Emirati agribusiness Al Dahra is in talks to acquire more agricultural land in Egypt, two sources with direct knowledge of the matter said, in a deal that could reduce Cairo's dependence on imports of staple crops but also reignite water use concerns.
The sources did not say how close a deal might be, but the investment could potentially involve hundreds of millions of badly-needed dollars to reclaim desert and grow key crops such as wheat and corn.
Egypt, a top importer of basic commodities, has been trying to reduce its import bill as it grapples with a foreign currency shortage that caused it to defer Al Dahra told Reuters in a statement that it works closely with stakeholders to look for opportunities to expand in a sustainable way. Al Dahra acquired about 100,000 feddans, but the mega-project stalled despite huge government investments and amid cricitism by environmentalists over its use of water.
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