A Saudi-based company has announced plans to invest SR1 billion ($266 million) in the food sector over the next five years.
Abdulaziz Alsaghyir Holding Company (AAHC) said in a statement that it plans to establish a new limited liability company to called Abdulaziz Alsaghyir Foods Co Ltd.
The new entity will operate in three main fields - manufacturing, distribution and retail, the statement said.
Hisham Alsaghyir, CEO and board member of Abdulaziz Alsaghyir Co said: "The outstanding successes achieved by our company on the local level in unanimous investment fields motivated us to take further expansion steps towards investing in new sectors - on head and above of which came the Saudi Food sector together with a range of international and regional markets."
He said the new company could cement its presence in the food sector via acquisition of companies active in this field.
Alsaghyir added that the company is currently in the process of studying and evaluating opportunities for acquiring majority shares in a number of Saudi and UAE companies.
He said: "We've entered into advanced negotiations with one of Saudi Arabia's meat manufacturing companies and we're about to finish the financial and technical inspections of this transaction."
He added that he expects to sign the final acquisition agreement during the first quarter of 2015, without naming the company involved.For all the latest retail 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.
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