Abu Dhabi - Mubasher: IHC Food Holding, a wholly-owned subsidiary of Abu Dhabi-based International Holdings Company, has entered into a joint agreement with Sudan's DAL Group to invest $225 million in a Sudanese agricultural project.
Under the agreement, IHC Food Holding and DAL Group will cooperate in a five-year investment plan to develop and cultivate more than 100,000 acres of farmland in Abu Hamad in Sudan's River Nile State, according to a press release on Monday.
The farm is expected to produce more than 400,000 metric tonnes of agricultural crops annually for consumption and export purposes.
Upon its full development, the farmland will generate around $1 billion in export revenues for Sudan over the next 10 years and create over 5,000 job opportunities.
The IHC Food CEO, Mamoon Othman, said: "We need to ensure our long-term goal of safeguarding farm-to-fork supply chains in an efficient and sustainable manner, and this type of impact capital will get us there."
The Chairman of DAL Group, Osama Daoud Abdellatif, commented: "Our main focus is to protect the environment and ensure sustainability by minimizing water wastage and creating a sustainable, long-term future.”
