Abu Dhabi is to make a bold foray into commodities with the establishment of a government-owned trading house aimed at securing food supplies for the import-dependent nation and capturing profit margins in metals and agriculture trading.
People familiar with the plans say the company, which is called Abu Dhabi Sources or ADS, is likely to be started with a capital base of several hundred millions of dollars.
ADS will be going up against well established trading houses, including Glencore, the world’s largest commodities trader, Minneapolis-based Cargill and Louis Dreyfus of France.
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