Angolan Business Group invests US$50 million in projects in Benguela and Huíla

24 October 2017

Angolan group Obvious – Sociedade de Estudo has partnered two other Angolan companies in to work in the areas of agribusiness in Benguela and in the processing of ornamental stone in Huíla.


The ObviousCatito consortium, made up of Obvious and Catito, will invest US$28 million in horticulture, fruit production, pasture and livestock production in Luvemba, in the Bailundo municipality of Huambo province, and in Canjala, a municipality in Lobito, in the province of Benguela.


Obvious also partnered Agro-Industrial Centro Sul de Angola (CAICSA) in the ObviousCaicsa consortium, which will invest US$22 million in the installation of an ornamental stone processing plant in the province of Huíla.


The start-up of the two projects, in an investment of US$ 50 million and which will create 2,000 jobs, was secured through contracts with the Technical Unit for Private Investment (UTIP) of Angola.


According to Portuguese news agency Lusa, tax benefits were granted to both investments, namely on the payment of Industrial, Capital and Property taxes. (macauhub)