Abu Dhabi – Mubasher: Gulf Capital, one of the top alternative asset management firms in the Middle East, on Wednesday announced a $22 million investment in CHO Company, one of the largest olive oil exporters and producers in Tunisia.
This agreement represents Gulf Capital’s seventh investment from its $251 million second private debt fund and its first investment in Tunisia, according to the company’s statement.
CHO Company accounts for more than 50% of the North African nation’s branded olive oil exports.
Proceeds from the Gulf Capital’s investment will be used to “further support [CHO’s] integration plans, through expanding [its] olive grove plantations across Tunisia,” CHO Company founder and chairman Abdelaziz Makhloufi said.
Commenting on the new investment, Gulf Capital’s manager director of private debt Adam Hadidi said, “The agricultural sector is a key pillar of the Tunisian economy, ensuring employment in rural areas across the country, as well as the inflow of foreign currency through exports.”
