close

policy

We would like to invite you to continue a survey you have started. ...

Do you trust your insurer ?

Strongly agree
Agree
Disagree
Strongly disagree
Insurance provides peace of mind
Insurance is purchased only when compulsory
Terms and Conditions (small print) are clear and easily accessible
Insurance jargon (language) stands in the way of fully understanding each policy
Insurance companies try their best to uphold the details of the policy without cutting corners
Reducing risk, cutting costs and profits are more important to an insurance company than the customer
Insurance companies in the region are as professional as in other more developed markets
Gender
Age group
Do you feel your insurance provider works in your interest?
Have you had a rejected claim that you feel was not justified?
Do you trust your insurance provider?
Our Network

Register for our free newsletter

 
 
Latest News

Abu Dhabi plans trading house to ensure food security –FT

Move said to be designed to secure Abu Dhabi's flow of imports

0

November 17, 2010 3:56 by



REUTERS

The Middle Eastern emirate of Abu Dhabi plans to set up a trading house with a capital base of several hundred million dollars in a bid to secure food supplies for the import-dependent nation, the Financial Times reported.

Citing people familiar with the plans, the newspaper said the government-owned Abu Dhabi Sources also aims to capture profit margins in metals and agriculture trading.

For the past three months, it said, the firm has been wooing senior traders in the European trading hubs of London and Geneva to build up staff.

The move is designed to secure Abu Dhabi’s flow of imports even in the event of disruption in the Strait of Hormuz, the Gulf’s key waterway, which could be affected by any military confrontation with Iran, the paper said.

Abu Dhabi, home to 95 percent of the hydrocarbon reserves of the United Arab Emirates, is transforming itself into a global city and has kicked off ambitious infrastructure plans worth more than $300 billion that require a huge flow of raw materials.

As part of its food security strategy, Abu Dhabi is building silos in the smaller emirate of Fujairah, the paper added, but it was not clear if the new firm would trade in oil.

Commodities prices have rocketed in the past six years, fuelled by demand from China and other emerging markets, driving up metals such as iron ore 38 percent this year, with food grains such as corn and wheat up 28 percent and 17 percent respectively.

(Writing by Clarence Fernandez; Editing by Manash Goswami)



0

Leave a Comment