In a piece run by the Qatar News agency, it was reported that Hassad Food, owned and controlled by the Qatar sovereign wealth fund is keen on acquiring a sugar project in Brazil. In the report, Hassad Food plans to acquire a sugar project in Brazil with a capacity to produce 25 million tons yearly.
According to the news report, the move is aimed at securing sugar supplies as it seeks to bolster its supplies. The news report quoted Hassad Food’s chairman as having reiterated the Brazilian business plans. Qatar, just like the other states in the Gulf imports most of its food requirements and securing future food supplies comes naturally as a priority for the government, said the report.
From the reports, the Brazilian acquisition investment is expected to take place in two months time, Nasser al-Hajri, Hassad Food chairman told the Qatar News Agency. However, no details were immediately given over the nitty gritties of the planned investment. Around 70 percent of the sugar is planned to be shipped to Qatar for domestic use, while the remaining 30 percent will be used to produce bio-fuels, Qatar News Agency said.
Hassad Food is Qatar’s Premier investor/developer in the agriculture & livestock sector. As the industry’s pace-setter in the country, Hassad Food is investing worldwide, in strategic projects, companies and operators. The firm has a geographical diversification and forges partnerships and alliances with key global players in the competitive, agribusiness environment.
Hassad Food is keen on securing & improving food-supply sources that are in harmony with the environment. The firm reiterated that its commitment to using the latest technology to generate high quality yields has been successful. Hassad Food is a global provider targeting achieving food security by growing, processing and supplying high quality food and improving access. Currently, Hassad Food is engaged in investing worldwide, in strategic projects, companies and operators.
The Qatar Investment Authority (QIA) is Qatar's sovereign wealth fund, specializing in local and foreign investment. It was founded in 2005 to manage the extra oil and natural gas surpluses that Qatar Government was receiving. The QIA wholly controls the Qatari Diar Real Estate Investment Company (Qatari Diar), which is a property investment fund. QIA is estimated to hold in excess of $60 billion of assets.
31 Aug 2010.