United Arab Emirates is on a rice hunt now. A delegation from UAE is set to visit India and Pakistan to ensure proper rice supply to the country.
India and Pakistan are the traditional sources of rice supply to the Emirates. Rice from these two nations make up about 70% of the UAE market. However, the country now faces the prospect of dwindling rice supply.
Following rice importers' request to hike prices by 40-50% due to a sharp rise in global prices, the UAE ministry of economy allowed the retailers to increase prices, but set a ceiling of 20%.
The Consumer Protection Department subcommittee also approved this decision. The cooperative societies in the UAE were urged to communicate with rice suppliers to decrease import costs.
The ongoing cooperation with the Indian government will play a vital role in providing for sufficient supply to curb the pressure on rice prices, the UAE ministry of economy said. A delegation from the ministry would visit India and Pakistan soon to negotiate supplies.
The price of a 39kg sack of white Basmati rice was Dh135 in March, but with the 20% increase it is expected to go up to Dh162.
