Targets 5.000 jobs, $1bn in export revenues in 10 years
ABU DHABI/October 5: IHC Food Holding, a fully owned subsidiary of International Holding Company (IHC), and Sudan’s DAL Group, signed agreement to develop and cultivate farm land in Abu Hamad, River Nile State, Sudan.
An official statement said the joint agreement will see a five-year investment plan of over $225 million (AED826 million) put into the transformation and development of over 100,000 acres into farmland
DAL Group is the largest private sector conglomerate in Sudan. The output in the farm is expected to reach over 400,000 metric tons of agricultural crops for consumption and export purposes.
Once fully developed, this will help generate about $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 that the agriculture sector has become very important for IHC Food’s 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,” he added.
He also said this farming project will help secure high-quality agricultural output and drive further integration into the company’s vertical supply chain.
Osama Daoud Abdellatif, Chairman, DAL Group, said the new deal will create local community development opportunities in rural areas and invest in technologies specific for the country that optimise agricultural methods.
“Our main focus is to protect the environment and ensure sustainability by minimising water wastage and creating a sustainable, long-term future.” Abdellatif added.
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. “IHC’s short and long-term strategy is to improve food security in the UAE and become a world leader within its food verticals,” the company statement added.
