Hassad Food 'Can Fulfill 60% Qatar's Food Demand'

Doha, June 09 (QNA) - Hassad Food Company (HFC) can fulfill around 60% of Qatar's total food requirement comprising meat, poultry, fish, grains, sugar, vegetables, fruits and processed foods, the chairman said here Sunday. Speaking to journalists at HFC headquarters in Doha, HFC Chairman Nasser Al Hajri said, "Our Company has expanded its global footprint over the last five years. We now have the capacity to provide for 60% of Qatar's food requirements." The chairman gave an overview of the company that was established here in 2008 with a mandate from the Government of Qatar to contribute to the country's food security programme. Also present at the media conference was HFC CEO Fahad Abdullah Turki Al Subaie who highlighted the company's recent overseas expansion and acquisitions. HFC is a wholly owned subsidiary of Qatar Holding which is one of the operating arms of the Qatar Investment Authority (QIA), the Sovereign Wealth Fund of Qatar with a mandate to run a profitable business with sustainable growth. HFC is focusing on three continents - Asia, Australia and Africa for supplies in five key areas - meat, fish, wheat, rice and sugar, he said. Citing figures, Al Hajri said, "We have the capacity of producing 100,000 sheep from our subsidiary farms in Australia, and around 260,000 tonnes of rice and 150,000 tonnes of other grains." Last week we received our first shipment of 28,620 tonnes of barely from Australia which meets 25% of Qatar's total barely requirement, he said. Regarding food grain infrastructure, Al Hajri said, "We are building facility in Qatar to store around 125,000 tonnes of food grain as well as building a central feedstock with a capacity to feed 80,000 sheep," and added, "We are also setting up a new complex of 270,000 tonnes capacity at Doha port." With such ambitions food security progamme, HFC has also received big boost from the State with the government increasing the food company's capital from $ 1 Billion to $3 Billion. Among its acquisitions, last month the HFC became only the second foreign company to buy a stake in an Indian rice company when it bought a majority stake in Bush Foods Overseas, a privately owned Indian basmati (aromatic) rice seller. "We will be producing our own brands called Dnat and Nathry for Qatar market next month. Dnat will be premium quality long grain rice," he said. Regarding acquisitions in Canada, from where HFC procures soya and corn, Al Hajri said, "We are focusing on Canada over the last two years. We are still exploring the market there." Among HFC indigenous development plans includes a hydroponics pilot project to produce vegetables and fruits in Shahaniya with a Spanish company. Hydroponics is cultivation of plants in nutrient solution rather than in soil. Replying to a Qatar News Agency (QNA) question on whether HFC invests in joint venture projects or companies overseas that produce genetically modified foods (GMo), Al Hajri said, "Yes, we do. All food grains produced in Latin America GMo." He said different countries have different approaches and cited examples of many countries in Europe as well as Australia that do not produce GMo foods. Replying to a question on providing food at subsidized prices to Qatar markets, he said "We will not subsidizes for Qatar, we will sell at market rates," and added, "Although we are concerned about food security, ultimately we have to do sound investments, and Qatar market is part of it, to develop a sustainably and profitably." Regarding HFC issuing an IPO in the share market, he said, "We have plans, but I don't have an answer as to when it will happen." (QNA)