- $225 million, 5-year investment plan is one of the largest agribusiness investments in Sudan
- Expected to create 5,000 new jobs and generate c. $1 billion in export revenues over 10 years
- The project will help further support IHC’s long-term food integration strategy and bring much needed foreign investment into Sudan
Abu Dhabi: IHC Food Holding LLC, a fully owned subsidiary of Abu-Dhabi based listed holding company International Holding Company (‘IHC’), and DAL Group, which is the largest private sector conglomerate in Sudan, today announced that the companies have entered into a joint agreement to develop and cultivate farm land in Abu Hamad, River Nile State, Sudan.
The joint agreement will see a five-year investment plan of over $225 million put into the transformation and development of over 100,000 acres into farmland. The farm is expected to reach a maximum annual output of over 400,000 metric tons of agricultural crops for consumption and export purposes. Once fully developed, this will help generate approx. $1 billion in export revenues for Sudan over the next 10 years. It is also expected to create new employment for more than 5,000 people in Sudan, including on the farm as well as part of the ancillary services to support the farm.
Mamoon Othman, IHC Food CEO, said:
“The agriculture sector has become very important for our business. 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. This farming project will help secure high-quality agricultural output and drive further integration into our vertical supply chain.”
Osama Daoud Abdellatif, Chairman, DAL Group, added:
“We are excited about this partnership and what it will bring to Sudan. It will create local community development opportunities in rural areas and invest in technologies specific for our country that optimize agricultural methods. Our main focus is to protect the environment and ensure sustainability by minimizing water wastage and creating a sustainable, long-term future.”
The project itself will utilize the industry’s leading best practices and modern technology. This will include automated pivots using drip-irrigation, which will minimize water wastage, while the latest farming technology will maximize farm productivity. The farm has scope to expand further in terms of size and scale.
IHC Food Division is a key industry vertical within IHC Group. It incorporates four businesses: fishery, animal feed, poultry and distribution. Its short and long-term strategy is to improve food security in the UAE and become a world leader within its food verticals.
About International Holding Co.
IHC is an Abu-Dhabi based conglomerate with a diversified portfolio of strategic assets in six key industry verticals: IHC Food, IHC Utilities, IHC Real Estate, IHC Digital, IHC Industrial and IHC Capital. The company has operations in the UAE, Middle East, Europe, and North America through its 12 subsidiaries. In 1H 2020, it posted revenues of AED 2.5 billion and net profit of AED 814 million.
About DAL Group
DAL Group is the largest private sector conglomerate in Sudan, with investments across various sectors, including Food, Engineering, Healthcare, Real Estate, and Education. As the largest Agro-Food business in Sudan, DAL Food has a diversified portfolio including: the largest wheat milling operations, state-of-the-art dairy factory, Coca Cola bottling, bottled water, juices, and agriculture farming.
Media Contact – IHC
Ailsa Martin / Leen Charafeddin
+971 2 234 4600
Media Contact – DAL Group
© Press Release 2020