Turkey

Bahrain and Turkish trade links took a step closer yesterday with the signing of an agreement for an agricultural project initially worth $0.5bn (BD189 million), rising to $3bn (BD1.13bn) and eventually $6bn (BD2.26bn), said Industry and Commerce Minister Dr Hassan Fakhro at the signing ceremony.

Two listed Saudi companies plan to invest in either farming or agri-business abroad under a state-sponsored plan to ensure steady food supplies.

Saudi Arabia's Hail Agricultural Development Co (Hadco) said on Monday it would look at investing in Turkey and Kazakhstan after moving into Sudan under a government plan to ensure steady food imports.

Saudi Arabia, one of the world's biggest rice importers, has received the first batch of rice to be produced abroad by local investors, state news agency SPA reported on Monday.

Turkey can attract up to $9 billion funds from Gulf Arab funds, mainly in food and agriculture, the head of the Turkish Investment Support and Promotion Agency said on Monday. "We are working on a big project for the southeastern Anatolia region."

King Abdullah received today Saudi Arabia's Minister of Commerce and Industry accompanied by two Saudi businessmen Mohammad Hussein Al-Amoudi and Abdullah Hassan Al-Masri on the occasion of the arrival of the earliest produce of their rice to the Kingdom.

Vision 3, an alliance formed by Gulf Finance House, Ithmaar Bank and Abu Dhabi Investment House, announced the make up of its board at its inaugural meeting yesterday.

Vision3, an alliance of three major Gulf financial institutions, has signed a landmark deal with Turkey paving the way for nearly $9 billion investment in Turkey’s agricultural sector.

The deputy leader of the Democratic Left Party (DSP) Turkey has stated that Turkey possesses some great advantages in agriculture, despite the major problems that remain in place in the sector, but emphasized that it is a mistake to sell agricultural land to foreigners.

Arabia is phasing out its domestic wheat growers and seeking to shift production overseas.

Pakistan’s minister for privatization and investment, at a recently held forum in Dubai, announced that Pakistan was willing to provide land with 100 per cent ownership rights and that the buyers would be free in importing the agri-produce to their country as well.

The rulers in the Persian Gulf are looking at other ways of ensuring food security. Rather than rely on the vagaries of the market and unstable import sources, countries across the GCC, through sovereign wealth funds and development agencies, are seeking to buy up the means of production itself.