May 17, 2022
Food Maker Agthia to Seek Help From UAE After India’s Wheat Ban
(Bloomberg) -- Sign up for our Middle East newsletter and follow us @middleeast for news on the region.
Agthia Group PJSC intends to work alongside government officials from the United Arab Emirates to ensure wheat supplies despite India’s export ban.
The nation has been a primary source of Agthia’s wheat over the last 18 to 20 months, Chief Executive Officer Alan Smith said in an interview with Bloomberg Television on Tuesday.
The ban has exacerbated an already-tight market for the grain. Global prices surged after Russia’s invasion of Ukraine, a key wheat grower, and the Indian government has said it needed to halt shipments to protect food security.
However, the country will allow shipments for food security needs based on requests from governments. “We’ll see how we can work with the Indian government and the UAE government to make sure we continue to ensure availability in the business,” said Smith.
The Abu Dhabi-based company decided in March to sign longer-term supply agreements for foodstuff. It is covered for supplies until about August or September, Smith said.
©2022 Bloomberg L.P.