UAE eyes Asia, Africa farm lands
Dubai, July 9, 2008
The United Arab Emirates is seeking to buy farmland in Vietnam, Cambodia, Africa and South America to secure food supplies for the desert country, the economy minister said in comments published on Wednesday.
"We discussed this thoroughly under the government's plan for the UAE, with Sudan, Egypt, countries in the Far East and some Arab countries which have agricultural lands," the Gulf News quoted Sultan bin Saeed Al Mansouri as saying.
"This is part of out strategic investment in general." Poor harvests, low grain stocks and rising demand have propelled global food prices, sparking protests, strikes and violence in Africa, Latin America, Asia and the Middle East.
Gulf Arab countries, flush with petrodollars, have not seen unrest, but inflation has risen to record or near record highs, sparking fears of shortages in a region where low rainfall and a lack of arable land mean a heavy reliance on imports.
Saudi Arabia moved in May to create facilities to stockpile basic staples and said it would increase global investments to ensure food security. Traders said it was seeking to grow rice in Thailand. Bahrain is also making plans to stockpile food.
Mansouri was speaking during a tour of supermarket chains that have agreed with the government to freeze prices of some basic food items at 2007 levels after inflation hit a 20-year peak of 11.1 percent last year.-Reuters