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FINANCIAL NEWS
Citadel unit inks lease deal for Sudan farmland
07 Apr 2010
(MENAFN) Citadel, an Egyptian private equity firm, said that one of its units has signed a 30-year lease agreement for land south of Khartoum to build Sudan’s first large-scale commercial rice farm, Reuters reported.
The land leased by El-Nahda for Integrated Solutions, a portfolio company of Wafra, Citadel’s platform company in the Sudanese agricultural industry, spans 60,000 feddans (25,210 hectares).
The farm will produce rice primarily for domestic consumption in Sudan, a net importer of rice, allowing any excess to be exported to other nations in Africa and the Middle East, Citadel said in its statement.
Gulf and other Arab countries have been investing in a range of farming projects in Sudan, Africa’s biggest country by area and long viewed as having huge agricultural potential.
Cairo-based Citadel, which controls $8.3 billion in investments spanning 14 countries, has made various ventures in the Sudanese market including buying a majority stake in a Sudanese biscuit and sweet maker last year.
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