'Invest in food industry' call

Gulf Daily News | 26th July 2008

MANAMA: Banks and businessmen were yesterday urged to invest less money in the real estate sector and turn to food industries.

"Recurrent crisis have crippled the food sector and sent prices soaring," businessman Ibrahim Zainal told our sister paper Akhbar Al Khaleej.

He revealed that General Trading and Food Processing Company was studying food investment projects in Sudan, Australia, India, Pakistan and Philippines.

"Such overseas ventures would require large investments," he said.

He predicted rice prices would decrease as harvest season starts in November.

Mr Zainal also called for gradual dollar de-pegging as the best option to reduce the pressure on GCC currencies.

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