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Al Qudra to buy 400,000 hectares of land for farming
ABU DHABI - Abu Dhabi based Al Qudra Holding is planning to acquire 400,000 hectares of land by the first quarter of next year in the Middle East and North Africa, Eastern Africa and Asia to cultivate wheat, maize, rice and vegetables.
Without giving details on the planned acquisitions in different countries, where Al Qudra has interests in corporate farming, CEO Mehmood Ebrahim Al Mehmood, told reporters that the group is looking at acquiring land according to the needs of that particular crop.
For rice, the company is looking at Vietnam, Thailand, India, Pakistan and Philippines best known for growing the much sought after food staple, besides other crops. Out of the 400,000 hectares, 40 per cent would be allocated for growing maize which is used to produce bio-fuels. However, the company has not taken any decision to manufacture Ethanol from the harvests. The first crop, he expected would be harvested in three years. Al Qudra which has interests in five core business areas including real estate, industry, infrastructure and agriculture, is keen on playing an active role in farming. Apart from growing cash crops, Mehmood said his group wants to enter the cattle farming business to produce and market meat products.
About the markets for farm products, Mehmood said that the UAE would be the main market to be supplied with the produce apart from other GCC countries. The land is being acquired on concessions, 20-30 years lease and on direct purchase basis.
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