EGYPT – Baladna Q.P.S.C., a Qatar-based company, engaged in dairy production, has inked a deal with the Egyptian state-owned authority, Suez Canal, in a development aimed at enhancing food security and agricultural self-sufficiency in Egypt.
The agreement was signed by Major General Wissam Al-Diasti, Advisor to the Chairman of the Authority, and Malcolm Jordan, CEO of Baladna, representing the company.
The cooperative agreement aimed to bolster dairy production and agriculture in Egypt, with a total investment volume of up to US$1.5 billion.
The deal outlined several key initiatives, including the development of a substantial cattle farm with an initial capacity of 20,000 dairy cows to produce an annual capacity of 300 million litres of fresh milk, which will significantly contribute to Egypt’s dairy production and food security.
Moreover, the project entailed the cultivation of an expansive 113,000-hectare area in the New Valley Governorate “El Wadi El Gedid” to meet the project’s requirements for feed and agricultural products, both for local consumption and export.
His Excellency Dr. Mostafa Madbouly, the Prime Minister of Egypt, commended the agreement, noting that it represents the culmination of extensive efforts to strengthen economic ties between Egypt and Qatar.
He emphasized the potential of the project to support food security, create job opportunities for Egyptian youth, and reduce external imports, saving foreign currency.
In addition, Dr Madbouly directed relevant ministries to expedite the necessary procedures to implement the memorandum, aligning with Egypt’s broader efforts to promote food industry localization, agricultural development, land reclamation, knowledge transfer, and technology adoption.
Ramez Al-Khayyat, Managing Director and Board Member of Baladna, also expressed his excitement about the partnership and emphasized their readiness to invest in the project, leveraging their world-class resources and expertise in dairy production.
“Our collective aim is to establish this new project as a fundamental pillar that significantly contributes to the growth of the agricultural sector and the enhancement of global food security,” he stated.
Lieutenant General Osama Rabie, Chairman of the Suez Canal Authority, also highlighted the authority’s role in diversifying income sources and utilizing surplus savings within the state’s general budget to enhance food security and achieve self-sufficiency.
“This partnership with Baladna represents a significant step in that direction.”
Malcolm Jordan, CEO of Baladna, expressed eagerness to collaborate with the Suez Canal Authority and thanked them for their constructive cooperation, which has paved the way for turning discussions into practical reality.
“This landmark agreement signifies a crucial step towards ensuring food security and self-sufficiency in Egypt while strengthening the economic ties between the two nations,” he added.
“It is expected to have a far-reaching impact on the agricultural sector and global food security, with Baladna and the Suez Canal Authority committed to achieving the project’s goals.”
