By: Ramy Sameeh
Abu Dhabi – Mubasher: Abu Dhabi-based agricultural firm Jenaan Investment is continuing its investments in the Egyptian market, while planning to expand in Ethiopia by 2017.
The company is currently working on a new project in Minya for the production of meat to meet the increasing demand, with full details to be announced soon, the company’s CEO Mohammed Al Falasi said in an interview with Mubasher on the sidelines of SIAL Middle East trade fair.
The exhibition will be held from 5 to 7 December at the Abu Dhabi National Exhibition Centre (ADNEC).
Jenaan was looking one year ago to exit its wheat investments in Egypt’s East Oweinat region due to challenges, but the government provided solutions that helped the company continue its business and expand further, Al Falasi noted.
The company attributed the reasons at that time to the poor infrastructure and the very far away location from Cairo.
The agricultural firm’s investments in Egypt are valued at $150 million, with expectations to increase in the coming period, the CEO added.
On another note, he said that the company signed agreements with its partners in Ethiopia and will start working on the cattle fattening project next year, yet there are no estimates for the value of investments to be pumped.
Jenaan’s food security projects are ongoing, but sales declined due to lower demand locally and globally.
The CEO expected a high demand on the company’s products as of 2018, especially after Saudi Arabia phased out the growing of crops and fodder.
Jenaan signed a memorandum of understanding (MoU) with a food group, National Feed Co. and Al Ain Dairy Farm to discuss entering in a partnership related to a major agricultural project in Sudan.
In UAE, the company is developing a project to produce organic poultry in UAE, with a production capacity of 10 million head per annum in the first phase, Al Falasi concluded.
Translatec by: Julian Nabil
