No rice price hike for UAE

Dubai : Traders have ruled out a rice price hike, citing a glut in grain stocks in the UAE.

An erratic monsoon and floods in India have caused a 15 million tonne shortfall in production while typhoons in the Philippines destroyed 560,000 tonnes of yet-to-be harvested paddy.

"There are a lot of rice stocks, so production shortfalls anywhere will not affect the local prices," said S. Surendra, Manager of MH Enterprises.

Shaji Jose, Assistant Sales Manager, Al Rabiah Trading Co LLC, said: "The events in India and the Philippines won't have any pressure on prices here. Dubai has ample alternative sources."