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FINANCIAL NEWS
UAE economy forecasts USD400b food imports in 10 years
01 Apr 2015
(MENAFN) The UAE government expects that the food industry imports will increase to USD400 billion in ten years’ time, marking a jump from 2014’s USD100 billion, according to the UAE Minister of Economy, Gulf News reported.
According to the government, the Emirates imports 85 percent of its food. The government’s strategy is to develop farmland abroad, because of the absence of tillable lands in the country, in order to quench the soaring demands.
“To boost its food security programme, the UAE has a clear strategic plan to increase its FDI outflows in the agro-food sector, but unfortunately most of the countries that obtain these resources are high risk,” the Minister of Economy said in a statement.
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