Qatar Islamic Bank signed to provide 1.6 billion riyals ($440 million) of financing to build a food processing and storage facility at the country's Hamad Port, as Doha strengthens its resistance against sanctions by other Arab states.
The 530,000 square metre facility, to be built by AlJaber Engineering in about two years, will include equipment to process and refine rice, raw sugar and edible oils, the bank said on Wednesday.
It will also feature rice silos, warehouses and edible oil storage tanks. Some of the food processed by the facility may be exported regionally or globally, and waste products from the facility will be used to create animal feed.
The government-backed project was planned before Saudi Arabia, the United Arab Emirates, Bahrain and Egypt cut diplomatic and transport ties with Qatar on June 5.
But the facility has become more important to Qatar's food security since the Gulf crisis began; the vast bulk of its food is imported, and the sanctions have halted transport of foodstuffs across the Saudi border.
LEAVE A COMMENT Your email address will not be published. Required fields are marked*
IIF sees two Gulf rate hikes this year, three in 2019
Audi chief executive arrested in diesel probe
Ongoing GCC fiscal adjustment could be less costly: IMF
Key index loses 144 points on substantially higher profit booking
Trump slaps tariffs on China, triggering swift retaliation
India's top bank to stop handling Iran oil payments
Greece passes fast-track reform programme to unlock bailout package