• Cropping


  • Hamour


  • Hamour Fingerlings

    Hamour Fingerlings

  • Abalone in Trays for Growout

    Abalone in Trays for Growout

  • Fresh Hamour in Fish Market

    Fresh Hamour in Fish Market

  • Farmed Abalone

    Farmed Abalone

  • Oman Lobster

    Oman Lobster

  • Dairy Cows

    Dairy Cows

  • Awassi Sheep

    Awassi Sheep

  • Dairy Processing Facilities for Milk & Cheese

    Dairy Processing Facilities for Milk & Cheese

  • Dairy Processing Facilities for Milk & Cheese

    Dairy Processing Facilities for Milk & Cheese

  • Dairy Processing Facilities for Milk & Cheese

    Dairy Processing Facilities for Milk & Cheese

  • Dairy Processing Facilities for Milk & Cheese

    Dairy Processing Facilities for Milk & Cheese

Who We Are
Food security is an increasingly high profile issue globally. Africa, with its fast growing populations is in need of much improved efficiency of food production but also has the potential to make this commercially viable, becoming a significant exporter of food into water-starved regions such as the GCC. The GCC itself needs to invest in Food production solutions within the Gulf and internationally.

In order to develop projects efficiently, international expertise needs to combine with local governments, landowners, the work force at large, and with finance. Adam and its team, with its very strong contacts at a Government level in Africa and the Gulf and throughout the business and financial community in both regions is uniquely placed to construct a development and investment vehicle to bring solutions to this need for increased food production.

Bruce Shallard & Associates (BSA) brings the technical and development expertise and experience in the primary production sectors through Consortium partners, to complement Adam in a consortium to develop Adam Food Company (AFC).

We are Present in Africa & the Middle East


  • In 2013, the World Bank estimated an African Agribusiness market size of US$313 Billion with the potential to grow to US$1 Trillion by 2030.
  • Strong fundamental growth drivers (ever-increasing stability, urbanization, economic development, middle class)
  • Number of feasible business cases and projects increasing in contrast to years and decades prior.
  • Company will seek to develop and/or invest in Projects in the Agriculture and Aquaculture space from production through to various stages of the value chain.
  • Geographic scope will include targeted countries across Sub Saharan Africa as well as in the GCC.
  • company will invest seed capital in the early stage project development phase which will assist in ‘de-risking’ projects where relatively large capital outlays will need to be raised’.
  • ADAM Food will aim to achieve a floor of 20% IRR for each of the targeted portfolio projects.
  • Portfolio projects and companies will be selected with the shareholders’ interest at the forefront and will seek to return robust dividends annually.
  • Investment projects will be selected in which a clear exit strategy is defined from the outset.

Fundamental Growth Drivers

  • Urban population to increase by US$400 Million by 2030
  • 65 cities with populations greater than 1 million
  • Urban GDP per Capita is six times higher than rural GDP per Capita
  • By 2020, half of African households with have discretionary income
  • Over the next 10 years, Africa’s working age population will grow by 2.3% pper annum, surpassing that of China by 2040
  • Projected average of 5.2% per annum of GDP growth until 2020
  • FDI of US$43 Billion in 2013

World-Africa Development and Investment Activity

  • In 2012, President Obama announced a $3 billion effort, to be pledged by seed, chemical, and equipment companies from across the globe, towards African agriculture projects and products in an effort to help farmers in the developing world build local markets and improve productivity.
  • Big players such as DuPont, Monsanto, and Cargill will join companies from India, Israel, Switzerland, Norway, the UK plus 20 companies from Africa.
  • DuPont – Plans to spend more than $3MM over the next three years focused on Ethiopia, where the company is investing in seed production and storage facilities. It is also developing weed control for wheat farmers there, and creating a soil information system to address soil limitations and boost crop yields.
  • Monsanto – Plans to deploy ~$50 million over the next 10 years in several African countries. In Tanzania, they plan on developing corn that uses water more efficiently and support for a development of a network of agro-dealers
  • AGCO – A U.S.-based farm equipment company, plans to invest $100MM over the next three years to improve farm operations in Ethiopia, Ghana, Kenya, and other African countries.
  • Yara International (Norway) – Planning a $2 billion fertilizer production facility in Africa and is spending $20MM to build a port in Tanzania that will help expand its fertilizer delivery network throughout southern Africa.
  • Syngenta AG (CH) – plans to invest more than $500MM in Africa while building a $1 billion business in the continent.
  • There are a number of funds focused on raising capital for agriculture and agribusiness in Africa as well as further evidence bolstering the thesis which can be found in Appendix I.

GCC-Africa Development and Investment Activity

  • In 2009, the Jenat consortium of Saudi agricultural firms announced plans for a $40m investment in food production in Sudan and Ethiopia.
  • Hadco, is reported to have acquired 25,000 hectares of Sudanese cropland. In 2012, Sheikh Mohammed al-Amoudi’s Saudi Star group launched a programme to develop 500,000 hectares of land in Ethiopia, and a small area of this is already in production.
  • Governments have also been important actors in this process where Qatar agreed a deal to take over large tracts of the Tana River delta in Kenya, originally in return for building a new port at Lamu (however, now being built by the Chinese)
  • The Abu Dhabi Fund for Development is said to be funding a 28,000-hectare project in Sudan to grow alfalfa, maize, beans and potatoes for export to the UAE.
  • In 2011, Saudi-based Menafea Holdings revealed plans to invest $125m in a new pineapple farm and processing plant in Zambia.
  • In 2012, KSA’s Agriculture Minister, Fahd Balghunaim, announced that the task of agricultural investment abroad would be transferred to the state’s King Abdullah Initiative for Saudi Agricultural Investment Abroad (KAISAIA) offshoot, the Saudi Company for Agricultural Investment and Animal Production (SCAIAP). The firm has capital of SR3bn ($800m), although it is not thought to have disbursed funds yet.

Strategic Vision for ADAM Food Co

To be a leading Agriculture and Aquaculture Development Company across Africa and the GCC

Experienced team and valued partner

  • Existing strategic relationships in Governments, SWF’s, and parastatal agencies
  • A consortium of experts experienced in developing and implementing projects across a range of primary sector industries and geographies.

Diverse performance-based returns strategy

  • Management fees
  • 3rd party capital raising success fees
  • Dividends
  • Equity appreciation
Vision and Company Structure

Adam Food has a very experienced Board to provide strong governance in this specialised area. The Chief Executive is likewise an experienced professional with experience in aquaculture and agriculture particularly in the Middle East. The General Managers and Managers making up the company management team have many years’ experience in the primary sector in the Middle East and Africa. The company operates in a flexible manner with a mixture of permanent management staff and long term consultants providing particular technical expertise. This is coupled with in depth economic and marketing analysis experience coupled international with marketing experience

Adam Food Relationships
The company has strategic relationships with major parastatal, NGO and Not for Profit organisations and will develop more specific relationships with organisations such as
  • International Finance Corporation
  • Food and Agriculture Organisation of the United Nations
  • African Development Bank
  • Islamic Development Bank
  • Saudi Fund for Development
  • Kuwait Fund for Development
  • The Gates Foundation
  • Abu Dhabi Council
  • Abu Dhabi Investment Authority
  • Kuwait Investment Authority
  • Qatar Investment Authority
  • Sanabil/SAMA
Sample AFC Development Portfolio Countries
The focus is on developing and/or investing in commercially viable agricultural and aquaculture projects across Sub Saharan Africa and the GCC.

The company has an extensive list of development projects (shaded in green on the map) with the initial focus being on:

* Oman * UAE * Namibia * Tanzania * Maldives * Kuwait

Our work in the aforementioned countries is based on project development already undertaken or currently underway by the development team in Oman, UAE, Maldives and Kuwait. In addition, team members have experience in-country in the fisheries and red meat sectors in Namibia and extensive knowledge of aquaculture potential in Tanzania from a full coastal aquaculture survey undertaken by team members.

In the medium term, AFC will investigate a number of other African countries (shaded in light green on map) including:

* Kenya * Mozambique * Ethiopia * Zimbabwe

Indicative Aquaculture Portfolio Projects

Aquaculture Portfolio

  • 8 development Projects have been preliminarily targeted for the Aquaculture Portfolio in a number of countries such as Oman, UAE, Namibia, Tanzania, Maldives, and Kuwait
  • These Projects range in size from between 1250 – 2500 tonnes per annum (tpa) of fish and shellfish product
  • Approximately $700 million in capital expenditures outlay over 7 years
  • Of these projects, there is a potential $1.7 billion in revenue and growing to a steady state gross margin exceeding ~40%.
Indicative Agriculture Portfolio Projects
  • 5 development projects have been preliminarily targeted for the Agriculture Portfolio
  • From the portfolio of projects that are available to the company, five development projects have been targeted in the Agriculture Portfolio
    1. Fresh Produce – Omani farm development and distribution throughout the GCC
    2. Dairying – Omani development of a comprehensive dairying business with associated processing plant for downstream products
    3. Sheep Farming – Omani development of red meat products
    4. Poultry Farming – Benin egg and poultry production expansion of an existing farm with a view to expanding exports throughout West Africa and beyond
    5. Sheep Farming – Namibian operation to develop red meat products
  • Pre-feasibility and subsequent feasibility studies will be undertaken in order to determine if the aforementioned Projects are commercially viable.
  • Progression of the studies will enable AFC to determine indicative revenues and returns for investors at a more detailed level.
Sample AFC Investment Target Projects
the company seeks to identify investment opportunities from production through various stages to final point of sale:

  • Supply chain
  • Processing
  • Storage
  • Transportation
  • Trading (potential)
  • Retail (potential)

The company invests in businesses that can either be exited – my fault! profitably following successful establishment and those that are held as business providing long term cash flow generation.

Economic Enhancement
AFC expects all its projects to deliver economic enhancement to the country it is working in. The following diagram demonstrates this for a large scale aquaculture project.
Development Team

Bruce Shallard is the CEO of Adam Food

Bruce is Director of Bruce Shallard & Associates, a Wellington New Zealand based consultancy. Bruce has provided specialist fisheries management advice internationally since 1995. Bruce is an experienced exporter of consultancy services and has experience managing large projects in many countries but has concentrated in recent years in the Middle East region on providing high quality independent advice in the UAE, Iran, and in Oman where his consulting business delivered a USD 7 million resource assessment project and in Yemen undertaking a USD 2 million restructure of the Fisheries Ministry.

Bruce’s relevant experience includes:

  • Developed proposals to Environment Abu Dhabi as part of Government agreements to review the fisheries sector of Abu Dhabi.
  • Participated in Government discussions between Qatar and New Zealand on private sector involvement in food security needs of Qatar and agricultural and fisheries sector planning.
  • Contracted by the Abu Dhabi Food Control Authority to develop a policy Framework for agriculture for  the Authority, in conjunction with Deloitte NZ.
  • Led the development of a provisional aquaculture license application, feasibility study, business plan and investment memorandum for a large aquaculture venture in Oman.
  • Shallard brings a consortium of primary sector experts to the Company.
  • Shallard has a degree in geography and economics and a post graduate diploma in management from Harvard University.

Bruce Shallard

Director of Bruce Shallard & Associates

BS&A draws from a wide range of specialist organisations to provide experienced personnel for both aquaculture and agriculture projects

  • Bruce Shallard & Associates

  • Bruce Shallard and Associates are internationally experienced Aquaculture and Fisheries development consultants and developers with experience in leading large projects through to operational status
  • They provide services relating to: Aquaculture and Fisheries Policy, Business Development, high quality aquaculture and fisheries delivery services internationally – particularly to Oman and the Middle East.
  • NIWA and Tisbe

  • NIWA is the New Zealand leader in Aquatic resources and environments and Aquaculture and has developed a number of aquaculture specific tools and resources which we will draw from for this project. The National Institute for Water and Atmospheric Research (NIWA) brings world class aquaculture research experience in NZ and internationally
  • NIWA have world class aquaculture facilities and staff at several locations around New Zealand. We have extensive knowledge and practical experience of scientific issues and the broader planning issues relating to marine farming. We help businesses ranging from small farms in sheltered coastal waters through to large, offshore proposals.
  • These roles, will be led by Dr Philip Heath Director of Tisbe Aquaculture and Environmental Consulting in association with NIWA specialists
  • ABT Consulting – Technical designers

  • ABT Consulting provides holistic solutions and services to Aquaculture and Seafood projects, specifically for Asia, Middle East and Africa.
  • ABT represents a consortium of consultants and professionals who have provided expertise in techno-management consultancy services for Aquaculture & Seafood Projects, internationally in establishing new Greenfield ventures, site Evaluation, Site surveys, EBS, EES, EIA & Bio-programming, feasibility Studies and due diligence, project Integration & Management, comprehensive Technology Management, development of Infrastructure & attendant facilities, engineering Solutions, RAS & Bio-Systems, processing & production management and consulting services for Facility Certification and accreditation
  • Jasper Consult – Investment advisors

  • Jasper Consult provides its clients and partners with high quality and practical financial advisory, strategic and operational consulting support. Jasper has extensive experience of setting up and supporting new ventures across a range of emerging and developing markets in a broad range of sectors. Key to success in this is the development of financial structures acceptable to project finance investors and lenders including Sovereign wealth funds and parastatal lending
  • Their focus is to undertake assignments targeted at the Natural Resources Sector, specifically Food and Agriculture, Mining and Minerals, and Clean Technology.
  • Deloitte New Zealand

  • Deloitte New Zealand is eminent in New Zealand and international primary sector economic development such as Fisheries and Aquaculture
  • Deloitte New Zealand has strong experience in Aquaculture and Fisheries specific feasibility studies, project management, implementation plans, and policy development.
  • Full range of business development and operations for start up and developing business available through Deloitte Middle East

  • Source World

  • Source World Limited specialises in international farm project feasibility, development and management of intensive dairy, beef, sheep and grain operations. Their expertise covers the full spectrum of business development starting from the planning process through the end goal of milk, meat, crops and value added processing. Source World™ can also assist in procurement of livestock, feed and other agricultural products from New Zealand, Australia, North America, Europe and Asia.
  • The team combines hands-on practical agricultural and business expertise with global experience in intensive beef feedlot, confinement dairy, pastoral and crop production farming systems giving Source World™ the ability to develop and implement modern and profitable farming practices for our global client base.
  • Thermaflo

  • Thermaflo (Process Solutions Group) brings over thirty years’ experience developing total food processing and industrial process solutions to clients around the world. These solutions capture both the immediate requirements of our clients as well as medium and longer term requirements.
  • Thermaflo have an innovative design team with many years of practical experience available to you. This team offers consultancy services based on their broad knowledge and experience. The team offers services such as business plan development, process flow path drawings, site drawing, project management and technical expertise to successfully implement all stages of your project.
  • As food process engineers, Thermaflo specializes in the design of process plants and buildings as well as the storage and distribution facilities. As part of the total solution, Thermaflo also carries out the installation and the commissioning of the equipment including the necessary services such as boilers, water / glycol chilling systems, air conditioning and factory ventilation to ensure quality is maintained throughout.
  • Craigmore Farming

  • Craigmore Farming are specialist farm managers in New Zealand. Craigmore’s horticultural businesses is operated under the Coxco brand and includes squash and blackcurrant production. CEO Mark Cox built the Coxco Group of farming companies into a vertically integrated vegetable producing business and a major supplier of produce to Japan and other Asian markets over 16 years from 1996. Coxco now achieves NZD $12 million turnover, and is now in the Craigmore family.

Adam Food Company through BS&A brings from the organisations associated with BS&A a wide range of skilled professional consultants who have experience in aquaculture, agriculture and large scale project planning in both these sectors. The following experts associated with BS&A are multi-faceted in their activities, spanning both large scale project management and expertise in a number of the specific areas of agriculture and fisheries.

Project Planning Expertise

Andrew Gibbs – Partner – Deloitte NZ

  • Andrew has a very deep knowledge of the primary sector, in New Zealand and internationally. He has successfully led projects for numerous Government organisations, large corporations and small to medium enterprises where new systems and processes have been introduced.
  • Andrew also has a wide experience in investigation, project management and advisory work performed in connection with outsourcing, feasibility studies, business change, improvement and planning in the public and leads a multi disciplined team that has as one of its focuses – the agri-business and fisheries sectors.

Alyce Butler – Senior Management Consultant – Deloitte NZ

  • Alyce has a deep understanding in developing primary sector feasibility studies and implementation plans.
  • She has been the Manager responsible for a number of projects in the primary sector (in New Zealand and internationally). These focus on establishing best practice – and include a number of business cases, feasibility studies and implementation plans.

Jason Peers – Director – Jasper Consult DMCC

  • Jason is the founder of Jasper Capital Limited, an Investment & Merchant Banking boutique specialized in the Middle East and Africa. He has advised prestigious clients such as the United Kingdom Government, the Chartered Institute for Securities & Investment, several Gulf based financial institutions and many leading United Kingdom and Gulf based companies.
  • He has a strong track record in origination and execution of major investment and corporate banking transactions for emerging markets, with a clear focus on the Middle East.

Matt Wolf – Corporate Finance Associate – Jasper Consult DMCC

  • Matt is an Associate in the Corporate Financial Advisory, Research and Consulting units of Jasper Consult DMCC.
  • He has worked closely with Bruce Shallard in the development of the Abalone and Hamour Aquaculture Project specifically with regards to financial modeling, deal structuring, presentations, and general pre-operations activities.

Aquaculture Expertise

Phil Heath – Lead – Science

  • Sustainable Aquaculture Development: program leader for FRST funded Sustainable aquaculture program incorporating hydrodynamic modelling, benthic impact analysis and modelling and mitigation technologies for finfish farming in New Zealand.
  • Recirculation system design: Assessment of the key biological parameters related to the design of recirculation systems for abalone. Provided designs for commercial abalone recirculation systems based on the water quality requirements and metabolic waste production from the stock including New Zealand’s largest abalone farm OceaNZ Blue Paua Ltd, and also Eastland Aquaculture (NZ), and Awabi Teo (Ireland).
  • Accessible Aquaculture. Development of polyculture systems (FRST funded) Development of low cost integrated seaweed and paua farming technologies that are accessible to Maori. Hongoeka, Maori Land Development Trust Limited.
  • Paua. Science leader for paua aquaculture development programs (FRST, Capability fund and Commercial)

Graeme Moss – Abalone Scientist

  • Graeme is a senior researcher at NIWA with over 25 years’ experience in abalone culture techniques. He led the team that developed hatchery cultivation techniques for New Zealand’s native abalone species and currently leading the abalone selective breeding project at NIWA. Graeme’s expertise in invertebrate hatchery development is internationally recognized and he has undertaken consultancy in New Zealand , Australia, Norway and the USA.
  • Since its inception, Graeme has been at the forefront of abalone Industry development in New Zealand and has worked closely with the key industry partners to establish and lead research programs that have resolved many of the technical hurdles relating to onshore abalone cultivation.
  • Graeme also has a strong focus on training and technology transfer. He was instrumental in establishing and running industry based training courses and producing training manuals and learning resources for both abalone and lobster culture.

Yann Gublin – Marine Finfish Production Specialist

  • Yann is a senior technician at NIWA with nearly 30 years of commercial and research experience in finfish aquaculture development. He has worked internationally on a range of commercial developments and was brought to NIWA to establish a successful Kingfish and Hapuku (Grouper – Hamour) production systems that can currently produce up to 500,000 juveniles each year.
  • Yann has been a production manager for a variety of different species such as cod, sea bass, sea bream, salmon, and mahi mahi.

George Parackal – Aquaculture project, technology and systems – Integration and Management Specialist

  • Extensive, Aquaculture strategy, policy development, techno-management, project and operation experience in the Middle East, Asia and Africa region. George is a qualified professional in Integrated Aquaculture & seafood projects, having over 27 years of wide ranging International experience as a Senior Manager in various Aquaculture & Seafood projects in India, Philippines, Sri Lanka, Kingdom of Saudi Arabia, U.A.E, Yemen, Oman, Iran, Madagascar, Eritrea, French Guinea, Mozambique and Tanzania.

Anil B. Ghanekar – Aquaculture systems & RAS Specialist

  • Anil, a highly qualified Aquaculture & RAS professional has over 29 years of experience as Technical Expert/Consultant to shrimp/fish hatcheries, nurseries and farms with special expertise in improvement of facilities, techniques and production efficiency.
  • Specific Planning, Development, Implementation, Operation & Training of Re-circulating Aquaculture Systems for Hatchery, Nursery & grow-out systems.
  • Aquaculture Closed System Planning, Development & Implementation, Planning, Development & Implementation of Bio-Security Systems.

Ramakrishnan Kulasekaran – Aquaculture Project Systems & Engineering Specialist



  • Engr. Kualsekaran is a highly qualified & experienced Aquaculture Engineer with over 26 years of experience in Designing, Implementation, Installation & Commissioning of Aquaculture & Seafood Projects in South Asia, Middle East & Africa.
  • Feasibility Analysis & Project Report Development
  • Project planning & implementation.


Craig Ellison – Marketing Expert – Abalone

  • Craig has a long history in the abalone market and for over ten years chaired New Zealand’s largest abalone export company, Prepared Foods Limited. While concentrating on New Zealand canned abalone, Prepared Foods established joint ventures in Morocco, as well as carrying out the first abalone stock assessment for the country. The company initiated significant changes to abalone management in New Zealand (in collaboration with the New Zealand government agencies) and actively participated in innovative management measures such as micro management, reseeding and size variation measures – as well as investigating different harvest systems.

Agriculture expertise – dairy farming and processing

Mark Dykes – Lead – Processing Design and Planning

  • Mark’s role in the project is to develop the process business model, technical design, specifications, and process flow.
  • Mark is the Managing Director of Process Solutions Groups (Consulting Company). He has thirty years involvement in the food sector, including dairy industry involvement, from marketing, food safety, production and engineering.

Bret Barry- Lead – Farming Design and Planning

  • Accomplished agricultural development specialist offering high-level management experience coupled with hands-on operational leadership. Strong business acumen; background includes developing business plans for large scale farming operations, farm and facility design, managing projects, building management teams, negotiating agreements with suppliers and handling interactions with/for investor/owners.

Joseph Harner – Lead – Agricultural Engineering

  • Dr. Joe Harner is a highly respected agricultural engineer with hundreds of papers, posters and articles relating to agricultural engineering. Dr. Harner is known as a leading, if not the leading, engineering authority in numerous agricultural disciplines relating to livestock and farm systems. His areas of special focus encompass the entire spectrum of cow comfort, animal welfare, heat abatement, waste management planning and design, water usage, grain storage and feed center design. Dr. Harner’s research work and commercial designs have been utilised in North America and around world

Warren Alridge – Lead – Intensive Livestock Veterinarian

  • With over 30 years of global veterinarian experience within the dairy industry, Warren has an extensive knowledge of animal health and nutritional requirements of dairy animals. His time spent at Almarai as Head Veterinarian, and then subsequently as a Source World consultant supporting other dairies within the broader Middle East, Warren provides animal health and management best practice training and implementation. Warren also has extensive hands-on expertise in bio-security and has written numerous animal health and bio-security management SOP’s for several large scale dairies.

Edison Chifamba – Lead – Agricultural Engineering

  • I offer more than 17 years solid experience in food production and processing. I am a food production and processing Specialist, Quality assurance Expert, Agribusiness value chain Expert and Technical Business Advisor.  I have worked in agro and food industries in Europe, Kenya, Burkina Faso, Tanzania, Uganda, Rwanda, Zimbabwe, Burundi, Mozambique and South Africa. I also worked as Technical Dairy Specialist for the Bill and Melinda Gates Foundation in Kenya, Uganda and Rwanda. Prior to that I worked as a Food Specialist for The UNDP in Tanzania, Zanzibar and Burundi. I also did food factory design, set up and commissioning in Burkina Faso. In my work as Factory Manager for Beira Dairy (now called Oasis Lactinois), I set up world class dairy economic and profit models before relocating the dairy from Beira to Nampula.  I have worked with different National Bureau of Standards institutions (SAZ, TBS, UNBS, RBS) and policy makers. I am adept at training both technical and non technical teams and farmer groups and I am able to liaise between business teams, technical groups and clients.