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FINANCIAL NEWS
UAE seeks deals with countries to secure food supply
22 Feb 2011
(MENAFN) The Director-General of Dubai Chamber of Commerce and Industry, Hamad Bu Amim, said that the UAE is seeking to sign deals with food producing countries to guarantee food safety in case of supply shortages, reported Gulf News.
Bu Amim said that the UAE is also prompting investments in agricultural food-producing countries such as Vietnam, Argentina, and parts of Africa.
The UAE’s plans are a result of rising global food prices and regional political unrest. Food-producing countries across Africa and Asia are raising imports and releasing their reserves’ supply in an attempt to bring down inflation. Also, food trade had been injured by the political turbulence in the Middle East.
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