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.
Small-scale farmers with limited knowledge of their rights stand to lose most as countries such as China and Saudi Arabia expand their quest for African farmland, analysts have warned.
The United Arab Emirates is beefing up its agricultural investments in Sudan in wake of a food crisis that led to world wide protests primarily in developing nations.
Pakistan has reportedly offered Saudi Arabia a large amount of acres of agricultural land in return for oil. Egypt is also said to have offered both Saudi Arabia and the UAE the opportunity to purchase farmland. Even Bahrain, the smallest economy in the GCC, has started exploring buying farmland in southeast Asian nations, notably Thailand and the Philippines.
The UAE is exploring opportunities in the Philippines to ensure the availability of certain food stocks in the country, an official said.
