Latest news with #Angolans
CNN
31-03-2025
- Business
- CNN
This Angolan company is finding global buyers for its cassava and caterpillars
The mopane worm – colorful, hairy and nutritious – has many things going for it, but its name is not one of them. Native to woodlands in southern Africa, it is in fact a caterpillar that's widely eaten in rural areas; and being high in protein and low in fat, it is being pitched as a superfood to overseas markets. Based in the Angolan capital of Luanda, on Africa's southwest coast, FoodCare is a dried food manufacturer that processes and packages a range of 25 homegrown foods, including cassava, mushrooms, various fufu (pounded starchy meals) and mopane worms, exporting its products to Europe, North America and South Africa. The company, which started business in 2020, was founded by Marlene José, just before the Covid-19 pandemic. Despite a challenging first 18 months, it has grown to directly employ 28 people, six part time, and works with a network of suppliers across four northern provinces, Cuanza Norte, Bengo, Uíge and Malanje. José says cassava, rather than mopane worms, is FoodCare's biggest seller. A gluten-free alternative to wheat, rye and barley, cassava flour is a major growth business, with a global market valued at $34.3 billion in 2024 and projected to exceed $95.5 billion by 2034, according to one recent market insight report. She adds that FoodCare has the capacity to process 84 tons of cassava per month, but receives monthly international requests for 700 tons. The company exports 95% of its product, with the remaining 5% sold in Angola to primarily middle and upper-class customers, says José. But abroad it caters to a broader swathe of the African diaspora. The CEO says that FoodCare has made purposeful steps to make its products as attractive as possible, with distinctive branding and labels translated into four languages. Eventually, she hopes this will encourage more non-Africans to buy her products. 'Many African people think that other nationalities don't like our food. I think they just don't know the food because it's not well packaged,' she said. '(People) want to have the information: What's the benefit? What is it used for? If we don't put the product in presentable packaging with all this information, of course people won't try it,' she continued. 'Most of (Angola's) products are organic, 95% of agriculture is family (operated),' José added. 'We need to sell the country as a healthy food exporter.' Angola imports over half of its food and currently only 10% of arable land is cultivated. Seeking to diversify its economy and decrease its reliance on imports, the government is implementing plans to boost its agricultural sector. But with an economy heavily reliant on oil, dips in global oil prices are among the reasons why Angolans are 'living through a financial crisis as we have never seen before,' said José. In 2024, unemployment stood at over 32%, and much higher among those age 15 to 24 years old. Denise António, resident representative for the UN Development Programme in Angola, explained in an email that Angola's 27-year civil war, which ended in 2002, 'decimated the agricultural infrastructure.' 'Fortunately, revitalizing the agriculture sector is a priority for the country not only for the purpose of diversifying its economy and limiting its dependence on oil, but also a way for unlocking the potential for food security,' she added. For example, the government's National Plan to Promote Grain Production (PLANAGRíO) aims to double production of crops like wheat, rice, soybeans and maize by 2027. Per 2021 data, António says micro, small and medium enterprises accounted for more than 90% of business in the country. She added that, 'the biggest growth opportunities in Angola's agriculture sector lies in its ability for value addition of its raw material into higher-value goods that will create job opportunities by boosting production.' In Bengo, FoodCare is running a pilot program that has installed a solar-powered system allowing farmers to dry their cassava harvest on site. That reduces transportation weight, and therefore cost, in FoodCare's supply chain, while providing product quality assurance, says José. She says that in the long term, FoodCare is looking to farm cassava, not just process it, and the company is also entering the coffee business, with plans to 'reactivate' a network of family-run farms covering 5,000 hectares to grow the crop. But such expansion does not come cheap, and José says she is seeking investors. 'We are looking for $3 million (to invest FoodCare's operation), but we don't want to do it alone,' she said. 'We don't need only funding, we need a partner that will bring technology and support.' José also hopes for domestic policy reforms to make it easier to export goods. But rather than diverting food from the domestic market, she hopes expanding her company will provide more employment locally. 'FoodCare is not (just) a company looking to make profit; we want to also change the mindset in Angola about the quality of food that we eat,' José said. 'We (Angolans) still prefer what is imported. We need to value more what is being produced in our country as it is generating jobs and adding value to local products.'
CNN
31-03-2025
- Business
- CNN
This Angolan company is finding global buyers for its cassava and caterpillars
The mopane worm – colorful, hairy and nutritious – has many things going for it, but its name is not one of them. Native to woodlands in southern Africa, it is in fact a caterpillar that's widely eaten in rural areas; and being high in protein and low in fat, it is being pitched as a superfood to overseas markets. Based in the Angolan capital of Luanda, on Africa's southwest coast, FoodCare is a dried food manufacturer that processes and packages a range of 25 homegrown foods, including cassava, mushrooms, various fufu (pounded starchy meals) and mopane worms, exporting its products to Europe, North America and South Africa. The company, which started business in 2020, was founded by Marlene José, just before the Covid-19 pandemic. Despite a challenging first 18 months, it has grown to directly employ 28 people, six part time, and works with a network of suppliers across four northern provinces, Cuanza Norte, Bengo, Uíge and Malanje. José says cassava, rather than mopane worms, is FoodCare's biggest seller. A gluten-free alternative to wheat, rye and barley, cassava flour is a major growth business, with a global market valued at $34.3 billion in 2024 and projected to exceed $95.5 billion by 2034, according to one recent market insight report. She adds that FoodCare has the capacity to process 84 tons of cassava per month, but receives monthly international requests for 700 tons. The company exports 95% of its product, with the remaining 5% sold in Angola to primarily middle and upper-class customers, says José. But abroad it caters to a broader swathe of the African diaspora. The CEO says that FoodCare has made purposeful steps to make its products as attractive as possible, with distinctive branding and labels translated into four languages. Eventually, she hopes this will encourage more non-Africans to buy her products. 'Many African people think that other nationalities don't like our food. I think they just don't know the food because it's not well packaged,' she said. '(People) want to have the information: What's the benefit? What is it used for? If we don't put the product in presentable packaging with all this information, of course people won't try it,' she continued. 'Most of (Angola's) products are organic, 95% of agriculture is family (operated),' José added. 'We need to sell the country as a healthy food exporter.' Angola imports over half of its food and currently only 10% of arable land is cultivated. Seeking to diversify its economy and decrease its reliance on imports, the government is implementing plans to boost its agricultural sector. But with an economy heavily reliant on oil, dips in global oil prices are among the reasons why Angolans are 'living through a financial crisis as we have never seen before,' said José. In 2024, unemployment stood at over 32%, and much higher among those age 15 to 24 years old. Denise António, resident representative for the UN Development Programme in Angola, explained in an email that Angola's 27-year civil war, which ended in 2002, 'decimated the agricultural infrastructure.' 'Fortunately, revitalizing the agriculture sector is a priority for the country not only for the purpose of diversifying its economy and limiting its dependence on oil, but also a way for unlocking the potential for food security,' she added. For example, the government's National Plan to Promote Grain Production (PLANAGRíO) aims to double production of crops like wheat, rice, soybeans and maize by 2027. Per 2021 data, António says micro, small and medium enterprises accounted for more than 90% of business in the country. She added that, 'the biggest growth opportunities in Angola's agriculture sector lies in its ability for value addition of its raw material into higher-value goods that will create job opportunities by boosting production.' In Bengo, FoodCare is running a pilot program that has installed a solar-powered system allowing farmers to dry their cassava harvest on site. That reduces transportation weight, and therefore cost, in FoodCare's supply chain, while providing product quality assurance, says José. She says that in the long term, FoodCare is looking to farm cassava, not just process it, and the company is also entering the coffee business, with plans to 'reactivate' a network of family-run farms covering 5,000 hectares to grow the crop. But such expansion does not come cheap, and José says she is seeking investors. 'We are looking for $3 million (to invest FoodCare's operation), but we don't want to do it alone,' she said. 'We don't need only funding, we need a partner that will bring technology and support.' José also hopes for domestic policy reforms to make it easier to export goods. But rather than diverting food from the domestic market, she hopes expanding her company will provide more employment locally. 'FoodCare is not (just) a company looking to make profit; we want to also change the mindset in Angola about the quality of food that we eat,' José said. 'We (Angolans) still prefer what is imported. We need to value more what is being produced in our country as it is generating jobs and adding value to local products.'
The National
09-02-2025
- Business
- The National
Africa's property boom is a lure for UAE developers
Investments by UAE developers in Africa's property sector are expected to rise in the coming years as the continent's economy grows and its population surges, according to experts. Dubai-listed companies including Emaar Properties and Dubai Investments, as well as Abu Dhabi-based Aldar Properties, Eagle Hills, Modon Holding and Imkan, are among developers investing in commercial and residential projects across countries such as Egypt, Angola, Morocco and Ethiopia. Mulk International, a diversified business group in Sharjah with interests in real estate, manufacturing and health care, is also building a project in Zimbabwe. 'Africa as a continent has a huge amount of positive growth momentum at the moment,' Taimur Khan, head of research for the Middle East and Africa at JLL, tells The National. 'If you look at the next couple of decades, you are expecting some very, very strong growth in population numbers and growth in urbanisation across different countries.' Africa's population is forecast to reach nearly 2.5 billion by 2050 from about 1.46 billion in 2023, with Nigeria, Ethiopia and Egypt currently the most populous countries, according to Statista. The African Development Bank projects an annual economic growth rate of 4.3 per cent for the continent this year, up from 3.7 per cent last year. With that rapid urbanisation and population growth, the property market across countries in Africa is projected to grow on average 5.58 per cent annually from 2025 to 2029, resulting in a market volume of $21.92 trillion by 2029, Statista data shows. There are no 'quality assets within a number of key markets, whether you're looking at developing locations, such as Nigeria, even … Kenya,' and that presents a strong investment opportunity for UAE real estate companies to expand into Africa, Mr Khan says. One company that is rapidly growing in Africa is Dubai Investments, with projects in Angola, Egypt, Kenya and Morocco. The diversified investment holding company, in which sovereign wealth fund Investment Corporation of Dubai holds a stake, owns schools in Egypt, Kenya and Morocco. It is also building an integrated economic zone called Dubai Investments Park Angola near the country's capital Luanda, with commercial, residential, industrial and warehouse units covering 2,000 hectares. 'Africa has a great potential. So that's why we are [expanding there],' Khalid bin Kalban, vice chairman and chief executive of Dubai Investments, tells The National, adding that the company is also looking for more opportunities across the continent. 'Our approach is methodical, starting with one region, ensuring success, and then expanding strategically.' Construction on Dubai Investments Park Angola began in June and the project is expected to be completed in phases within the next 12 to 15 years. 'This [project] is going to be a job creator for many, many Angolans that will bring foreign investment into the country, that will bring expertise, technology know-how and machinery,' he says. The park, when complete, will have an investment of more than $500 million with logistics units for shipment of goods for many landlocked African countries. The Dubai-listed company also aims to develop other real estate projects, including residential and commercial towers and malls in Luanda, in partnership with the country's sovereign wealth fund. Angola has offered us 'a couple of [parcels of] lands in Angola for development. We are working with their sovereign fund entity to create a holding company to start developing', with support from banks and shareholders. 'Overall thinking is that the holding company will create SPVs [special purpose vehicles] for each and every plot, and then we'll start with the most promising one. Once we complete that and hopefully sell or rent, then, with the money which will be generated from project one, [we] will finance project two, and so on and so forth,' Mr bin Kalban says. The company also plans to launch an agriculture project in Angola and set up a pharmaceutical firm. However, it has not provided details on the size of investments in the new projects. Mulk International is developing a $500 million mixed use project in Zimbabwe, with residences and offices, as part of its Africa expansion plans. Zim Cyber City, funded through the company's own equity, as well as support from banks and local partners, is expected to be completed by 2029, with phase one work under way, Mulk International chairman Shaji Ul Mulk tells The National. The Zimbabwe government is offering various incentives and financial benefits to attract foreign direct investment into the country. "The whole project of five million square feet has been declared as a special economic free zone [by the government], with tax free facilities for the residents and end users," he says. The company, with an annual revenue of $1.5 billion, is in talks with the Ghana government about plans to start a similar project in the country. Egypt is a key destination for UAE investments in Africa, as ties grow between the two countries. Last year, Abu Dhabi's holding company ADQ announced it would invest $35 billion in Egypt. This includes acquiring the development rights for Ras El Hekma, a coastal region about 350km north-west of Cairo, for $24 billion. ADQ said it will also convert its $11 billion of deposits held with the Egyptian central bank to invest in 'prime projects' across Egypt to support the nation's economic growth and development. The deal was a significant boost to Cairo's efforts to address one of the worst foreign exchange crisis it has faced in decades. The International Monetary Fund also approved an $8 billion loan package for Egypt following the agreement to support its economy. In October, ADQ announced that it had appointed Modon as the master developer for the Ras Al Hekma megaproject. Covering more than 170 million square metres, the development is expected to attract additional foreign direct investment, boost trade, create jobs and support Egypt's private sector. It will include hotels, yacht marinas, hospitality and entertainment centres, as well as residential, commercial, retail and recreational spaces with global connectivity. Emaar, the biggest listed developer in Dubai, through its subsidiary Emaar Misr, is developing projects in Egypt including Marassi on the country's North Coast, Cairo Gate, Uptown Cairo, Soul, and Belle Vie, a 500-acre project in New Zayed near Cairo. The company aims to develop a portfolio of 10 hotels on Egypt's North Coast with an investment of 26.3 billion Egyptian pounds ($523 million), Mohamed Alabbar, founder of Emaar Properties, said in 2023. Aldar-backed Sixth of October for Development and Investment, better known as Sodic, is also developing projects in Egypt. In 2023, Sodic announced plans for the development of two luxury hotels, branded homes and the Nobu restaurant in West Cairo and on the North Coast. In 2021, Aldar and ADQ bought a stake of more than 85 per cent in Sodic to expand the Abu Dhabi-based developer's footprint in the North African country. 'Some of the largest Emirati investments in African real estate are happening in Egypt,' Albert Vidal Ribe, a research analyst at the International Institute for Strategic Studies, says. 'The devaluation of the Egyptian pound is making investments there more affordable.' The Arab world's third largest economy has devalued its currency four times since 2022 to support its economy after growth suffered in the wake of the coronavirus pandemic and Ukraine crisis. UAE investments are also continuing to rise in Morocco, with Modon, Emaar, Abu Dhabi's Imkan and Eagle Hills developing projects in the country. In December, Modon Holding opened a five-star hotel in Moroccan capital, Rabat, to be operated by Four Seasons, while Emaar has a project in Marrakesh, with a hotel, shopping centre and villas. Mr Alabbar's Eagle Hills also has projects in Morocco and a development planned in Ethiopia, according to its website. Companies including Dubai property developer Damac are also looking to expand to Africa. 'Damac is constantly looking at opportunities in new and emerging markets, including Africa,' says Mohammed Tahaineh, its general manager of projects. The recent signing of comprehensive economic partnership agreements with African countries including Kenya and Mauritius is expected to further boost investments in the continent. 'We will continue to see pretty strong inflows into the likes of Egypt, and a lot of these other markets, if you look at Morocco and in general, a number of different destinations where you can develop things, which the UAE companies are very good at developing [such as] residential communities, tourism complexes, where it appeals to everyone, from the average person to high-net-worth individuals,' Mr Khan adds.
