Saudi Investment worth $125m in Zambia

30 Jan 2011

(MENAFN) A board member of Menafea Holding, Khaled Alrajhi, said that the company has signed a deal worth $125 million, under which it would invest the money in a 5,000 hectare farm in the north-west of Zambia in 2011, reported Arab News.

Alrajhi said that the Saudi company would use the farm to plant pineapples and build a factory for producing juice for local and international markets.

It is expected for more Saudi companies to invest in the southern African state, said the Zambia Development Agency director for investment promotion, Muhabi Lungu.

According to the Finance Minister of Zambia, Situmbeko Musokotwane, the African country is trying to attract Gulf Countries to invest in its agricultural sector and does not think of leasing farmland to foreign investors as a type of colonialism.

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