UAE to boost investment in Australian wheat

07 Jun 2011

(MENAFN) UAE Minister of Economy, Sultan Al Mansoori, stated that the country plans of increasing its investment in Australian wheat to counter the risk of hiking global prices caused by the decline of stocks, reported The National.

Al Mansoori also said that the building of strategic food reserves of wheat from Australia was one of the plans which the UAE considered to boost regional food security.

The Minister added that the ban on wheat exports in Russia made the situation more difficult as it came along with weak harvests in other countries over the world including Australia.

It is worth noting that wheat prices doubled during 2010 due to harsh droughts affecting crops in major producing nations such as China and the US.

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