One of the largest diversified family business groups in the Middle East, Al Ghurair Investment (AGI) has signed a share purchase agreement to acquire a 100 percent stake in Edible Oil Company (EOCD), one of the leading multi-seed crushing plants in the Middle East, from Dubai Investments Industries (DII).
The agreement is a significant step forward in Al Ghurair Investment’s commitment to expanding its Al Ghurair Foods and Resources business in order to assist and advance the UAE’s and region’s food security agendas.
“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. Following a decade of success in co-operation with EOCD, now is the opportune moment for us to acquire this thriving business to augment our existing resources portfolio, as we prepare for our next phase of growth.”
Mr. Djamal Djouhri, Chief Executive Officer at Al Ghurair Foods commented, “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 optimize 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.”
“Over the years, our partnership with AGI has successfully elevated EOCD’s position within the food industry and given the synergy of their business, the time was now right for EOCD to benefit from AGI’s expertise and strengths within the sector. We are optimistic this divestment will channelize a new growth curve for EOCD,” said Mr. Mohammed Saeed Al Raqbani, General Manager at DII.