Abu Dhabi-listed Ghitha Holding aims to double its revenue from Dh5 billion ($1.36 billion) in the next three years by expanding its asset base through mergers and acquisitions and entering new export markets including the US, its chief executive said.
The trading and food distribution subsidiary of Abu Dhabi’s International Holding Company has a strong M&A pipeline and is interested in buying assets in the UAE, in the Middle East and North Africa region and in markets as far away as Indonesia, Falal Ameen, group chief executive of Ghitha Holding, told The National in Abu Dhabi.
“The last year we had revenue of Dh5 billion … we need to double it within three years,” Mr Ameen said on the sidelines of the Make it in the Emirates event.
“We need to find new M&A [opportunities], improve efficiencies, and find new export markets, not only in the UAE but outside as well.”
The company, which rebranded from Zee Stores to Ghitha Holding in January 2022, plans to fund acquisitions of assets through a combination of bank lending and funds from its own coffers.
Ghitha is open to acquiring assets that “add value” to the company’s existing business lines of food production, distribution and farming.
“M&A is one of the quickest and fastest, and it is not only the fastest way [to grow], but once you merge, you can reduce a lot of cost, you can synchronise the logistics system … [and] can use expertise, our software, to improve their production,” Mr Ameen said.
Ghitha is a frontline company in the UAE’s National Food Security Strategy 2051. The programme, which aims to make the country the world’s best in the Global Food Security Index by 2051, seeks to broaden local production, boost regional interconnectivity and broaden its food supply chains.
The UAE is also encouraging the expansion of food-related industries as part of the national strategy.
Acquisition spree
Ghitha has already been on an acquisition spree in the past few quarters, and Mr Ameen said it has full backing of the board and its majority shareholder IHC – the biggest listed company in the UAE – to pursue the aggressive growth strategy.
In March, its subsidiary Al Ain Farms signed a deal to acquire UAE-based Al Jazira Poultry Farm for Dh285 million, after buying assets of Arabian Farms Investments for Dh240 million in July, which included its operations in the UAE and Saudi Arabia.
This week, Al Ain Farms as well as UAE food companies Marmum Dairy, Al Ajban Chicken, Al Jazira Poultry Farm’s Golden Eggs, and Saha Arabian Farms were also consolidated into the Al Ain Farms Group to support the country's food production capabilities. The group supplies more than one-third of the nation’s total consumption in dairy, poultry and beverages and aims to be the region’s leading provider in those segments.
In October, Ghitha also said it is acquiring a 70 per cent stake in Fujairah’s International Food Industries, through its subsidiary Zee Stores International, for Dh41 million.
In December, however, it abandoned plans to take a 44 per cent stake in Turkish cargo carrier MNG Airlines, amicably ending the $211 million deal that was first announced in February last year.
“We have so many deals in the pipeline … looking, not on the money, but looking how we can collaborate, how we can merge, what is adding value for us, connect with us,” Mr Ameen said.
Farms business and new markets
The company owns a 9,000-hectare farm in Egypt that produces everything from mangoes to tomatoes, citrus and dates. Next on the radar is Indonesia where the company plans to acquire farms to tap into the country's palm oil processing centres. However, a final decision on that investment has yet to be made, he said.
Ghitha also produces seafood products through its Asmak production site and operates Abu Dhabi Vegetable Oil Company, the only edible oil refinery in Abu Dhabi.
It exports to markets in the Gulf and has done a “trial run” exporting seafood to the US, Mr Ameen said.
The US seafood market presents a huge opportunity since most of its imports are from China, and given the trade tiff between the two nations, countries like the UAE that are only subject to a 10 per cent levy by Washington could step in.
Further clarity on the tariff plans from the US will help the company evaluate potential exports to markets in Europe, he said.
The five pillars of Islam
The rules of the road keeping cyclists safe
Cyclists must wear a helmet, arm and knee pads
Have a white front-light and a back red-light on their bike
They must place a number plate with reflective light to the back of the bike to alert road-users
Avoid carrying weights that could cause the bike to lose balance
They must cycle on designated lanes and areas and ride safe on pavements to avoid bumping into pedestrians
Analysis
Maros Sefcovic is juggling multiple international trade agreement files, but his message was clear when he spoke to The National on Wednesday.
The EU-UAE bilateral trade deal will be finalised soon, he said. It is in everyone’s interests to do so. Both sides want to move quickly and are in alignment. He said the UAE is a very important partner for the EU. It’s full speed ahead - and with some lofty ambitions - on the road to a free trade agreement.
We also talked about US-EU tariffs. He answered that both sides need to talk more and more often, but he is prepared to defend Europe's position and said diplomacy should be a guiding principle through the current moment.
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COMPANY%20PROFILE
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German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
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The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
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MATCH INFO
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Mohammed bin Zayed Majlis
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
The specs
Price, base / as tested Dh12 million
Engine 8.0-litre quad-turbo, W16
Gearbox seven-speed dual clutch auto
Power 1479 @ 6,700rpm
Torque 1600Nm @ 2,000rpm 0-100kph: 2.6 seconds 0-200kph: 6.1 seconds
Top speed 420 kph (governed)
Fuel economy, combined 35.2L / 100km (est)
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The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
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CHINESE GRAND PRIX STARTING GRID
1st row
Sebastian Vettel (Ferrari)
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2nd row
Valtteri Bottas (Mercedes-GP)
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3rd row
Max Verstappen (Red Bull Racing)
Daniel Ricciardo (Red Bull Racing)
4th row
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5th row
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6th row
Kevin Magnussen (Haas)
Esteban Ocon (Force India)
7th row
Fernando Alonso (McLaren)
Stoffel Vandoorne (McLaren)
8th row
Brendon Hartley (Toro Rosso)
Sergey Sirotkin (Williams)
9th row
Pierre Gasly (Toro Rosso)
Lance Stroll (Williams)
10th row
Charles Leclerc (Sauber)
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Torno Subito by Massimo Bottura
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Distance covered: 160km
Temperature: -40°C
Weight of equipment: 45kg
Altitude (metres above sea level): 0
Terrain: Ice rock
South Pole stats
Distance covered: 130km
Temperature: -50°C
Weight of equipment: 50kg
Altitude (metres above sea level): 3,300
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The biog
Favourite pet: cats. She has two: Eva and Bito
Favourite city: Cape Town, South Africa
Hobby: Running. "I like to think I’m artsy but I’m not".
Favourite move: Romantic comedies, specifically Return to me. "I cry every time".
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There are also riders who will receive payments of £1,000 (Dh5,000) and £500 (Dh2,500).
All riders who have worked with Deliveroo for at least one year and completed 2,000 orders will receive £200 (Dh1,000), the company said when it announced the scheme.
Zayed Sustainability Prize
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
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