Abu Dhabi’s stock market rebounded on Tuesday, ending a nine-day losing streak, while the UAE has placed a ban on the export and re-export of all varieties of wheat from India for four months.
The resolution applies to all varieties of wheat and wheat flour, which were imported into the country before 13, May 2022, the ministry of economy said in a statement issued on Wednesday.
The ban on exports comes in the wake of the global shortage of the commodity in the wake of the Russia-Ukraine conflict, as Ukraine is one of the world’s largest wheat exporters.
India, the second-largest wheat producer, on May 13 imposed a ban on the export of the grain to shield its domestic population from shortages and high prices.
UAE’s economy ministry said that companies wishing to export/re-export wheat of Indian origin, which were imported into the country before 13 May 2022, must obtain the ministry’s permission to export outside of the UAE.