Dubai: Dubai: Dubai Investments and E20 Investment have signed an agreement to develop 3,750 hectares of agricultural land in Angola, the companies said on Tuesday.
E20 Investment, specializes in investing in and operating farms and processing facilities across the globe, with a particular focus on Europe, Central Asia, and Africa.
"The MoU is focussed on the development of a vast area of leased out land located in Angola and the project’s objective is to cultivate rice and avocado crops, leveraging Angola’s fertile soil and favourable climate conditions to achieve substantial yields," the companies said in a joint statement.
“Through this collaboration, along with the overall development of the area, the Group aims to contribute to Angola’s food security which will support in enhancing the country’s agricultural productivity while generating economic value for all stakeholders involved,” said Khalid Bin Kalban, Vice Chairman and CEO, Dubai Investments. “Dubai Investments is already investing in the Angolan market with the ongoing development of the Dubai Investments Park ( DIP) Angola.
“This project is an ideal extension highlighting the Group’s caliber in creating highly successful mixed-use development parks like the Dubai Investments Park model in the UAE.”
Over the course of 18 months, the joint venture aims to transform the land into a thriving agricultural hub, resulting in a projected production of 28,000 tons of rice and 5,500 tons (peak production) of avocados.
“We are excited to join forces with Dubai Investments to harness Angola’s agricultural potential,” said Sultan Al Jaberi, CEO of E20 Investment. “ The Dubai Investments and E20 Investment MOU represents a significant step towards promoting agricultural development in Angola, fostering economic diversification, and nurturing a sustainable future.”