Al Ghurair Investment, the UAE-based family business, on Tuesday announced the signing of a share purchase agreement to take over Edible Oil Company, a multi-seed crushing plant, from Dubai Investments Industries (DII).
The signing of the agreement is a pivotal step in Al Ghurair Investment’s commitment to expanding its Al Ghurair Foods and Resources business, the company said in a statement.
Using state-of-the-art machinery and technology, the EOCD plant 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.
Al Ghurair Investment said this purchase will significantly extend Al Ghurair Foods’ overall portfolio size and production capacity.
John Iossifidis, group CEO at Al Ghurair Investment, said: “The milestone strategic acquisition of the Edible Oil Company underpins AGI’s commitment to enhancing life in the communities in which we operate, facilitating regional food supply.
“Moreover, it further cements our position as a leading player in supporting food security across the MENA region… as we prepare for our next phase of growth.”
Djamal Djouhri, CEO at Al Ghurair Foods, added: “Ensuring the efficiency of the food supply chain is a critical area of strategic focus for local and regional governments as they seek to boost competitiveness, enhance product diversity and optimise operational efficiency. As a UAE family business, we are committed to supporting the country’s leadership in its vision to achieve sustainable, secure supply chains and to elevate standards across the regional food community.
“We are now primed to accelerate the growth of our foods business, strengthen our leadership position and explore opportunities in new markets.”
No value was given for the deal.
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