Qatar-based Baladna has signed a memorandum of cooperation (MoC) with the Suez Canal Authority, aimed at enhancing collaboration in the field of food security.
The agreement covers the initial areas of cooperation for dairy production and manufacturing in Egypt, with an investment volume of up to $1.5 billion. It includes the development of a cattle farm with an initial capacity of 20,000 dairy cows, with an aim to produce an annual capacity of 300 million liters of fresh milk.
Furthermore, it outlines the cultivation of 113,000 hectares of land in the New Valley Governorate “El Wadi El Gedid”, to supply the necessary fodder and agricultural products to meet the project’s requirements, both for local use and export.
Following the memorandum’s signing, His Excellency Dr. Mostafa Madbouly, the Prime Minister of Egypt emphasized that the agreement signifies the culmination of extensive efforts to strengthen economic relations between Egypt and Qatar.
Dr. Madbouly highlighted the agreement’s potential in supporting food security through dairy products, generating job opportunities for the youth in Egypt, and reducing the cost of external imports using foreign currency.
Mr. Ramez Al-Khayyat, Managing Director and Board Member of Baladna, said that, “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. This challenge stands as one of the most vital issues confronting the world, prompting diverse nations and international organizations to adopt a range of measures to address it.”
From his side Lieutenant General Osama Rabie, Chairman of the Suez Canal Authority, emphasized that the Suez Canal is progressing towards diversifying its sources of income and utilizing its savings surplus within its allocated share in the state’s general budget by entering partnerships for large-scale projects that support the state’s efforts towards enhancing food security and achieving self-sufficiency.
Mr. Malcolm Jordan, CEO of Baladna, stated that, “We are eager to collaborate with the Suez Canal Authority on this promising project, as well as express our sincere gratitude for the Authority’s constructive cooperation, which has paved the way for us to turn these discussions into a tangible and practical reality.”