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UAE’s Invictus buys 60% of Moroccan grain trader 

Graderco's annual grain business represents over 25% of Morocco’s imports Creative Commons
Graderco's annual grain business represents more than 25% of Morocco’s imports

Invictus Investment Company has acquired a 60 percent stake in Morocco’s largest grain trader, Graderco, and its subsidiaries from Zalar Holding. 

The deal will lead to 20 percent growth in consolidated revenues over the nine-month post-acquisition period, said the Abu Dhabi-listed company.

Invictus reported revenue of AED8.1 billion ($2.2 billion) and 5.4 million metric tonnes in commodity transaction volumes last year. 



The value of the deal with Zalar, which is based in Casablanca, was not given.

The acquisition is set to support Invictus’ long-term strategy to expand its geographic presence in key African markets, develop strategic partnerships and build operational capabilities in downstream segments.  

“Morocco is a strategic market for us, and this acquisition gives us a strong local presence,” said Amir Daoud Abdellatif, CEO of Invictus.

The company will continue to invest in downstream assets in the value chain in Morocco and beyond to enhance its supply chain capabilities, he added.

Graderco reported revenue of more than AED1.5 billion in 2023. It imports, stores and trades between 2.5 and 3 million metric tonnes of grain and grain derivatives for human and animal nutrition annually. This represents more than 25 percent of Morocco’s imports.

Last year Invictus expanded into Morocco and other markets including Tanzania, Mozambique, Turkey, Malawi, Burundi and Rwanda. It increased its commodity transaction volumes in two existing markets: Algeria and Egypt. 

Last month the company said it intends to invest AED1 billion through acquisitions and joint ventures in the north and east African markets.

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