The Qatar backed agricultural land and food producing company Hassad has defended its financial record in Australia following a report which showed its property company had never made a profit.
Karuturi Global Ltd., one of the largest investors in Ethiopia’s farm industry, is challenging the termination of its project, claiming the government broke the terms of its agreement with the company.
Exacerbated by the pursuit for higher profits, capital preservation and food security, the oil rich region has over the years witnessed increasing demand for agricultural investments
"We are not closing the book on farmlands, but for the time being we are focusing on other layers of the chain," says vice president for business development at Hassad Food.
Some liken farmland investment to real estate and infrastructure 20 years ago.
A senior official of the Brazilian embassy in Doha says Qatar Investment Authority, specifically Hassad Foods, has expressed interest in acquiring land in Brazil.
Over the past few years Hassad Australia has amassed a property portfolio of 14 major wheat and sheep farms or clusters of properties across four states, covering 287,000ha.
In four years, Hassad Foods has accumulated 255,000 hectares of agricultural land with the aim of producing 165,000 tonnes of grain and 100,000 lambs annually.
Hassad Food Co., the agricultural investment arm of Qatar’s sovereign wealth fund, plans to invest $500 million in India after buying Bush Foods Overseas Ltd.
Hassad Australia chief executive Tom McKeon said the company employed people from local communities, supported local businesses and paid tax. The company owns 11 farms over 250,000ha in Australia, including three in WA.
Hassad Food Co, the agricultural investment arm of Qatar’s sovereign wealth fund, has bought a majority stake in an Indian basmati rice company for more than $100m, it was reported on Wednesday.
Qatar has plans to expand its food security options in Pakistan and the state-owned corporation, Hassad Food, has opened an office in Lahore, Pakistan’s ambassador Mohamed Sarfraz A Khanzada told Gulf Times in an exclusive interview.
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