Abu Dhabi's Ghita Holding buys 44% stake in Turkey's MNG Airlines in major regional push
For IHC-owned Ghita, deal marks push to be region's biggest player in food trading
Dubai: Part of Abu Dhabi’s IHC mega-group, Ghita Holding has bought a 44 per cent stake in Turkish cargo airline MNG Havayollari ve Tasimacilik A.S. (or ‘MNG Airlines’ as it is more popularly known). The deal, valued at $211.2 million, represents a major diversification push for Ghita.
It also aligns with the UAE company’s ambition to be the ‘largest company in the regional food trading sector’.
"This partnership not only expands our logistical capabilities but also strengthens our commitment to supplying our customers with the highest quality products, sourced from around the globe," said Falal Ameen, Group CEO of Ghita. "We are proud to leverage MNG’s expertise in cargo and logistics to further enhance our service offerings and to continue evolving in line with our customers’ needs and preferences."
Ghitha Holding, with a portfolio that spans across food, agriculture, fish, dairy, poultry, vegetable oil, retail, distribution and catering services, views this acquisition as a strategic move to expand its capabilities and reach in the global supply chain
With revenues of Dh4.6 billion in 2023, Ghita's portfolio includes Al Ain Farms, Apex National Catering, Zee Stores and others, each of which with a growing presence across the food industry value chain. As for the parent company, IHC, it unveiled another robust set of financials for full-year 2023, with its recent acquisitions starting to provide significant returns.
Food related supply and security has been a high priority investment area for UAE entities, and the likes of IHC have been playing a central role in this.
MNG Airlines offers specialized services including scheduled and block space charter, aircraft, crew, maintenance and insurance (ACMI), special cargo, and comprehensive technical services. The transaction is subject to ‘certain closing conditions and regulatory approvals’, with anticipated completion in H1-2024.