United Arab Emirates-based Jenaan Investments announced it is exiting its Egyptian wheat investments in the remote area of East Oweinat.

 

In 2007 Jenaan acquired 167,000 acres in Egypt’s East Oweinat and the Minya governorate. Today the firm owns 40,000 acres in East Oweinat, but has cut its usage down to 2,000 acres as it proceeds with its exit and transfers its investment over to Egyptian investors. The firm had been leasing the land from the Egyptian government, but states that it will be completely out of East Oweinat by the end of this year.

 

"The infrastructure is poor and it is very far away from Cairo, it is 1,300 kilometres [sic] (807.78 miles), so management wise it is difficult," Chairman Mohamed al-Otaiba told Reuters, reports AgWeek.

 

Jenaan has decided to transfer its energies to investing in Egypt’s Upper Egyptian governorate of Minya for the production of olives and palm trees on 100,000 acres.