in tea-inspired gastronomy and mixology.

Tea is elegant, and natural serenity, and that is what we invite our guests to experience.

Dilmah has been a pioneer in promoting tea and food pairings. Could you share insights into how this concept has been received globally and its impact on tea appreciation?

Tea has a very special relationship with food, in that it can dignify food by pushing and pulling flavour and texture, unlike any other beverage.

In partnership with fine food, chefs can deliver inspiring gastronomic experiences by using well-paired teas to highlight the texture of perfectly roasted Chilean Seabass, or the flavour in Ecuadorian cacao, even illuminating something as mundane as a salad Nicoise. It is a complex relationship, although with expertise, fine food pairs perfectly with fine tea.

We have shared the concept in Masterclasses from Santiago to Sydney and with over 6,000 hospitality professionals at our Dilmah School of Tea, and the appreciation of the combination has been phenomenal. That is accelerating now, with the global no-low trend for non-alcoholic or low-alcohol experiences. Tea offers the elegance of fine beverages, with beautiful stories behind each artisanal tea.

The Middle East, especially Dubai, is a significant market for luxury brands. What strategies has Dilmah employed to cater to the tastes and preferences of consumers in this region?

We recently celebrated a relationship of 33 years with Emirates Airlines, where our collaboration has produced exceptional inflight and lounge tea experiences designed to complement Emirates’ hospitality. In the same way, the work we have done with ICCA (International Centre for Culinary Arts) has helped us to share our passion for tea, framed in the unique perspective of tea growers.

We work with some of Dubai’s finest hospitality operators to offer tea-inspired experiences, tea gastronomy, and tea mixology, extending to signature, single estate, and seasonal teas. Our focus is on sharing our passion for tea, and that starts with education. We have educated thousands of hospitality professionals in the region and building on that we offer teas that are picked, perfected, and packed garden fresh at source. Where tea is concerned, freshness delivers better flavour and natural antioxidant goodness.

Beyond traditional tea offerings, how is Dilmah innovating in areas like wellness teas or functional beverages to meet contemporary health trends?

Tea is uniquely rich in natural, antioxidant goodness. The herb was first discovered as a medicine, and modern science has proven the ancient wisdom shared by Lu Yu, who first discovered tea. Adding the cognitive health benefits of L-theanine, tea is said to offer wellness ranging from reduced risk of heart disease, and stroke, protection from cancer, reduction of the impact of stress, reduced risk of dementia, improved gut health, and a host of other benefits.

Having expanded our offering to include tea extract — our Elixir of Ceylon Tea — and Iced Tea, we also offer ayurveda infusions, linked to the 3,000-year tradition of holistic health that is inspired by Sri Lanka’s extraordinary biodiversity. We grow many of the herbs and spices that are prized for their health benefits, and in addition to our Uva Seasonal Flush, also present our Dilmah Finest Ceylon Cinnamon.

True Ceylon Cinnamon is said to have potent health benefits including the effect of cinnamaldehyde in preventing the initiating and development of cancers and protecting from type 2 diabetes and dementia.

Looking ahead, what are Dilmah’s plans for expanding its global footprint, and how does the company envision the future of tea culture worldwide?

For many years, the tea category was commoditised by the discount culture in mainstream retail. We have a new generation of consumers – Gen Z – that are conscious consumers, mindful of the welfare of people and nature in making their choices, motivated by natural wellness, and desiring taste adventure framed in nature and heritage.

Tea offers all that, and so our vision for the future is a fresh perspective on the past. Loose-leaf tea, artisanal and single estate teas, high-quality iced teas, and quality linked to ethics and wellness.

This bodes well for artisans, and as tea growers these trends are validation of the uncompromising focus we maintained on the mission my father embarked upon in 1950 — to offer the world better tea.

Gold prices fell on Wednesday, as investors locked in profits following recent record highs and also await peace talks after US President Donald Trump’s administration agreed to conduct more discussions with Russia on ending the war in Ukraine.

Read-Gold price rises: Here’s what it means for traders

Spot gold was down 0.2 per cent at $2,930.38 an ounce, as of 0531 GMT, but was only $12 shy of its all-time high of $2,942.70 hit last week.

US gold futures dropped 0.1 per cent to $2,947.30.

Talks over potential peace deal in Ukraine

“Gold’s upside remains capped as first round of talks between the US and Russia over potential peace deal in Ukraine has ended with no clear path but if they come out with a solid plan, then definitely it could be negative for gold,” said Ajay Kedia, director at Mumbai-based Kedia Commodities.

“There should be technical profit-booking because war premium should be slightly eroding. The upside could be capped around $2,970 as resistance and $2,890 as support.”

Trump’s administration agress to hold further talks

Trump’s administration said on Tuesday it agreed to hold more talks with Russia on ending the war in Ukraine after the initial Russia-Ukraine peace talks finished without Kyiv or Europe at the table.

Bullion is viewed as a traditional hedge against rising inflation and geopolitical uncertainties.

The market now awaits the Federal Reserve’s January meeting minutes due later in the day for clues into the US central bank’s interest rate trajectory this year amid uncertainty around the impact of the Trump administration’s trade policies on the economy.

“Trump’s presidency is creating macroeconomic and geopolitical uncertainties that are likely to prompt investors to diversify into gold,” analysts at ANZ said, adding that investment demand (in gold) would benefit from macroeconomic, geopolitical, trade and fiscal risks.

Trump said on Tuesday he intends to impose auto tariffs “in the neighborhood of 25 per cent” and similar duties on semiconductors and pharmaceutical imports.

Spot silver dipped 0.4 per cent to $32.73 an ounce. Auto-catalysts platinum fell 1.2 per cent to $975.40 and palladium was trading about 1 per cent lower at $976.84.

Careem Pay, the fintech arm of the Careem Everything App, expanded its international remittance service with the addition of 18 new European corridors.

The new service allows UAE citizens and residents to send money instantly to bank accounts across several European nations.

The newly added European corridors include: Austria, Belgium, Croatia, Cyprus, Estonia, Finland, Greece, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Monaco, Netherlands, Portugal, San Marino, Slovakia, and Slovenia.

This complements Careem Pay’s existing remittance service to Germany, France, Ireland, Spain, and Italy.

Careem Pay’s high-demand remittance corridors

Previously, Careem Pay introduced money transfers to high-demand remittance corridors, including India, Pakistan, the UK, and the Philippines. With the latest expansion, the service now extends to additional EU countries, making it easier for UAE residents to send money across borders.

As the UAE continues to be a top destination for wealthy migrants, particularly from the UK and Europe, Careem Pay’s expansion addresses the financial needs of a growing expatriate population.

Speedy and seamless services

The service aims to simplify financial transactions by providing fast, secure, and seamless international money transfers. Customers can send up to Dhs150,000 per transaction and Dhs450,000 per month to any valid IBAN within the newly added corridors.

Careem Pay says it processes an average of eight out of 10 EU transfers in under 30 minutes.

Mohammad El Saadi, VP of Careem Pay, said, “Sending money abroad can often be expensive, slow, and full of unnecessary complications. Many expats still rely on physical exchange houses or banks to send money abroad, while others search for money transfer apps that avoid high fees and delays.

“By expanding our remittance service to cover more European countries, we’re offering customers a fast, hassle-free way to support their families, pay their mortgages, and manage personal expenses with just a few taps on their phone.”

Careem Pay’s remittance service offers competitive exchange rates, which are 50 per cent cheaper than traditional banks, and real-time processing through SEPA transfers for EU corridors.

Additionally, Careem Plus members benefit from exclusive rates and zero-fee transfers.

To make an international money transfer via Careem Pay, users can download or open the latest version of the Careem app and select ‘Send Money’ on the home screen.

Arabian Company for Agricultural and Industrial Investment (Entaj), one of the kingdom’s leading poultry brands, has announced the completion of the book-building process for its initial public offering (IPO), revealing the final offer price.

The final offer price has been set at SAR50 per share, which is at the top end of the previously announced price range.

This pricing reflects an implied market capitalisation of SAR1.5bn (approximately $400m) at listing.

Institutional demand for the IPO was overwhelming, with the books being covered within hours of opening.

Read: Saudi Arabian poultry producer Entaj plans to sell 30% stake in Riyadh IPO

Orders placed by institutional investors exceeded SAR93bn (approximately $25bn), representing a coverage ratio of 208.4 times.

The subscription period for individual investors is set to begin on Wednesday, February 26, and will close at 2pm (local time) on Thursday, February 27.

Entaj IPO offer details

• The final offer price for the shares has been confirmed at SAR50 per share, implying a market capitalization of SAR1.5bn at listing.
• The offering will consist of 9,000,000 ordinary shares, representing 30 per cent of the company’s total issued share capital. These shares will be sold by the selling shareholder.
• Hundred per cent of the offer shares have been provisionally allocated to institutional investors who participated in the book-building process. Should retail investor demand be sufficient, the number of shares allocated to institutional investors may be reduced to 8,100,000 shares (90 per cent of the offer shares).
• The shares will be listed and traded on the Saudi Exchange’s Main Market following the completion of the offering and listing formalities with both the Capital Market Authority (CMA) and the Saudi Exchange.

Advisors and receiving agents

SNB Capital has been appointed as the lead manager, financial advisor, bookrunner, and underwriter for the offering.

Other financial institutions serving as receiving agents for retail investors include SAB Invest, Al Rajhi Capital, Saudi Fransi Capital, Alinma Capital, Riyad Capital, AlJazira Capital, Alistithmar for Financial Securities and Brokerage, AlBilad Capital, ANB Capital, Derayah Financial, Yaqeen Capital, Alkhabeer Capital, GIB Capital, and Sahm Capital.

The Dubai International Financial Centre (DIFC), the premier global financial hub for the Middle East, Africa, and South Asia (MEASA) region, has announced record financial results for 2024, marking a milestone year as the centre celebrates its 20th anniversary.

DIFC saw a 25 per cent year-on-year increase in active companies, reaching 6,920 in 2024, up from 5,523 in 2023.

The centre also recorded 1,823 new registrations, the highest annual figure to date, reflecting a historic 25 per cent growth.

DIFC’s total revenue for 2024 hit Dhs1.78bn ($484m), a 37 per cent increase from 2023, with operating profits surging by 55 per cent to Dhs1.33bn ($363m).

These figures mark the largest annual increase since the centre’s inception.

Vision of growth

Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance of the UAE, and President of DIFC, attributed the centre’s growth to the vision of Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai, to establish Dubai as the region’s financial hub.

“DIFC’s exceptional growth over the past 20 years reflects the vision of HH Sheikh Mohammed bin Rashid Al Maktoum, who sought to position Dubai as a global leader in financial services. This success further cements Dubai’s role as a world-class hub for financial services,” Sheikh Maktoum said.

The centre’s 2024 performance aligns with Dubai’s long-term vision to create an advanced financial ecosystem that meets the demands of the future, Sheikh Maktoum added.

The technology and innovation sector led DIFC’s growth, seeing a 38 per cent increase in companies, reaching 1,245 in 2024. This growth was primarily driven by the launch of the Dubai AI Campus.

The number of jobs generated by new and existing businesses raised DIFC’s workforce to 46,078, a 10 per cent rise from the previous year.

DIFC continued to attract new financial firms in 2024, with key registrations including Allfunds, Bank of Communications, Blue Owl, Edmond de Rothschild, Hayfin, Wellington Asset Management and Ziraat Bank.

“Over the last 20 years, DIFC has played a leading role in transforming Dubai and the UAE’s economic landscape in line with the Dubai Economic Agenda, D33,” said Essa Kazim, governor of DIFC. “DIFC’s Strategy 2030 continues to position us as the region’s top global financial centre and one of the world’s leading financial hubs.”

Driving private wealth and expanding services

DIFC has become the region’s preferred wealth and asset management hub, with 410 firms, including 75 hedge funds, making it their base.

The centre’s alternative investment industry also continues to grow rapidly, with DIFC now home to 75 hedge funds, 48 of which are part of the exclusive ‘billion-dollar club’.

The centre’s client base includes 27 of the world’s 29 global systemically important banks (G-SIBs), and it continues to strengthen its role in supporting family businesses, which increased by 33 per cent in 2024, reaching over 800.

In response to demand, DIFC is set to open a new Funds Centre in 2025, offering dedicated space for investment managers to raise capital and expand their operations.

Technology and innovation driving the future

In 2024, DIFC continued to lead in emerging technologies, including AI and fintech, with the launch of the Dubai AI Campus, which quickly became the region’s largest cluster of AI and Web3 companies. DIFC’s Dubai AI licence attracted over 120 companies within its first six months, surpassing its initial target. The inaugural Dubai AI and Web3 Festival, held in October, attracted 6,800 delegates, cementing Dubai’s status as a global hub for technology and innovation.

The Dubai FinTech Summit, organised by DIFC, attracted over 8,000 delegates, reflecting the strong momentum in the sector. As part of its commitment to the Dubai Digital Economy Strategy, DIFC launched Ignyte, a platform to support over 100,000 start-ups and entrepreneurs globally.

DIFC is committed to achieving Net Zero by 2045, five years ahead of the UAE’s target. The Centre’s Decarbonisation Strategy focuses on reducing emissions from its operations, construction, and supply chains, ensuring “true” Net Zero without offsetting.

DIFC: A key commercial and cultural hub

DIFC’s real estate portfolio continues to see high demand, with an occupancy rate of 99.8 per cent in its properties. The centre will soon introduce more than 1.6 million square feet of commercial space with new developments such as DIFC Square, Innovation Two, and Immersive Tower.

Beyond finance, DIFC has positioned itself as a key cultural hub, with fine dining restaurants, art galleries, and cultural experiences like DIFC Art Nights and the Sculpture Park, alongside Art Dubai, one of the most significant global art gatherings in the Middle East.

DIFC has attracted talent from across the globe, with its workforce growing to 4,243 professionals in the AI, FinTech, and Innovation sectors, a 43 per cent increase from the previous year. The Centre also stands out for its gender diversity, with 37 per cent of its workforce being female.

In 2024, DIFC Academy saw 9,156 graduates, bringing the total number of learners since its inception to 41,456. The academy has also introduced 30 sustainability-focused programmes, contributing to the Dubai leadership’s commitment to educating 1 million people on sustainability.

With its ambitious growth trajectory and a firm commitment to innovation, DIFC is poised to remain at the forefront of the global financial services sector for the next 20 years and beyond.