Qatar's Hassad Food is eyeing a stake in Russia's PAVA and has signed a deal potentially worth $1 billion to develop land in Sudan as it looks to grow through acquisitions and joint ventures, its chairman said on Thursday.
The Qatar Investment Authority (QIA) has launched a venture aiming to invest in food production worldwide focusing on the acquisition and development of existing agribusiness companies rather than the lease of large tracts of farmland.
A Hassad Food advisor explained to Emboff September 3 that the company tailors its involvement in each country to the preferences of its partner in order to minimize local "backlash" to the company's actions.
Hassad Food's priority in business partnership and export will be given to Arabic and Islamic countries. “A big project will be launched in the near future between Qatar and Sudan. The budget is open as no minimum or maximum limit has been considered so it will be a big project.”
“We are looking for opportunities where we can work with partners owning or running farmlands and having expansion plans. We do not want to take away the land of the poor,” the chairman of Hassad Food says.
Hassad Food, owned by Qatar's sovereign wealth fund, will buck the Gulf Arab trend of buying farmland abroad to secure food supplies and consider taking stakes in agricultural companies instead, its chairman said.