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ECDC + Hassan Allam Holding to develop 14.1k-feddan agricultural project: State-owned Egyptian Countryside Development Company (ECDC) inked an investment contract with Hassan Allam Holding that will see the latter’s newly-launched subsidiary Jinet Agriculture develop an integrated agricultural development project on 14.1k feddans in western Minya, according to a statement. The project will see a variety of crops cultivated to meet local market and export demand.
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What they said: Hassan Allam, CEO of the construction giant, noted in the press release that the project is “a strategic move that reflects our commitment to supporting sustainable development and enhancing food security.” He added that the initiative “confirms Jinet Agriculture’s commitment to adopting sustainable agricultural practices that contribute to preserving natural resources and enhancing economic and social development.”
We saw this coming: We first got word last October that Hassan Allam Holding was looking to step into the agricultural sector, with the company’s CEO telling Asharq Business at the time that “We are currently establishing a company for land reclamation and export, and contracting on a large piece of land, part of which will be dedicated to strategic crops.”
Background: The project is part of the ECDC-run 1.5 mn-feddan reclamation anddevelopmentinitiative, which involves tendering a vast expanse of land in the Western Desert to qualified investors and aims to increase the size of Egypt’s arable land by 20%.
Desert land reclamation is high on the government’s list: The cabinet late last year approved the creation of a desert land development chamber under the Federation of Egyptian Industries that will oversee activities on reclaimed land to boost agricultural productivity, promote sustainable land use, and support water management in these areas. The news comes as the state pursues a number of large reclamation projects, including the 1.5 mn-feddan project and its New Delta reclamation project.
Remember: ECDC inked an agreement with Nile Sugar in July to allocate 14k feddans to set up an integrated industrial-agricultural project for sugar production. Reclamation and cultivation of the new land is set to be completed within three years of the contract’s signing.
