DUBAI, UNITED ARAB EMIRATES —Al Ghurair Investment is acquiring Edible Oil Company, LLC (EOCD), a leading multi-seed crushing plant in the Middle East, from Dubai Investments Industries (DUI).
Signing of the agreement is a step toward Al Ghurair’s commitment to expanding its food and resources business to support and advance the food security agenda in the UAE and wider region.
EOCD can crush up to 2,200 tonnes of soybean seeds, 1,300 tonnes of canola seeds and 1,000 tonnes of sunflower seeds per day.
“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,” said John Iossifidis, group chief executive officer at Al Ghurair Investment. “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.”
Djamal Djouhri, chief executive officer at Al Ghurair Foods, added, “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. After a successful 10-year partnership with EOCD, I am proud that we have consistently demonstrated our capability and commitment to excellence, which has led to the forging of this agreement. We are now primed to accelerate the growth of our foods business, strengthen our leadership position and explore opportunities in new markets.”
Dubai Investment Industries will continue to pursue investments across strategic projects aimed at not only diversifying the business portfolio but also increasing the contribution to the non-oil industrial sector.
“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 Mohammed Saeed Al Raqbani, general manager, Dubai Investments Industries (DII).