Qatar-based Hassad Food has initiated its investment in Australian agriculture with the purchase of the prized Kaladbro Estate in far western Victoria.
According to The Australian Financial Review, Hassad is backed by the Qatar Investment Authority, and chairman and managing director, Nasser Mohammed Fhaid Al Hajri said the group's investment in Australia will be for the long term as it seeks to produce livestock for overseas markets.
Kaladbro Estate is a 2630-hectare property 25 kilometres east of Mt Gambier – South Australia's largest regional livestock centre – and is close to Portland, making it an ideal base for Hassad to ship livestock to the Middle East.
Kaladbro, which has been in the Mackinnon family for 150 years, is worth about $25 million. The property has 7400 megalitres of water licences, 440 hectares of irrigation area as well as grain storage facilities.
During 18 months of drought late last decade, the property still managed to run about 60,000 sheep. Mr Al Hajri believes the demand for sheep meat will replace and replicate Australia's wool boom story.
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