DUBAI: A UK-based $800 million absolute return investment company, cru Investment Management, yesterday unveiled plans of offering its new Africa Agriculture Fund to the Middle East early next year. This move is in line with their bid to target the UAE and the region.
The fund will invest in commercial agriculture in Sub-Saharan Africa, with the aim of helping to alleviate poverty in the region, while not compromising on returns for investors.
cru, which has significant exposure in commercial agriculture in Malawi with over 2,500 hectares of land under its own control and another 4,000 hectares in outgrower schemes, said its fund would offer investors a unique opportunity to be part of a philanthropic gesture of helping vulnerable communities of Africa while earning excellent return of investment (ROI), in the range of 30 to 40 percent per annum.
On the decision to enter the UAE and the GCC region, Jon Maguire, chairman, cru Investment Management, said: “Securing long-term food supplies is a crucial challenge for the world in general but also very relevant to the Gulf in the wake of rising population and increasing food prices. Through the cru Fund we are opening a door of opportunity for the Arabs to partner with us in promoting agriculture in Africa which in turn will support and add value to the worldwide food security initiatives coupled with proven benefits of maximizing returns.”
“Most importantly, our decision to make the new fund Shariah-compliant will mean that Gulf investors, well known for their philanthropic initiatives world over, would be participating in community initiatives to generate employment for the poor in Africa and enable them to help themselves out of poverty,” he said.
