Dubai Billionaire Expands in Algeria in Push for Food Security - Bloomberg Business

Dubai Billionaire Expands in Algeria in Push for Food Security - Bloomberg Business:

"Al Ghurair Resources LLC, the agricultural commodities trader owned by the richest man in the United Arab Emirates, will add another grain silo in Algeria to its holdings by the end of this year as part of a strategy to secure food supplies for growing populations from the Middle East to Asia.
The $40 million storage unit will have capacity to hold 165,000 metric tons of grains, Essa Al Ghurair, chairman of Al Ghurair Resources, said in an interview in Dubai. It will add to the company’s existing grain-processing mill in Algeria and others in Sudan, Lebanon, Sri Lanka and the U.A.E., where sister company Al Ghurair Foods owns the nation’s largest flour mill.
Food-security threats due to lack of rain water and swelling populations are forcing investors to look farther afield as a warming climate plays havoc with global agriculture production. U.A.E. crop production has fallen since 2007 and the population will exceed 10 million people by 2017, according to an October report by the business advisory company MEED Insight."



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