UAE-based firm to import rice from Pakistan

UAE based conglomerate shows interest in investing in Pakistan, planning to import rice worth $54.45 million.

KARACHI: A United Arab Emirates (UAE) based conglomerate has shown interest in investing in Pakistan and is planning to import rice worth 200 million dirhams ($54.45 million).

Ali Moosa & Sons Holding, one of the top five construction firms of UAE with a variety of other businesses, is looking to buy large quantities of rice from Pakistan for re-export.

At a press briefing here on Thursday, the firm’s Executive Vice President Dr Faisal Ali Moosa Al Naqbi said that his company is looking for trading partners in Pakistan, especially in the rice sector to import the commodity.

Al Naqbi, whose company’s last year revenue was around $1 billion, said that the company wants to double its revenue in a year or two. “We are constructing airports and hotels in Qatar, Iraq and Saudi Arabia and we want to expand our businesses in coming years,” he said, adding that the company may import construction material from Pakistan, especially marble for its projects in the Middle East.

“Our first visit to Pakistan has been very successful and we will sign a memorandum of understanding on our next visit in coming weeks,” he said, adding that they are still exploring Pakistan’s market for new investments.

Al Naqbi also met officials of the Trade Development Authority of Pakistan (TDAP) and representatives of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI). Replying to a question, he said TDAP has assured its support in finding investment opportunities in Pakistan.

Al Naqbi has also invited the Government of Pakistan to establish a national pavilion in an upcoming event in Dubai. “Our company is going to organise the Rice International Conference and Exhibition from May 9-11 in Jumeirah, which will be the first international event of its kind in this region,” he said.

The event will help Pakistan’s rice exporters to reach out to the global market as over 60 countries are going to participate and exhibit their products and services at the event, he added.

Published in The Express Tribune, February 25^th, 2011.