Margarito B. Teves, Finance Secretary of the Philippines, spoke to Gulf News about the potential for joint investment initiatives between the UAE and the Philippines. "The UAE can count on the Philippines as a reliable supplier of food products permissible under Sharia."
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
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.
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.