The company's agribusiness director says that acquculture is one of the most promising sub-sectors in the agribusiness industry
Abu Dhabi’s Mubadala Group will team up with asset management firm AMERRA Capital Management and the Mediterranean-based Andromeda Group aquaculture company as it acquires and merges two European fish farming companies, it was announced on Thursday.
The companies, Nireaus SA and Selonda SA, are based in Greece and mainly farm sea bass and sea bream.
“Mubadala took the decision last year to build its presence in the agribusiness sector, which is strategically important to the global economy and has significant potential for value capture,” said Elham Al Qasim, Mubadala’s agribusiness director.
“Aquaculture is one of the most promising sub-sectors, where the deployment of new technologies can drive productivity improvements and accelerate growth.”
Thor Talseth, the managing director of AMERRA Capital Management and chairman of Andromeda Group, said that he is “excited by the synergies” that can be created between these companies.
“We believe that significant value can be created by building on the comparative advantages of the Mediterranean aquaculture sector,” he added.
Andromeda Group operates from six clusters in Greece and Spain, and is vertically integrated with operations in fry, farming packing and value-added products.For all the latest industry news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.