Al Islami Foods, a UAE-based halal frozen food company, has announced that Mitsubishi Corporation has acquired a minority stake.
The decision to partner with Mitsubishi Corporation followed a thorough study by the company into the strategic options for new product development that will help increase the frozen food market share in the GCC and wider global markets, it said in a statement.
It added that the deal is expected to help Al Islami Foods to grow their footprint in the HORECA (Hotel, Restaurant and Catering) and food service segment within the UAE.
The strategic investment will enable the company to capitalize on Mitsubishi’s well-established distribution in key international markets particularly in Asia, it said.
Al Islami Foods has the second largest market share in the frozen meat products in the UAE and has embarked on an ambitious plan to expand its operations.
The global halal food industry is projected to be worth more than $1.7 trillion by 2020.
Saleh Saeed Lootah, chairman of the board of directors, Dubai Cooperative Society said: “This association with Mitsubishi Corporation is another step in Al Islami Foods ongoing efforts to accelerate growth.
"Mitsubishi provides our company and brand tangible solutions to help with added production capacity that will help accommodate the growing demand for our products both locally and globally. We believe the relationship with Mitsubishi will increase our production by double-digit growth over the next 5 years through a combination of the expansion of our product range and greater exports.”
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.