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Fri 24 Oct 2014 01:08 AM

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Kuwait's Tijaria plans Turkish farmland investment

Real estate company to partner with juice company to buy and market crops resulting from investment

Kuwait's Tijaria plans Turkish farmland investment
Wheatfields, grains generic, farmland

A Kuwait-based real estate company has announced plans to invest in farmlands in Turkey.

Abdulfattah Marafie, chairman and managing director at Al Tijaria Real Estate Company, said the company is planning a $10 million investment in the country.

"The Turkish market is considered one of the strongest producing and exporting markets in agricultural crops in the world," the company said in a statement.

It added that the main objective of this investment is buying and developing pre-targeted farmlands in an area of 10 million square metres.

The investment period will be eight years from the date of starting the project with the possibility of extending for two more years.

The statement said: "The investment begins with two years of developing and cultivating the land, then six years to produce the agricultural crops. The salient feature of this investment is the existing need and demand from Turkish and international markets for such products."

Al Tijaria said it has partnered with an international company specialised in the production and exporting of concentrated juices which in turn will buy and market the agricultural crops resulting from this project.

In May Tijaria joined forces with hotel and real estate developer IFA Hotels & Resorts to launch their first vacation club business.

The points-based Aria Vacation Club is expected to begin formal operation in 18 months’ time, when IFA's flagship Dubai property – Kingdom of Sheba – opens on the crescent of the Palm Jumeirah.

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