UAE-based group Phoenix to invest $205M in Africa and Asia, to expand its business
(Ecofin Agency) - Emirati group Phoenix has announced last Tuesday, an investment of $205 million to expand its business in Mozambique, Bénin, Côte d’Ivoire and India. The sum was secured from a consortium of banks led by the Standard Chartered Bank (Singapore).
“This is a facility tailored for rice trading with Africa, for value capture across the entire chain from primary domestic procurement in Asia to downstream import and wholesale distribution in Africa,” said Gaurav Dhawan, Chairman of Phoenix.
With this investment, the firm hopes to double its turnover, over the next three to five years, and be the world’s leading rice trading firm, in terms of volume, over the period.
Based in Dubai, Phoenix’s activities include production, supply, processing and wholesale and retail distribution. Currently, the group, with a capital of $2 billion, is among the world’s top 3 rice trading companies and it owns the Happy Family rice.