British International Investment commits $50 million to support food availability in Sudan

  • Investment is provided through Invictus Trading to support regular wheat supply to DAL Group, one of the largest conglomerates and the leading food and agriculture business in Sudan.
  • The commitment will allow Invictus Trading to supply 280,000MT of wheat annually, providing crucial food supply to millions of the urban population in Sudan.
  • The deal will be the first investment by British International Investment to directly benefit the people of Sudan.

United Arab Emirates, 21 February 2023 – British International Investment (BII), the UK’s Development Finance Institution (DFI) and impact investor, has announced a $50 million investment to Invictus Trading, a division of Invictus Investment and a key partner handling the import activity for the DAL Group. The investment will support the supply of staple foods during times of uncertain global markets, supply chain disruptions, and climate change, contributing to unprecedented challenges for food security in Sudan.

Invictus Trading, a subsidiary of Invictus Investment – a publicly listed company in Abu Dhabi (ADX: INVICTUS) – connects producers and consumers to deliver essential food grains, finished goods and other commodities. Invictus Investment operates in over 70 countries with a particular focus on Africa, Middle East, and Asia. DAL Group and Invictus Investment have a long-standing partnership, including the supply of key commodities in staple foods such as wheat, aimed at bettering the lives of people in Sudan. This investment from BII represents further support for Invictus’ growing working capital requirements as it continues to build its business and diversifies its funding sources.

Macroeconomic challenges, conflict, higher international sourcing costs, alongside recent climate-related events such as severe drought and flooding have led to food shortages in Sudan and the region. The Humanitarian Response Plan for 2023 estimates that up to a third of the Sudanese population – approximately 11.7 million people – will be food insecure in 2023.

The funding will provide the necessary long-term working capital required to supply wheat and boost the availability of flour to thousands of bakeries, retail outlets and businesses, enabling the consistent flow of staple food products for millions of Sudanese people. This investment will enable financing of 280,000MT of wheat annually for vital food products each year. This is the equivalent of over 20 billion pieces of bread for people in Sudan.

 

This investment in a locally owned African business reflects BII’s aim to support local companies that are contributing to economic development. Head of Corporate Debt at BII, Richard Palmer said: “We are delighted to be able to support Invictus Trading and DAL Group, a unique business working to improve the supply of staple foods to the people of Sudan as the climate crisis and the war in Ukraine continue to constrain economic growth and disrupt supply chains.”

 Osama Daoud Abdellatif, Chairman of Invictus Investment Company PLC & Chairman of DAL Group said: “This investment is crucial to supporting sustainable food supply. This investment by BII reiterates our decades long work in advancing the agenda of food safety for the people of Sudan to create a real and lasting positive impact in the communities we operate in.”

 The investment contributes to the United Nations Sustainable Development Goal 2 – Zero hunger.