Skip to content Skip to Search
Skip navigation

UAE’s Ghitha invests $220m in Turkish cargo airline

By Andy Sambidge
Falal Ameen, group CEO of Ghitha Holding and Murathan Doruk Günal, chairman of MNG Airlines, right, signing the deal Wam
Falal Ameen, group CEO of Ghitha Holding and Murathan Doruk Günal, chairman of MNG Airlines, right. Ghitha described the deal as "a significant stride"
  • Ghitha aquires 44 percent stake
  • Vote of confidence in Turkey
  • Parent company revenue up 18 percent

Ghitha Holding, a subsidiary of Abu Dhabi conglomerate International Holding Company (IHC), has announced an investment of more than $220 million in Turkish cargo airline MNG.

The company said it has entered into a share purchase agreement to buy a 44 percent stake in MNG Havayollari ve Tasimacilik.

The deal was made through its wholly owned subsidiary Ghitha Aeroinvest Holding, it said in a filing to Abu Dhabi Stock Exchange.

Ghitha said the acquisition “marks a significant stride” towards diversifying its portfolio and its ambition to become the largest company in the regional food trading sector.

The investment is also a significant vote of confidence in the Turkish economy, after the country was hit by a severe earthquake a year ago and continues to suffer from high inflation and penal interest rates.

Falal Ameen, group CEO of Ghitha Holding, said: “The integration of MNG Airlines into our portfolio represents a significant leap in our journey towards becoming a regional powerhouse in the food trading sector.”

‘Regional powerhouse’

Murathan Doruk Günal, chairman of MNG Airlines, added that the deal “opens up new horizons” in terms of operational capabilities and geographical reach. 

Ghitha Holding also has investments spanning food, agriculture, fish, dairy, poultry, vegetable oil, retail, distribution and catering services.

MNG Airlines, which was formed in 1996 and is based at Istanbul International Airport, operates cargo and logistics operations in Germany, England, France, the US, China, Italy, UAE and Kazakhstan, according to its website.

Ghitha’s parent company IHC on Tuesday reported preliminary revenue of more than AED60 billion ($16.3 billion) in 2023, up 18 percent on the previous year, while net profit was AED32.7 billion. 

IHC’s subsidiaries operate across a range of sectors, including real estate and construction, utilities, healthcare, food and agriculture, marine and dredging, AI and technology, hospitality and financial services.

Latest articles

Workers at Egypt's Zohr gas facility. It is unclear if the drop in output is due to technical issues or lack of investment

Egypt plans to restore full gas output in 2025

Egypt plans to restore its natural gas production to normal levels by June 2025, the prime minister has said.  The country has become a net importer of fuel amid declining domestic output and increasing energy demand.  Falling output from Zohr – Egypt’s largest natural gas field developed by Eni of Italy – led to daily […]

Saudi petrochemical

Second-half slide expected for Saudi petrochemical industry

With higher shipping and logistic rates and stable prices of raw materials, Saudi petrochemical producers are likely to report lower earnings in the second half of the year, an expert has said. The companies reported margin peaks in the second quarter of the year, but they are likely to face pressures on profit margins in […]

G42 Nvidia

G42 links with Nvidia to launch climate tech lab

The UAE-based artificial intelligence company G42 has formed a partnership with Nvidia, the US computer chip giant, to set up a climate tech laboratory in Abu Dhabi, aimed at better predicting the weather using AI. In what is Nvidia’s first partnership with the UAE company, the lab will “serve as a hub for research and […]

Alshaya Group, one of the Gulf’s largest franchise owners, is expected to resume discussions about Starbucks next year if the situation improves

Kuwait’s Alshaya delays Starbucks franchise stake sale

Kuwait’s Alshaya Group is “not in a hurry” to sell a stake in its Starbucks regional franchise due to the ongoing geopolitical unrest and boycotts, which is affecting its valuation, according to a news report. Discussions are expected to resume next year “if the situation improves”, Reuters reported, citing informed sources. The company, one of […]