Muscat 25-10-2015: The Gulf Investment Corporation (GIC) has recently participated in the signing ceremony held in the Sultanate of Oman on Sunday to mark the establishment of the Gulf Japan Food Fund. The signing ceremony of the Fund, was attended by a group of major sponsors and investors, besides the GIC, including Mizuho Bank, Ltd. of Japan, a global financial institution with longstanding expertise in the area of investment management and extensive connections in the world-class Japanese food and agribusiness sectors, and the J.A. Group of companies, the largest agricultural cooperative conglomerate worldwide with a long established history in food production represented by their financial arm The Norinchukin Bank (NB). From the GCC, the State General Reserve Fund of the Sultanate of Oman and the Oman National Investment Development Corporation (Tanmiya) are key investors in the Fund. The ceremony was held under the auspices and presence of H.E. The Minister Commerce and Industry Dr. Ali Bin Masood Al-Sunaidy, it was also attended by H.E. The Minister of Agriculture and Fisheries Dr. Fuad Bin Jaafar Al-Sajwani, in addition to other important Omani related organizations, and distinguished investors from Japan with expertise and unique market presence in food and agribusiness.
Commenting on the event, the Chief Executive Officer of the GIC, Mr. Ibrahim Al-Qadhi, said: “The Gulf Japan Food Fund is a leading joint strategic initiative between GIC and Mizuho Bank, Ltd. of Japan. The Food Fund aims to assist in GCC’s food security plans and related logistics in this sector, reflecting its instrumental focus on fulfilling the commitment of the member states of the GCC towards ensuring food security in their countries, coordinating joint efforts between leading Japanese food and agribusiness companies and Gulf-based firms in assessing and implementing the needs of GCC food markets through a team of specialized professionals who will be managing the Fund’s operations in the region, providing needed expertise in this sector, in addition to managing related investments”.
The Fund, which is supported by the Japanese Government through Ministry of Foreign Trade and International Economic Development and shared equally between GCC and Japanese institutions, is expected to have total investment capital of USD 400 million. Among other goals and objectives, the Fund will aim to add value by endorsing and improving the GCC’s food security policies, the transfer of Japanese experience and know how in the food sector, the use of technology for optimal utilization of funds and other critical resources (such as water) in support of food investments in GCC countries, the development of long-term partnerships with leading Japanese firms and key regional investors, such as GIC, to provide opportunities along with innovative and global best practice by leaders in the food and agriculture sector, besides bringing in well-proven operational knowledge and expertise together with well-established business and trade relations.
The Gulf Investment Corporation, a leading financial and investment institution of the GCC countries, was established in 1983 for the support of the region’s economic cooperation and the development and promotion of its private sector and economic growth. The GCC’s six member states each owns an equal share in the GIC, which has successfully achieved significant accomplishments in various areas, such as infrastructure projects, and in economic activities including projects in, petrochemicals, steel, electric power, telecommunications and others.
For inquiries please call Qais Al-Shatti, Head of PR & Communication at 2222 5430.