Qatar Exchange | Baladna | Baladna signs an agreement

Baladna announces it has signed agreement Baladna Q.P.S.C. announced the signing of the final agreement between the Algerian Ministry of Agriculture and Baladna Algeria to launch an integrated project for cow farming and milk powder production in the Republic of AlgeriaBaladna Algeria, 51% owned by Baladna Trading and Investment L.L.C., a subsidiary of Baladna Q.P.S.C., signed today the definitive agreement to implement the integrated project for powdered milk production in southern Algeria, which is considered one of the largest agricultural projects in the world, with an investment of $3.5 billion.The definitive agreement was signed by the Chairman of the Board of Directors of Baladna Algeria, Mr. Ali Al-Ali and the General Director of Agricultural Investment and Land at the Ministry of Agriculture, Rural Development and Fisheries, Mrs. Souad Assous, in the presence of officials from the Ministry and the Director General of the National Investment Fund of Algeria. An off-take agreement was concomitantly signed for the purchase of the powdered milk produced by the project between Baladna Algeria and the National Office for Milk and its Derivatives.It was signed by the Chairman of the Board of Directors of Baladna Algeria and the Director General of the National Office for Milk and its Derivatives.The project will be established on an area of 117,000 hectares, and will include farms for crops production, cow breeding facilities and production of milk and red meat, and a factory for powdered milk production.The project aims to locally produce 50% of the national market's demand for powdered milk in pursuit of self-sufficiency, in addition to supplying the local market with red meat, creating job opportunities, and contributing to increasing the number of cattle heads. The project has already commenced on the ground in Adrar province South of Algeria with the implementation of exploratory wells as well as completion of studies related to land reclamation.