Al Ghurair Foods to invest Dh1b on 3 food processing plants in Abu Dhabi
Dubai firm enters deal with Kezad Group to invest Dh1b on 3 facilities
Dubai: Abu Dhabi's Kezad group is adding more capacity to its food security program, by entering a 50-year land-lease deal with Al Ghurair Foods for three 'mega food processing projects. These investments will total Dh1 billion plus.
The agreement also mark the first phase of Al Ghurair Foods division’s investments in KEZAD, part of AD Ports Group. The first two projects will launch the region’s first-of-its-kind starch processing plant, in addition to 'one of the top broiler producers in the UAE'.
The third project - details of which are set to be announced later this year - will see the company take a presence in the Abu Dhabi Food Hub – KEZAD, which will form an all-new supply market for the UAE.
"We look forward to working with KEZAD to delivering high-quality food products across a future-focused supply chain platform, strengthening the nation’s role as a regional food hub," said John Iossifidis, Group CEO, Al Ghurair Investment.
"We are confident that this agreement will drive the nation’s food security agenda and further enable Kezad’s aim of improving domestic food supply and enhancing the nation’s capacity to respond to future challenges," said Abdullah Al Hameli, CEO Economic Cities & Free Zones, AD Ports Group.
Kezad in the recent past had entered a venture with Dubai-headquartered Ghassan Aboud Group to build a wholesale food trade hub there.
For Al Ghurair Investment, parent company of the food entity, the latest deal expands their footprint beyond Dubai and the Northern Emirates and Dubai. "Beyond their economic benefit, the plants are also set to support the nation’s sustainability agenda through introducing a range of sustainable practices," the statement added.
According to Ibrahim Al Ghurair, non-executive board director at Al Ghurair Investment,"To create real impact at scale, we must be bold and committed. Through launching these instrumental projects, our impact will be felt across the Emirates’ and beyond as we continue to redefine the benchmark for family business groups in the region.”