Invictus reveals $270m Africa investment plan

Invictus

• Abu Dhabi’s Invictus plans to invest AED1 billion in Africa
• Target markets include Morocco, Kenya, Alegria and Mozambique
• Its core focus is food trading and it wants to expand into processing

Invictus Investment Company has announced plans to expand into north and east Africa through acquisitions and joint ventures with local entities in the region. 

Invictus said in a filing to the Abu Dhabi Stock Exchange that it is planning to invest AED1 billion ($270 million) as it targets expansion in African markets. 

The company will focus on markets including Morocco, Algeria, Kenya, Tanzania and Mozambique.

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It said the decision to expand its operation is in line with its core competency in food and grains trading, but it also aims to diversify into logistics and food processing. 

In October, Invictus entered into a partnership with AD Ports Group’s Safeen Feeders to launch an international dry bulk shipping service with an initial investment commitment of approximately $126 million by both parties. 

The company is now focusing on building its presence by investing into food processing space in Africa to further strengthen its trading business and build access to consumers in the region.

CEO Amir Daoud Abdellatif said new partnerships and acquisitions will allow Invictus to expand across the value chain to also include final consumables such as flour, pasta, noodles, poultry and animal feed.

“In an increased globalised world, there is an immense need to continue to connect, and deliver food to ensure safety and security of a nation and its people. Central to our ambition is to ensure we diversify across products and markets,” he added.

“In each of these markets, we have identified leaders who can help us elevate our offerings while setting us on a growth trajectory.”

Last month, Invictus reported the completion of more than 1 million metric tonnes of agro-commodity exports to Egypt during 2023.

Invictus posted total revenue of AED2.3 billion in the first quarter of this year, up 31 percent year on year. 

African markets were a key growth area in the period, and revenues grew by 59 percent to AED1.7 billion.

The company aims to connect producers and consumers to deliver food grains, finished goods and other commodities with particular focus on Africa, the Middle East, and Asia.