Abu Dhabi: Gulf Capital on Tuesday announced the acquisition from Vintage Holdings of 100 per cent of Chef Middle East LLC, an importer and distributor of high-end, specialty and fine food products from around the world.
Chef was established in 1995 in Dubai as a regional supplier of the finest quality foods to the hotel, food services, casual dining and airline industries. The company represents some of the best high-end global brands and world-class customers from around the region. It boasts first-class operations and facilities, servicing more than 1,000 customers in the UAE, Qatar and Oman.
Dr. Karim Al Solh, Chief Executive Officer of Gulf Capital said: “We are excited to be exposed to the thriving food and consumer sector in a growing niche through a highly reputable market leader, such as ‘Chef’. The strong underlying growth of the sector is driven by positive market fundamentals that continue to fuel the upward trend in the economy, including a booming population; growth in non‐oil sectors such as tourism, manufacturing, transport and logistics, and services; and an increase in consumer spending.”
The Food & Beverage market is estimated at over Dh6 billion in the UAE at the moment, and forecasted to grow organically by 7 per cent to 10 per cent per annum, while it is estimated to be an Dh1.8 billion industry in Qatar and is forecasted to grow by 8 per cent to 10 per cent per annum. Tourist expenditure in the UAE is forecasted to grow at 11 per cent per annum in the same period while total tourist numbers are expected to grow at 8 per cent per annum. Private consumption is also high and is expected to grow by 13.6 per cent, 13.0 per cent, and 8.1 per cent in the UAE, Qatar and Oman respectively.
