News / Africa

Lebanese Farmland Firm to Invest up to $800 Million in Sudan

A Sudanese farmer works on his corn farm on the banks of the river Nile in Khartoum (file photo).
A Sudanese farmer works on his corn farm on the banks of the river Nile in Khartoum (file photo).
TEXT SIZE - +
Reuters
— Lebanese farmland investor GLB Invest plans to invest up to $800 million in Sudan to produce animal feed to be sold to Saudi Arabia, its president said on Tuesday.
    
Arab investors have launched farmland and livestock projects in the vast African country, prized for its fertile soil and easy access to irrigation water from the Nile, to help arid Gulf oil producers secure food supplies.
    
Firas Badra, president of Beirut-based GLB Invest, said the firm had leased 78,000 hectares of land 130 km north of Khartoum to produce and export 40,000 tons annually of animal feed from January to Saudi Arabia.
    
“We are starting now with 40,000 tons for the time being and the project will have a maximum capacity of 750,000 tons by 2019,” Badra told Reuters on the sidelines of an Arab food investment conference in the Sudanese capital.
    
“Next year we are going to reach 250,000 tons,” he said. “Saudi Arabia is a market of 4 million tons.”
  
The Sudanese pound has more than halved in value since South Sudan's secession in 2011 deprived Sudan of most oil production, the main source for dollars and state revenues.
    
GLB had so far spent $200 million in Sudan and would increase investment up to between $750 million and $800 million by 2019, he said.
    
As a second project, GLB planned to plant 200,000 sun flower seeds which would be crushed to make sun flower oil to be sold inside Sudan, he said, adding that part of it would be exported to neighboring countries.
    
He said the investment climate in Sudan was good despite central bank restrictions on repatriating profits in hard currency, a common complaint from foreign investors.
    
“We can find solutions for that,” he said.
    
The Sudanese pound has more than halved in value since South Sudan's secession in 2011 deprived the country of most oil production, the country's main source of dollars.

You May Like

Wikipedia Proves Useful for Tracking Flu

Technique gave better results than Center for Disease Control (CDC) and Google’s Flu Trends More

Turkish Law Gives Spy Agency Controversial Powers

Parliament approves legislation to bolster powers of intelligence service, which government claims is necessary to modernize and deal with new threats Turkey faces More

Video Face of American Farmer Changing

Average American farmer is now 58 years old, and farmers 65 and older are the fastest growing segment of the population More

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Face of American Farmer is Changingi
X
Mike Osborne
April 18, 2014
The average American farmer is now 58 years old, and farmers 65 and older are the fastest growing segment of the population. It’s a troubling trend signaling big changes ahead for American agriculture as aging farmers retire. Reporter Mike Osborne says a new report from the U.S. Census Bureau is suggesting what some of those changes might look like... and why they might not be so troubling.
Video

Video Face of American Farmer is Changing

The average American farmer is now 58 years old, and farmers 65 and older are the fastest growing segment of the population. It’s a troubling trend signaling big changes ahead for American agriculture as aging farmers retire. Reporter Mike Osborne says a new report from the U.S. Census Bureau is suggesting what some of those changes might look like... and why they might not be so troubling.
Video

Video Donetsk Governor: Ukraine Military Assault 'Delicate But Necessary'

Around a dozen state buildings in eastern Ukraine remain in the hands of pro-Russian protesters who are demanding a referendum on self-rule. The governor of the whole Donetsk region is among those forced out by the protesters. He spoke to VOA's Henry Ridgwell from his temporary new office in Donetsk city.
Video

Video Drones May Soon Send Data From High Seas

Drones are usually associated with unmanned flying vehicles, but autonomous watercraft are also becoming useful tools for jobs ranging from scientific exploration to law enforcement to searching for a missing airliner in the Indian Ocean. VOA’s George Putic reports on sea-faring drones.
Video

Video New Earth-Size Planet Found

Not too big, not too small. Not too hot, not too cold. A newly discovered planet looks just right for life as we know it, according to an international group of astronomers. VOA’s Steve Baragona has more.
Video

Video Copts in Diaspora Worry About Future in Egypt

Around 10 percent of Egypt’s population belong to the Coptic faith, making them the largest Christian minority in the Middle East. But they have become targets of violence since the revolution three years ago. With elections scheduled for May and the struggle between the Egyptian military and Islamists continuing, many Copts abroad are deeply worried about the future of their ancient church. VOA religion correspondent Jerome Socolovsky visited a Coptic church outside Washington DC.
Video

Video Critics Say Venezuelan Protests Test Limits of Military's Support

During the two months of deadly anti-government protests that have rocked the oil-rich nation of Venezuela, President Nicolas Maduro has accused the opposition of trying to initiate a coup. Though a small number of military officers have been arrested for allegedly plotting against the government, VOA’s Brian Padden reports the leadership of the armed forces continues to support the president, at least for now.
Video

Video More Millenials Unplug to Embrace Board Games

A big new trend in the U.S. toy industry has more consumers switching off their high-tech gadgets to play with classic toys, like board games. This is especially true among the so-called millenial generation - those born in the 1980's and 90's. Elizabeth Lee has more from an unusual café in Los Angeles, where the new trend is popular and business is booming.
Video

Video Google Buys Drone Company

In its latest purchase of high-tech companies, Google has acquired a manufacturer of solar-powered drones that can stay in the air almost indefinitely, relaying broadband Internet connection to remote areas. It is seen as yet another step in the U.S. based Web giant’s bid to bring Internet to the whole world. VOA’s George Putic reports.
AppleAndroid