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Sun 11 Sep 2016 05:15 PM

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UAE investment firm buys stake in Saudi's Ice Cream Dana

Ice Cream Dana owns 20 stores in Saudi Arabia operating under the Yummy Yogurt, Bun & Patty, Pimneto and Maltoot brands

UAE investment firm buys stake in Saudi's Ice Cream Dana

UAE-based investment firm Food Capital and its coinvestors have announced the acquisition of a significant stake in Saudi Arabia's Ice Cream Dana group.

Ice Cream Dana owns 20 stores in Saudi Arabia operating under the Yummy Yogurt, Bun & Patty, Pimneto and Maltoot brands.

As part of the deal, plans have been revealed to open 27 additional outlets under its existing brands within the next three years.

Food Capital said in a statement that it aims to achieve 40-50 company owned and operated outlets by 2019.

Abdullah Abdulhameed Al-Sunaid, Food Capital CEO said: "We are excited about our investment in Ice Cream Dana at such an important stage in the company's growth strategy, and look forward to expanding the business across the kingdom."

Mohammed AbdulMohsen Al-Rashed, Food Capital chairman, added: "Our acquisition of a significant stake is part of Food Capital's strategic plan to penetrate the food and beverage sector which is one of the fastest growing sectors in Saudi Arabia."

Abdulaziz Saleh Albarrak, owner of Ice Cream Dana, said: "This partnership with Food Capital is a significant strategic development for our group as it will fast-track our expansion. We are very proud of our accomplishments and success over the past years, and we look forward to continue our progress."

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