A fully-owned subsidiary of Wafra, Citadel Capital's Sudanese agriculture platform, inks 30-year lease for 60,000 feddans of land in White Nile State
El-Nahda for Integrated Solutions has signed an agreement with the White Nile Governorate for a 30-year lease on 60,000 feddans of land in Ed Dueim (150 kilometers south of Khartoum) on which it will build that nation’s first large-scale commercial rice farm.
El-Nahda for Integrated Solutions is fully-owned Portfolio Company of Wafra, Citadel Capital’s Platform Company in the Sudanese agriculture industry. The farm will produce rice primarily for domestic consumption in Sudan, a net importer of rice, allowing any excess to be exported to other nations in Africa and the Middle East.
“El-Nahda is just our latest venture in the Sudanese agriculture sector,” said Hisham El-Khazindar, Managing Director and Co-Founder of Citadel Capital, the leading private equity firm in the Middle East and Africa with US$ 8.3 billion in investments under control in 15 industries spanning 14 countries. “As the third Portfolio Company under Wafra, El-Nahda builds on our experience at SEAC and Sabina. Sabina is on track to have 3,000 feddans under cultivation by next June, while SEAC will be ready to seed 20,000 feddans by the onset of the rainy season in mid-2011.”
The Sudanese farm will grow high-quality long-grain rice, which El-Nahda will process at a new rice mill to be constructed on the site. The lease area is flooded for up to eight months per year by water held back by the Jebel Al-Awliaa Dam. Earthworks for the farm will include the construction in stages of a major levee bank to exclude the water, then regulate it back onto the property to grow the rice.
Wafra has hired industry expert Peter Draper, an Australian national, to serve as managing director of El-Nahda for Integrated Solutions. In addition to direct industry experience ? his farms in Australia received high yields awards ? Mr. Draper has worked extensively with the Australian Rice Growers’ Association and served for six years as the director for the Cooperative Research Centre for Sustainable Rice Production. He is also a past recipient of the Australian Nuffield Farming Scholarship, which he used to study cool season pulse crops suitable for rotation with rice.
Wafra is Citadel Capital’s Platform Company for the Sudanese agriculture industry and includes Portfolio Companies Sudanese Egyptian Agricultural Crops Company (SEAC, 250,000 feddans in southern Sudan), Sabina (254,000 feddans in northern Sudan) and Al-Nahda for Integrated Solutions, which is building Sudan’s first commercial rice farm.
Citadel Capital (CCAP.CA on the Egyptian Stock Exchange) is the leading private equity in the Middle East and Africa. Citadel Capital focuses on building regional platforms in select industries through acquisitions, turnarounds, and greenfields executed via Opportunity Specific Funds. Citadel Capital’s 19 OSFs now control Platform Companies with investments worth more than US$ 8.3 billion in 14 countries spanning 15 industries, including mining, cement, transportation, food and energy. Since 2004, the firm has generated more than US$ 2.5 billion in cash returns to its co-investors and shareholders (on investments of US$ 650 million), more than any other private equity firm in the region. Citadel Capital is the largest private equity firm in Africa by PE assets under management (2004-2009, as ranked by Private Equity International). For more information, please visit www.citadelcapital.com.
For more information, please contact:
Ms. Ghada Hammouda
Head of Corporate Communications,
Citadel Capital (S.A.E.)
g...@qalaaholdings.com (click to reveal this email)
Tel: +20 2 2791-4440 begin_of_the_skype_highlighting +20 2 2791-4440 end_of_the_skype_highlighting • Fax: +20 22 791-4448
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