Abu Dhabi Investor Signs Pact on $225 Million Sudan Farm Project
International Holding Co. said a unit entered into an agreement with DAL Group to jointly invest $225 million.
(Bloomberg) -- International Holding Co. said a unit entered into an agreement with DAL Group to jointly invest $225 million in a Sudan agriculture project as the Abu Dhabi-based investor diversifies its portfolio.
IHC Food Holding’s five-year investment plan expects to transform over 100,000 acres into farmland with an annual output of over 400,000 metric tons of crops, according to a statement. The project aims to create 5,000 jobs and generate $1 billion in export revenue over 10 years.
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Through a flurry of mergers and acquisitions that started last year, International Holding has amassed a portfolio spanning real estate to utilities and health care to food services. The shares have soared more than 500% in 2020, giving it a market capitalization of about $19 billion.
DAL Group is one of Sudan’s biggest conglomerates.
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