A private agricultural investment firm in Abu Dhabi plans a Dh925 million (US$251.8m) farmland deal in Egypt to grow wheat for the African nation’s domestic market.
Investors from the Gulf have been buying into farmland across Africa and Asia at an increasing pace, primarily to secure sources of food for their own needs. But what started as a strategic initiative to secure food imports has increasingly been regarded as a commercially viable business.
The latest venture, by a little-known company called Jenaan, aims to grow the crop on 42,000 hectares in south-western Egypt.
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