Tanmia, Along with The State General Reserve Fund (SGRF) and other investors have signed an agreement to establish Gulf Japan Food Fund (GJFF) with a capital of $400 million, and it endeavors to invest at least 35% of its capital in Oman.
Japan has committed 50% of the fund’s capital. While Tanmia along with Oman’s largest sovereign fund (SGRF) and other investors will commit the remaining 50%.
The signing ceremony was held in Muscat under the auspices of H.E. Dr. Ali bin Massoud Al Sunaidi, Minister of Commerce and Industry. And was attended by H.E. George Hisaeda, Ambassador of Japan to the Sultanate of Oman, and number of Omani and Japanese prominent officials, executives and businessmen.
The key investors in the fund are SGRF, Mizuho Bank – the second largest bank in Japan, Oman National Investment Development Co (TANMIA) and Gulf Investment Corporation (GIC).
Sultanate’s new strategic partnership comes as part of its comprehensive investment strategy targeting various sectors such as logistics, health, food industry, mining, hospitality, and other sectors supports in creating a sustainable and diversified national economy.
The Gulf Japan Food Fund (GJFF) intends to address Oman’s and the region food security objectives while also deriving commercial benefit for its investors from opportunities in the food and agri-business sectors.
The Fund will aim to facilitate direct investment in the region by Japanese food and agribusiness companies with superior technology and know-how. It also aims at developing on a sustainable basis, the food and agribusiness sectors within Oman, and GCC countries. It will act as a platform to provide equity capital to businesses that strengthen the food and agribusiness value chain from Japan to the GCC.
The Fund is intending to make investments across the entire food and agri-business value chain including: agri-commodities (grains, feed), fresh products (vegetables, animal), milk and dairy products, logistics (transport, storage), processing (equipment, packaging) and technology & research.