Hassad, a subsidiary of Qatar Investment Authority, on Thursday announced its intention to invest $500mn in the Sudanese agricultural and food sectors over the next three years.
The announcement was made after signing a memorandum of understanding (MoU) with a Sudanese company specialised in the field of agriculture and food in the Sudanese capital Khartoum.
Hassad CEO Mohamed al-Sadah said the MoU with the Sudanese side was in line with Hassad’s new vision and strategy to become a successful strategic investor in the global food and agriculture value chains.
“Over the next three years, we plan to invest around $500mn in the Sudanese food sector, by entering into partnerships with a number of local Sudanese companies,” al-Sadah said.
“We are currently working on identifying suitable business opportunities, as well as signing agreements, which are in line with Hassad’s new strategy," he added.
Hassad, Qatar’s premier investor in the food and agribusiness, has several investments in Qatar, Australia and Oman, and is currently planning for future investments in several other countries.
The company’s main mission is to identify and invest in attractive assets in the global food and agriculture value chains, as well as build a strong portfolio through Hassad’s sector expertise, lasting partnerships and long-term investment approach.
It is estimated that Hassad Food now raises 250,000 heads of sheep and produces 179,000 tonnes of grains annually. The internal and external investments of Hassad, and the complementary role it played with the private sector, have brought Qatar close to achieving food self-sufficiency.