Dubai: Dubai-based Al Ghurair Investment is to acquire the entire shareholding of Edible Oil Company, until now part of from Dubai Investments Industries. Edible Oil Company is one of the region’s biggest multi-seed crushing plants.
The latest deal follows recent major purchases for Al Ghurair Investment in the food staples business, including a flour mill in Saudi Arabia.
The Edible Oil Company deal “further cements our position as a leading player in supporting food security across the MENA region,” said John Iossifidis, Group CEO at Al Ghurair Investment. “Following a decade of success in co-operation with EOCD, now is the opportune moment for us to acquire this thriving business to augment our existing resources portfolio, as we prepare for our next phase of growth.”
The EOCD plant in Dubai has a capacity to crush up to 2,200 metric tonnes of soya bean seeds, 1,300 metric tonnes of canola seeds, and 1,000 metric tonnes of sunflower seeds per day. The purchase will “significantly extend” Al Ghurair Foods’ overall portfolio size and production capacity.
More strategic focus
Mohammed Saeed Al Raqbani, General Manager of Dubai Investments Industries (DII), said: “Dubai Investment Industries will continue to pursue investments across strategic projects aimed at not only diversifying the business portfolio but also increasing the contribution to the non-oil industrial sector. The time was now right for EOCD to benefit from AGI’s expertise and strengths within the sector. We are optimistic this divestment will channelize a new growth curve for EOCD.”