UAE's Al Dahra Plans to Invest $500M in Romania in Five Years
Al Dahra Agriculture LLC of the United Arab Emirates, which recently bought Romania's largest cereal producer Agricost Braila, plans to invest $500 million in Romania in the next five years.
The deal estimated at EUR200 million received antitrust clearance at the beginning of July. Agricost Braila farms almost 56,000 hectares of land on Insula Mare a Brailei on the Danube in Braila county, southeastern Romania. It may use the land until 2032.
“As a result of adding the Insula Mare a Brailei to our global agricultural portfolio, we want to expand Al Dahra investment plans beyond agriculture, quality services with added value,” said Khedaim Al Derei, vice-president and co-founder of Al Dahra.
Al Dahra plans to acquire more agricultural land in Romania and invest in upgrading its existing farming equipment and machinery to reach an annual production of one million tons of cereal and combined fodder by 2022.
It also plans to develop a grain collection point with a storage capacity of two million tons and to acquire an operations point in Constanta harbor to ease its grain exports and fertilizer imports.
The comapny said its investment plan will be implemented in several phases in the coming years and will support the Abu Dhabi government’s strategy of securing long-term food needs.
Source: ZFEnglish.com