Gulf countries to launch $2bn agriculture fund

Gulf Arab states will pour $2 billion (Dh7.34bn) into a new agricultural fund in coming months to secure food supplies by buying stakes in existing agricultural firms, an executive involved in the fund's creation said yesterday.

Gulf countries, which are mainly reliant on food imports, have ramped up efforts to secure food supplies through buying farmland in developing nations or buying stakes in agriculture companies.

The new Arab agricultural holding company will be part of the broader Arab Authority for Agriculture Investment and Development (AAAID), an organisation made up of 20 Arab and African states all keen to lock in food supplies.