Iran crisis sparks farm chemical crunch, threatening food supplies
It’s not just oil. War with Iran is also making a range of chemicals critical for food production more expensive, including fertilizer components like urea and ammonia, Bloomberg reports.
The Middle East is the source of some 45% of the global urea supplies, which cannot be stored for long periods.
That means logistical disruptions such as the shutdown of the Strait of Hormuz can quickly tighten the market and send prices soaring.
Western sanctions have curtailed imports of Russian fertilizers, while China has imposed export restrictions to protect domestic demand and support its farming sector, the news agency said.
Egypt’s Morpho invests in growing berries under Saudi sun
Egypt’s Morpho Investments is betting on Saudi Arabia as a promising environment for cultivating blackberries, raspberries and other fruits, despite its desert soils and blazing sun.
The new private equity firm founded by Ayman Soliman, former CEO of Egypt’s sovereign wealth fund, has raised $55 million to fund initiatives in agriculture and healthcare that include the berry-farming project, Bloomberg reports.
Some of the capital has gone to specialist company Agriventures to help secure an exclusive license to grow, sell and market berries in Saudi Arabia and Oman.
Saudi farmers use drip irrigation and hydroponics to overcome the climate’s challenging conditions. Saudi Arabia has set a goal to localize 85% of its food industry by 2030, while Oman recently unveiled a multibillion-dollar plan to develop three agricultural cities.
