Lebanese farmland firm to invest up to $800m in Sudan

  • Share via facebook
  • Tweet this
  • Bookmark and Share

Lebanese farmland investor GLB Invest plans to invest up to $800 million in Sudan to produce animal feed to be sold to Saudi Arabia, its president said on Tuesday.

Arab investors have launched farmland and livestock projects in the vast African country, prized for its fertile soil and easy access to irrigation water from the Nile, to help arid Gulf oil producers secure food supplies.

Firas Badra, president of Beirut-based GLB Invest, said the firm had leased 78,000 hectares of land 130 km north of Khartoum to produce and export 40,000 tonnes annually of animal feed from January to Saudi Arabia.

"We are starting now with 40,000 tonnes for the time being and the project will have a maximum capacity of 750,000 tonnes by 2019," Badra told Reuters on the sidelines of an Arab food investment conference in the Sudanese capital.

"Next year we are going to reach 250,000 tonnes," he said. "Saudi Arabia is a market of 4 million tonnes."

The Sudanese pound has more than halved in value since South Sudan's secession in 2011 deprived Sudan of most oil production, the main source for dollars and state revenues.

GLB had so far spent $200 million in Sudan and would increase investment up to between $750 million and $800 million by 2019, he said.

As a second project, GLB planned to plant 200,000 sun flower seeds which would be crushed to make sun flower oil to be sold inside Sudan, he said, adding that part of it would be exported to neighbouring countries.

He said the investment climate in Sudan was good despite central bank restrictions on repatriating profits in hard currency, a common complaint from foreign investors.

"We can find solutions for that," he said.

The Sudanese pound has more than halved in value since South Sudan's secession in 2011 deprived the country of most oil production, the country's main source of dollars.

Related:
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Features & Analysis
UAE's role in the new space race

UAE's role in the new space race

In the last five years, the UAE has invested heavily in a bid...

Women edge into Gulf boardrooms as economies, societies shift

Women edge into Gulf boardrooms as economies, societies shift

Amina al-Rustamani, CEO of TECOM Investments, is leading the...

2
Qatar's labour requirements

Qatar's labour requirements

Qatar’s Supreme committee has published worker welfare standards...

Most Discussed
  • 54
    Three UAE women attacked with hammer at London hotel

    I really feel that Arabian Business.Com should now close this comments page. This should be all about sympathy for the families not what it is/has turned... more

    Wednesday, 16 April 2014 1:06 PM - Adrienne
  • 51
    Why Dubai isn't a plastic city

    What is definitely not a plastic city. The Arabs have a culture dating back to several centuries. 50 years back Dubai was just a fishing village. Today... more

    Tuesday, 8 April 2014 3:49 PM - P. MADHUSUDAN
  • 48
    DMCC boss Ahmed Bin Sulayem entertains Robert Mugabe in Dubai

    @fga ''However today, simply because he decided to dispossess a few white farmers of their land and redistribute to the poorer indigenous blacks'' more

    Sunday, 13 April 2014 3:02 PM - Matt Williams