UAE’s Al Dahra in talks to acquire land in Egypt’s Toshka
Updated 10/19/2023 7:23:00 AM
Arab Finance: UAE-based agribusiness firm Al Dahra is in talks with National Service Projects Organization (NSPO) via its subsidiary Al Dahra Egypt to buy an agricultural land in Toshka in southern Egypt, two sources familiar with the matter told Reuters.
The firm is also considering other areas, the sources added.
If conducted, the deal could reduce Cairo's reliance on imports of staple crops. Yet, it could raise water use concerns, they noted.
They also pointed out that the deal might necessitate hundreds of millions of dollars to reclaim desert and grow pivotal crops, including wheat and corn.
One source said that the deal could cover the purchase of 500,000 feddans of land in phases via purchase or long-term lease agreement, while the other noted that the land could be around half of that quantity.
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