Once committed largely to perceived safe-haven investments in the United States, Gulf nations are now looking to send their petrodollar surpluses towards a more exotic global destination: Southeast Asian farmland.
"In a wide-ranging conversation, Sudanese business magnate Osama Daoud outlined a project to gradually develop as much as 1.26 million acres in northern Sudan for agricultural production," reports the US Embassy in Khartoum
On the heels of tight crop production reports and the recent memory of individual nations experiencing food disruptions, there is a scramble to control or own agricultural assets and food stocks.
The UAE and other Gulf oil producers are considering creating a giant fund to invest in farm in fertile Arab areas and other nations to slash a soaring import bill and ease reliance on foreign markets for their food.
As the increase in oil prices continue to help boost the income of Persian Gulf nations, Turkey is becoming a magnet for Gulf-based investors aiming to establish strategic food reserves
Three major multi-billion Shariah-based projects to boost infrastructure, agriculture and hospitality sectors in GCC and elsewhere in the Middle East, North Africa and South Asia were launched here yesterday.
Qudra Holding plans to buy about 400,000 hectares of land in the Middle East, Africa and the Far East by the first quarter of 2009 to boost its agriculture operations, reported The National.
Three new investment funds controlled by prominent Gulf investors will sink at least US$2.8 billion (Dh10.3 bn) into infrastructure, agriculture and hospitality projects in the Middle East and South Asia.
Al Qudra Holding, the Abu Dhabi-based investment company, plans to acquire roughly 400,000 hectares of land in the Middle East, East Africa and Far East by the end of the first quarter of next year in a major expansion of its agricultural operations.
Three of the Gulf's biggest financial house has teamed up to launch three investment vehicles worth $10 billion (Dh36.7bn). The 'strategic' alliance between Gulf Finance House, Ithmaar Bank and Abu Dhabi Investment House covers the infrastructure, agricultural and hospitality sectors and are expected to bring return on investments in 18 months. The agricultural fund is considering Australia, China, the Philippies, India and North African countries for food production and livestock.
“We are investing in land in Sudan, Pakistan and Egypt to secure food supplies without being at the mercy of market fluctuations,” Dr Rashid Ahmad Bin Fahd, Minister of Environment and Water, said at a conference in Dubai yesterday.
Given its unsuitable climate for agricultural development, the UAE must look abroad if it is to significantly expand its agricultural output. Pakistan could be the perfect partner.
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