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Middle East investors are ploughing increasing amounts of cash into African farmland as global concerns over food security continue to rise.

Saudi Star Agricultural Development, a food company based in Ethiopia and owned by the Ethiopian-Saudi billionaire Mohammed al Amoudi, announced plans this month to invest US$2.5 billion (Dh9.18bn) in an Ethiopian rice-farming project.

The commitment comes just weeks after the Saudi company Manafea Holding announced it would invest $125 million in Zambia, in part to develop a pineapple farm and build a fruit-processing plant.

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Courtesy: Borglobe

26th March 2011