Cairo-based Beltone Private Equity has joined hands with Kenana Sugar Company to set up a private equity fund aimed at investing up to $1 billion in large-scale agriculture projects in Sudan and Egypt.

The fund, Mahaseel Agriculture Investment Fund, will be managed by Beltone Agriculture, a joint venture between Beltone and Kenana, said a top official of Beltone PE, one of the fastest growing investment banks in the Middle East.

Hazem Barakat, CEO of Beltone Private Equity, said that Beltone would provide investment management, corporate finance and strategy capabilities for the fund, which will focus on investments in agriculture; the production and processing of crops and livestock in Sudan, as well as opportunities in food processing and agro-related businesses in Egypt.

Mohamed El Mardi, managing director of Kenana, said the company will support the venture through its extensive technical know-how and operational expertise in the agricultural sector and deep agricultural experience in Sudan.

He pointed out that agriculture played a vital role in the development of Sudan and Egypt and was a major source of income for both economies.

Aladdin Saba, CEO of Beltone Financial Holding stressed that the abundance of fertile land and water was proof of agricultural potentiality of Sudan.

Mahaseel, Saba said, would provide direct exposure to the agriculture and agribusiness sector by offering a compelling investment mandate that addresses the region’s food concerns.

It will also cover attractive green-field projects and private equity opportunities in the agriculture sector, agri-business and agro-related industries and services in Sudan and Egypt, he added.-TradeArabia News Service