Dubai Investment Authority invests $2.3bn in agribusiness and petrochemicals

Dubai Investment Agency (DIA) has been granted $2bn of an oil and gas exploration and production loan, which will help the city’s government to expand its agribu-related sectors.

The loan is the first of its kind for a UAE-based company.

The DIA will now work with oil and natural gas companies to explore the potential of the newly-developed region for shale gas, petrochemical production and the development of an agributant sector, the official Saudi Press Agency reported on Friday.

Dubai, which was recently crowned as the first “global city” for global development, has been hailed as a potential catalyst for a shift towards agribustrianism and agroecology.

The Saudi Arabian government has set a target of doubling the agricultural sector’s contribution to the economy by 2050, and the government’s development agency, the DIA, is part of the effort.

The oil and energy sector has already played a major role in boosting the local economy in recent years, as the country’s production has increased by more than 200 percent over the past decade.

In a report in April, the World Bank estimated that Dubai had a $2tn (US$1.9tn) economy and $50bn of investments in agro-ecology and agri-business, both sectors which are already in a state of rapid expansion.

Dubay is also home to the world’s largest agribushop.

It is estimated that the UAE’s agribucal industry employs around 1.5 million people, including about 100,000 farmers.

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