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Louis Dreyfus to sell 45% stake to Abu Dhabi wealth fund

The development comes as the United Arab Emirates — a federation of seven desert sheikhdoms — seeks to improve its food security. Louis Dreyfus Company, a family-owned commodities trading giant, reached the deal to sell an indirect equity stake to Abu Dhabi's ADQ, one of the region's largest holding companies. Louis Dreyfus also said that it signed a long-term supply agreement with the state-owned company to send agricultural goods to the UAE.

PTI | Dubai | Updated: 11-11-2020 15:53 IST | Created: 11-11-2020 15:53 IST
Louis Dreyfus to sell 45% stake to Abu Dhabi wealth fund

One of the world's biggest grain exporting houses signed an agreement on Wednesday to sell a 45% stake to the Abu Dhabi sovereign wealth fund, both companies announced. The development comes as the United Arab Emirates — a federation of seven desert sheikhdoms — seeks to improve its food security.

Louis Dreyfus Company, a family-owned commodities trading giant, reached the deal to sell an indirect equity stake to Abu Dhabi's ADQ, one of the region's largest holding companies. Louis Dreyfus also said that it signed a long-term supply agreement with the state-owned company to send agricultural goods to the UAE. ADQ hailed the agreement as a “strategic” move for the UAE, which, with its desert soil and searing heat, imports some 90% of its food from abroad.

“Food and agriculture is an attractive, core sector for ADQ to generate financial returns,” said ADQ's chief executive, Mohamed Hassan Alsuwaidi. Louis Dreyfus “will further accelerate the progress we have already made this year in significantly expanding ADQ's food and agriculture portfolio," Alsuwaidi added.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


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