As financiers seek to diversify their fee bases, investment banks are scenting an opportunity in Gulf states’ eagerness to secure long-term food supplies in the form of agricultural investment deals.

Christopher Hawley, a director at Rothschild in Dubai, says his advisory house is bringing potential investments in Brazil, Australia and eastern Europe to the attention of clients who want to turn petrodollar surpluses into assets that can secure staples such as wheat and rice.