GFH, ADIH and Ithmaar backed ‘Vision3’ signs MoU with Attijariwafa to create food and agriculture investment institution

Published June 15th, 2009 - 13:00 GMT

Vision3, conceived by Gulf Finance House, Abu Dhabi Investment House and Ithmaar Bank signed an MoU with Morocco’s largest bank, Attijariwafa, signaling their intention to establish AgriCap Invest, ِa specialized food and agriculture focused investment institution in the Kingdom of Morocco. The new firm will offer intelligent financial solutions to agricultural initiatives in the Kingdom of Morocco and across North and Sub-Saharan Africa, the Mediterranean and the broader MENA region.

The Kingdom of Morocco is endowed with a wealth of natural resources and a talented labor force that give it many comparative advantages in the agriculture sector when compared to most other countries in the Arab world. The firm was conceived in response to the huge commercial potential within the regional agriculture sector and will deploy the combined experience of both the Vision3 strategic alliance and Attijariwafa Bank. The joint venture initiative will offer a variety of tailored products and services encompassing advisory services, asset management, principal investment and equity underwriting and syndication, debt raising, mergers and acquisitions, investment structuring and broader project development. Furthermore, the creation of an agriculture themed investment firm will complement with His Majesty King Mohammed VI’s ‘Morocco 2020’ vision for a green Morocco and the promotion of the environment, ecology and agriculture.

Vision3 Chairman Esam Janahi commented on the agreement today saying, “We’re proud to be announcing an initiative that will deliver critical intellectual and financial resources to such an important economic and social sector. The current and future demands on the regional agriculture sector cannot be overstated. Growing populations, changing weather patterns and increasing demands on finite water resources mean that food and commodity prices are expected to increase over the coming years. Now more than ever, agricultural initiatives will need the support of specialist financial resources and, in close partnership with Attijariwafa, we plan to ensure that AgriCap Invest does precisely that.”