- By Lynda Kiernan-Stone, Global AgInvesting Media
Qatar’s Hassad Acquires 22.5 Pct Stake in World Largest Organic Grain and Oilseed Company
Hassad, a subsidiary of Qatar Investment Authority and the country’s top food investor, has acquired a 22.5 percent stake in Canada-based Sunshine Foods International, the largest organic grain and oilseed company in the world.
Concurrently, Hassad announced an agreement with Sunshine Foods’ owner Tiryaki Agro to provide the Qatari market with food grains to meet demand and to strengthen the country’s food security.
“We are delighted to enter into a long-term strategic partnership with Sunrise Foods,” said Mohamed Al-Sadah, CEO, Hassad.
Although advances in technology resulted in an increase in food production in the MENA region in the 1990s, the region is still expected to see a food deficit of between 50 million tons and 90 million tons by 2020.
In 2012, as much as 90 percent of Qatar’s food was sourced through imports, and with ongoing urbanization, rising population, and increasing affluence, Qatar’s food consumption is expected to reach 2.2 million metric tons this year.
This investment aligns with Hassad’s strategy to expand its international reach, and follows its plan to invest more in Turkey, among other regions, reflected in its announcement of intentions announced in June of last year to invest $500 million in Sudan’s agriculture and food sectors within the next three years.
Owned by Tiryaki Agro, Sunrise Foods International is headquartered in Saskatoon, Saskatchewan, Canada. The company sources high-quality grains, including 16 different cereal grains for milling, 16 different feed grains for livestock, six varieties of oilseeds, and 11 varieties of pulses such as lentils, and soybeans. Product lines also include finished products such as semolina flour, and pea protein, and soy and canola oil.
The company’s organic grain products are audited and assured along the entire supply chain from farm to end-user, and ships more than 500,000 metric tons of agri-food products nationally and internationally by rail, truck, vessel, barge, and container.