Biggest farm in Romania taken over by Abu Dhabi-based group
Romania’s Competition Council approved the transaction through which Al Dahra Agriculture, a group from the United Arab Emirates (UAE), takes over local agricultural producer Agricost Braila.
Agricost, which operates the biggest crop farm in Romania, was founded by local entrepreneur Constantin Dulute. The company has a concession contract with the Romanian State until 2032 for some 56,000 hectares in Insula Mare a Brailei (south east Romania) - an “island” surrounded by the Danube river and which has the most fertile land in Romania.
The value of the transaction is some EUR 200-250 million, according to Dulute. He added that the deal only includes the business not the land, which belongs to the state.
The new owner plans to invest some EUR 500 million in this business in five years and will focus on sheep farming.
Al Dahra group is controlled by sheikh Hamdan Bin Zayed Al Nahyan, a member of the Emirati ruling family.
Romania Insider, July 2018
