The company aims to fill any possible insufficiency of grains, oilseeds, wheat amid threats of a global shortage.
Qatar’s Hassad Food plans to satisfy the local market needs for grains, oilseeds, and wheat as part of a newly announced strategic action plan to avoid any shortage in the global supply chain.
This comes in line with the local company’s investment strategy to achieve food security in Qatar and ensure quality production in the local market, Mohamed Al Sadah, Chief Executive Officer said.
Established in 2008, Hassad serves as the agricultural investment arm of Qatar’s sovereign wealth fund and plays an important role in crisis management and the field of scientific research and development.
It aims to support the needs of Qatar’s growing economy and the region’s food requirements.
The company’s rapid action plan includes investments in several international and local markets, including North America, South America, Turkey, Australia, and the Black Sea region.
“In 2020, Hassad acquired shares in Sunrise Foods International, the world’s leading organic grains and oilseeds processor and trader. Based in Canada, the company sources high-quality grains from an extensive network of producers and suppliers across the globe,” the CEO added.
“Sunrise operates facilities in the United States, Canada, and Turkey, its business spans from the Black Sea Region, across Europe to North America.”
This comes as the Russia-Ukraine war threatens wheat production worldwide, given that both countries account for a third of global wheat and barley exports. The potential shortage dominantly threatens countries in the Middle East, Asia and Africa, which heavily rely on European experts for food.
To avoid any disturbance in the local market, the CEO revealed that the company has an agreement with Sunrise Foods to provide any requirements of grains, oilseeds, and wheat on a priority basis.
In addition, over the past years, the Qatari-owned company signed several agreements and Memorandum of Understandings with a number of suppliers and global producers such as Glencore International and the Turkish Tiryaki Agro Group.
“Through our investment in Paraway Pastoral company in Australia, which is one of the largest agriculture property owners and operators in Australia, Hassad can also provide huge quantities of grains as and when needed,” he added.
In coordination with the Ministry of Commerce and Industry, the company has also developed strategic grain storage in the Al-Wukair area to ensure food security in the local market.
Currently, the facility includes 20 bunkers, divided between wheat, barley, and bran. The current total capacity amounts to 250,000 tons, but it is expected to rise to more than 300,000 tons of grain upon completion of the expansion.