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FINANCIAL NEWS
UAE, Egypt set joint venture for wheat growing project
07 Dec 2014
(MENAFN) Al Dahra and Jenaan, two companies from the UAE, said that they are setting up a joint venture with Egypt for a project, which aims to grow wheat in the desert, Arabian Business reported.
The UAE companies said that they are hoping that within two years, they will be able to grow and sell several hundred thousand tons of wheat to Egypt, an equivalent to about 10 percent of the domestic crop bought annually from farmers.
Egypt, the world’s biggest wheat importer, has been trying to become self-sufficient in its staple food through various schemes including reclaiming land in its desert wastelands, though several challenges like the lack of labor, quality of the soil and water resources has stood in the face of such plans.
“Al Dahra produced 40,000 tons of wheat last year in the East Oweinat region but we haven’t yet started working in nearby Toshka, where we hope to grow 300,000 tons by 2016. We consider ourselves to be strategic partners for the Egyptian government in terms of food security,” The head Al Dahra’s Egypt projects said.
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