Abraaj no comment on UAE-Pakistan food pact

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NO COMMENT: Abraaj said it is looking at agriculture investments in Pakistan, but was silent on the reported deal between the UAE and Pakistan. (Getty Images)

Dubai-based private equity firm Abraaj Capital said it is looking at investing in agriculture in Pakistan, but declined to comment on a report in the UK's Financial Times (FT) that it had bought farmland for the UAE.

The FT reported on Monday that Abraaj, whose Chief Executive Arif Naqvi is a Pakistani national, is working with the UAE government on agribusiness investments in Pakistan to increase food security and damp domestic inflation.

RELATED: UAE turns to Pakistan to stave off food crisis

The UAE government in Abu Dhabi has been holding talks with Islamabad about a framework for investment in its agricultural sector as it seeks to secure cheaper, long-term supplies of staples such as wheat and rice, the FT reported.

"No comment on that article, but it is a sector we are looking at," Abraaj Managing Director Mustafa Abdelwadood told newswire Reuters on Monday.

In March, Abraaj said it bought into Pakistani energy firm Bosicor to tap growing demand for petroleum products in the world's sixth most-populous nation.
(Reuters)

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