Romania’s Competition Council approved the transaction through which Al Dahra Agriculture, a group from the United Arab Emirates (UAE), takes over local agricultural producer Agricost Braila.

Agricost, which operates the biggest grain farm in Romania, was founded by local entrepreneur Constantin Dulute. The company has the concession of 56,000 hectares of Insula Mare a Brailei, an island on the Danube that has the most fertile land in Romania, until 2032.

The value of the transaction is some EUR 200-250 million, Dulute told local Capital. He added that the deal only includes the business not the land, which belongs to the state.

The new owner plans to invest some EUR 500 million in this business, in five years, and will focus on growing sheep.

Al Dahra group is controlled by sheikh Hamdan Bin Zayed Al Nahyan, a member of the Emirati ruling family.

editor@romania-insider.com