Dreyfus deal to help UAE achieve food security - minister | Reuters
The acquisition of a stake in commodity merchant Louis Dreyfus Company (LDC) by Abu Dhabi’s ADQ is an important part of the emirates’ food security strategy, food and water security minister Mariam bint Mohammed Saeed Hareb Almheiri said.
LDC agreed in November to sell a 45% stake to the state-owned holding company, the first outside investment in the family-owned commodity merchant’s 170-year-old history.
The deal, which is expected to close by mid-2021, includes a long-term supply agreement to sell agricultural commodities to the United Arab Emirates, the companies said.
“It is important as a country that is importing a lot of food that we have a handle on some of the supply chain aspects,” the minister said in an interview.
LDC’s main shareholder Margarita Louis-Dreyfus said on Thursday that the ADQ deal would enable the acceleration of investments as the commodities trader reported a 66% jump in 2020 net profit.
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