Skip to content Skip to Search
Skip navigation

UAE’s Invictus seeks takeover of Moroccan grain trader

Moroccan farmer Ahmed Al Amri inspects his crop. The government is encouraging imports as drought affects wheat production Michael Major/Crop Trust/Flickr
Moroccan farmer Ahmed Al Amri inspects his crop. The government is encouraging imports as drought affects wheat production
  • Wants 60% stake in Graderco
  • Plans expansion across Africa
  • Morocco offers subsidies for imports

Invictus Investment Company is planning to acquire a majority stake in one of the largest grain traders in Morocco as it seeks to expand operations across Africa.

The UAE commodities house, which is listed on the Abu Dhabi bourse, is aiming to buy a 60 percent stake in Graderco from Zalar Holding. 

The deal is under consideration by the Competition Council in Morocco. Invictus intends to invest AED1 billion ($270 million) through acquisitions and joint ventures in north and east African markets including Morocco, Algeria, Kenya, Tanzania and Mozambique. 

The UAE is the second-largest foreign investor in Morocco, accounting for $14 billion – more than 20 percent – of the total foreign capital stock in the kingdom.

The UAE and Morocco want to double bilateral trade and investment volumes over the next seven years.

The countries formed a taskforce last May to build on their AED3.6 billion ($991 million) non-oil foreign trade in 2022, which was up 16 percent from 2021 and more than two-thirds higher than 2020.

Based in Casablanca, Graderco imports more than two million tonnes of grains and other commodities and supplies major manufacturers in Morocco for both human and animal nutrition. 

The acquisition is still subject to Moroccan regulatory approvals, as well as approval of the boards of both Invictus and Zalar, a leading poultry group in the country.

In a filing to Abu Dhabi Stock Exchange Invictus CEO Amir Daoud Abdellatif described the deal as a “strong strategic fit for both companies”.

Blazer, Clothing, Coat Amir Daoud Abdellatif, CEO of Invictus, described the deal as a 'strong strategic fit for both companies'Invictus Investment Company
Amir Daoud Abdellatif, CEO of Invictus, described the deal as a ‘strong strategic fit for both companies’

Morocco plans to offer subsidies for companies that stock imported wheat as the country contends with drought-reduced local production.

Traders told Reuters last week that the storage subsidy represented a further incentive to import wheat as Morocco endures a persistent drought that has reduced planting for this year’s cereal harvest.

In November, Morocco’s National Professional Cereals Office said that the government will import up to 2.5 million tonnes of wheat during the first third of this year.

Agriculture contributes almost 15 percent to Morocco’s GDP, and combined with the fishing and forestry sectors employs about 45 percent of Morocco’s workforce, according to the International Trade Organisation.

The latest World Bank report predicted that Morocco’s real GDP growth would be 3.1 percent in 2024, 3.3 percent in 2025 and 3.5 percent in 2026, as domestic demand gradually recovers from recent shocks including an earthquake which devastated parts of the country.

Latest articles

Cigarette sellers in Aswan, Egypt. US company Philip Morris says it wants to give smokers in Egypt 'better options than cigarettes'

US cigarette giant buys slice of Egyptian rival

The American tobacco giant Philip Morris International (PMI) has acquired a minority stake in Egypt’s largest cigarette manufacturer. PMI, which owns brands such as Marlboro, L&M, Merit and Parliament and is the world’s top tobacco company by market value, has bought 14.7 percent of Egypt’s Eastern Company, which also includes cigars and pipe tobacco in […]

Visitors admire the House of the Blackheads in Riga, which Eagle Properties hope will be 'the new centre of Europe'

Abu Dhabi developer spots opportunity in Latvia

Abu Dhabi developer Eagle Hills Properties announced a €3 billion ($3.25 billion) investment in the Latvian capital city of Riga, as the UAE continues its investment drive into Europe. Eagle Hills’ Riga Waterfront, which was unveiled on Thursday, will ultimately encompass 8,000 luxury homes for 30,000 residents on a redeveloped site along 5 kilometres at […]

Mashreq has injected over $125 million so far into India, signalling its readiness to invest further

Mashreq explores presence in India’s new economic zone

UAE lender Mashreq is exploring setting up an office in India’s special economic zone, according to a media report. The bank is exploring opportunities beyond its current footprint, Tarek El Nahas, group head of international banking at Mashreq told Moneycontrol, an Indian financial news portal. The prospect of setting up a presence in the Gujarat […]

Passengers at Muscat International Airport. Oman plans for it to be joined by six more locations

Oman plans 6 new airports in tourism push

The majority of Oman’s six new airports are expected to be operational by 2028 and 2029, as part of the government’s initiative to promote tourism, a senior government official has said. Work is under way on designing the new projects, which will increase the number of airports to 13, Naif Al Abri, chairman of the Civil […]