Arab investment projected for Sudan
AAAID plans big investment in Sudan in a poultry unit that is to be developed in a joint-venture with a Brazilian partner, according to the Arab Brazilian Chamber of Commerce (ANBA). AAAID's chairman and CEO Mohammed Obaid Almazrooei made the announcement during a seminar that brought together UAE and Brazilian businesspeople. AAAID is a financial institution comprising 21 Arab countries with a USD 1.1 billion capital aimed at investing in foodstuff companies producing in the Arab world, thus contributing to local food security. The company’s statute determines that it can only have a share of companies based in the Arab countries, but in turn, they may have production projects abroad, Almazrooei reported. The company has shares in Agricultural and Livestock businesses.
Mentioning Sadia, which is part of Brazilian company BRF, which has a processing unit in the United Arab Emirates, Almazrooei said he wished more poultry companies operated in Arab countries. “Sudan has adequate weather, similar to Brazil, and consumer culture has changed, so producing in loco makes the consumption easier,” he told ANBA. The executive wants to establish a poultry production project in Sudan, which is an Arab country, together with a Brazilian company.
Discussions about this partnership have started three years ago but nothing happened so far, mentioned Mr. Almazrooei. Nevertheless, Brazilian minister of Agriculture, Tereza Cristina, hopes to change this situation through the Cooperation and Facilitation Investment Agreement (CFIA), an MOU signed between Brazil and the UAE to encourage, simplify and support bilateral investment. "Seeing that the UAE is a great world investor and Brazil has been one of the main destinations of foreign investment, I see a huge room for us to work together," she said.
Currently, Brazil exports to the UAE climbed by 20.4% year-to-date through July, while UAE exports to the Brazilian market were up 168%. The seminar featured around 90 people and it was the first event the Arab Chamber held in its international office auditorium in Dubai. The event also featured representatives of other Brazilian and Arab organizations, such as Brazilian Confederation of Agriculture and Livestock (CNA), Sugar Cane Industry Association, Brazilian Trade and Investment Promotion Agency (Apex-Brasil) and the Arab Chamber international office. Brazilian authorities included congressman Alceu Moreira (MDB), Brazil’s ambassador to Abu Dhabi, Fernando Igreja, and Ministry of Agriculture Foreign Relations and Trade secretary Orlando Leite Ribeiro.
In poultry investments made in Arab countries, AAAID holds a market share of 33% in UAE, 9% in Saudi Arabia, 5% in Sudan and 28% in Oman.
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