Mohammed Al Fardan, Chairman of the Al Fardan Group in Bahrain has announced a major joint venture with Sustainable Wealth Marketing LLC, Dubai, a subsidiary of Singapore based Asia Plantation Capital.
The joint venture is the launch of Sustainable Wealth (Middle East) LLC in Bahrain which will be managed by the Mohammed Al Fardan Group, focusing on sustainable investment and development in the region; the first major project will be to invest in and advise on the development of sustainable agarwood plantations under the management of Asia Plantation Capital.
Agarwood, or Oud as it is commonly known in the Middle East, is an important fabric of society and of major cultural and historic significance to all Arabic families. Used daily as raw wood chips for burning, pure oils as fragrance or mixed with other ingredients to create amazing fragrances. In recent years Oud has also become established as a major luxury product in both Western and Chinese societies, leading to a massive increase in demand which in turn led to illegal logging on a grand scale; the Aquilaria tree species being almost wiped out in the wild. Since 2004 CITES have given Agarwood full protection, with the harvest of wild agarwood trees being made illegal and supporting CITES licences required to trade Agarwood and Oud internationally.
In response to the shortages Asia Plantation Capital has pioneered and developed over many years an organic and sustainable plantation model which not only helps safeguard future supplies of this wonder of nature; but also produces exceptional quality pure oud oils and woodchips.
Mohammed Al Fardan mentioned “It is a unique commercial opportunity the team at Asia Plantation Capital agroforestry group and Sustainable Wealth have developed, which not only provides solid financial returns, but also helps to preserve an incredibly important natural product for the Arabic cultures and wider international markets. It is a joy to be involved in such a rewarding and sustainable project which has such major significance to Arabic culture.”
Asia Plantation Capital has already diversified into the essential oil and fine fragrance business, positioning themselves to be the major player in this specialist market with the added benefit of a unique full production and supply chain; from ‘soil to oil’. One of the companies founded by Asia Plantation Capital, Fragrance Du Bois, has fast developed into a leading specialist Oud based fragrance house and caught the attention of some major players in the International Luxury Fragrance and Jewellery industry; even being showcased at the recent Jewellery Arabia exhibition in Bahrain under the patronage of HRH Prince Khalifa Bin Salman Al Khalifa, Prime Minister of the Kingdom of Bahrain.
The new investment company Sustainable Wealth (Middle East) LLC will be operational immediately. The two business groups also hope to announce soon a major distribution agreement between the Mohamed Al Fardan Group and Du Bois LLC Dubai to help distribute across the Gulf fine fragrances, oud jewellery and limited edition pure oud oils as produced exclusively from sustainable plantations managed by Asia Plantation Capital.