Agro Corp To Launch Offshore Fund of $100 Mln, Sawiris Among Contributors

Khaled Saba, the chief executive officer of the newly-founded Agro Corp Private Equity said the company has launched an offshore fund to invest in the Egyptian market, particularly in the food sector.

“About $100 million will be collected for the first phase of the offshore fund starting from the beginning of October 2012 till March 2013.”  Saba added

Saba told Amwal Al Ghad that through the offshore fund, Agro Corp is targeting investing in sectors of food and manufacturing as well as agricultural industries.

“Collecting the amount of money for the new offshore fund will get through three phases. The second phase will be launched in the Gulf countries as the fund is also targeting investing in the food sector.”

Saba noted that the new offshore fund is owned by two Egyptian businessmen and one Gulf investor alongside the Egyptian Tycoon Naguib Sawiris.