August 5, 2009
UAE firm to invest in Egyptian agricultural land
United Arab Emirates agricultural investment firm Janan plans to cultivate 100,000 feddans of Egyptian land with wheat, corn and feed, the state-owned news agency MENA reports Tuesday (Aug 4).
A feddan of land is equivalent to 0.42 hectare.
Janan will sign the deal to invest in East Oweinat, southwest Egypt, next week, the agency says.
The deal will extend until 2015 and all output will be allocated for the Egyptian local market, MENA reports.
The project will have several phases, with 20,000 feddans in each stage, the agency says.
Janan expects the project to have an output of 350,000 tonnes of wheat a year, it adds.
Janan has previously invested US$320 million in Oweinat to grow 6,000 feddans with green feed and has inaugurated an animal feed plant in the area.
