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."
Soaring food prices, supply fears among import-dependent countries and rising demand for biofuels have driven up investment in agricultural land, notably in Africa.
Sudanese Ministry of Agriculture and Forestry will spend three billion Sudanese pounds (1.5 billion USD) up to the end of the year to implement a massive program to develop the agricultural sector.
Some of the world's richest nations are coming to grow crops and export the yields, hoping to turn the global epicenter of malnutrition into a breadbasket for themselves.
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.