Monday, February 15, 2010

UAE's MEC in talks to lease Indonesian farmland

The UAE's Minerals Energy Commodities Holding (MEC) is in talks with Indonesia to lease around 100,000 hectares (247,100 acres) of farmland, the firm's vice chairman Madhu Koneru said on Sunday.

Gulf countries, mainly reliant on food imports, have ramped up efforts to buy land in developing nations such as Pakistan, the Philippines and Ethiopia to secure food supplies.

The farmland MEC plans to lease is located in Indonesia's East Kalimantan province, the region where MEC also has a railway and coal project worth around $1 billion.MEC is a 50-50 joint venture between government run investment fund RAK Minerals and Metals Investments (RMMI) and privately run UAE based mining company Trimex (Prasad Koneru Chairman).
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