UAE plans to invest USD 30mln for rice production in Angola

Medium_producao_de_arroz_na_matala
Rice farming in Matala. Credit: Morais Silva - ANGOP
ANGOP | 19 December 2023

UAE plans to invest USD 30mln for rice production in Angola

Luanda – A business group from the United Arab Emirates (UAE) has said they plan to invest roughly 30 million US dollars for rice and avocados production in Angola.

The intention of the investors was expressed during a meeting Angola’s Minister of Agriculture and Forestry, António Francisco de Assis, held with the UAE businesspeople.

The UAE business people expressed interest in investing in the provinces of Malanje, Bié, Cuando-Cubango, Lunda Norte and Lunda Sul and that it would be necessary for 5000 hectares for rice cultivation and 500 hectares for avocado production.

The initial investment is expected to generate approximately 300 direct jobs and around a 1000 indirect jobs, and is expected to reach between 40 and 50 million dollars, in the project's maturity phase.

Angola’s minister has said he assured investors of institutional support from the government for the materialization of the respective projects, adding that the country is making every effort to re-launch rice production and that it needs investors.

The CEO of the Dubai 'E20 Investment', Sultan Aljaheri, on his turn, said Angola has all the necessary conditions to implement the rice and avocado production project. QCB/TED/AMP
  •   ANGOP
  • 19 December 2023
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