Abu Dhabi investor signs pact on $225m Sudan farm project

International Holding Co. said a unit entered into an agreement with DAL Group to jointly invest $225m in a Sudan agriculture project as the Abu Dhabi-based investor diversifies its portfolio.

IHC Food Holding’s five-year investment plan expects to transform over 100,000 acres into farmland with an annual output of over 400,000 metric tons of crops, according to a statement.

The project aims to create 5,000 jobs and generate $1bn in export revenue over 10 years.

Through a flurry of mergers and acquisitions that started last year, International Holding has amassed a portfolio spanning real estate to utilities and health care to food services.

The shares have soared more than 500 per cent in 2020, giving it a market capitalisation of about $19bn.

DAL Group is one of Sudan’s biggest conglomerates.