Skip to content Skip to Search
Skip navigation

Kezad and Al Ghurair Foods sign lease for $272m projects

By Pramod Kumar
Kezad
The projects will drive the UAE’s food production capabilities and enhance the country’s position as a regional hub

Khalifa Economic Zones Abu Dhabi (Kezad Group), a wholly-owned subsidiary of AD Ports Group, and Al Ghurair Foods, a part of UAE-based Al Ghurair Investment, have signed a 50-year land lease agreement for three food processing projects worth over AED1 billion ($272.31 million).

The agreement marks the first phase of Al Ghurair Foods division’s investments in Kezad, state-run WAM news agency reported.

The first two projects of Al Ghurair Foods, a manufacturer and supplier of high-quality food, will be the region’s first starch processing plant, in addition to one of the top broiler producers in the UAE in terms of capacity.

The third project, details of which are set to be announced later this year, will see the division’s involvement in the debut of Abu Dhabi Food Hub – Kezad, which will form a new supply market for the UAE.

Mohamed Al Khadar Al Ahmed, CEO of Kezad Group, said: “Al Ghurair Foods’ establishment of its plants will significantly strengthen the food supply chain and guarantee domestic supply, as well as exports from one of the region’s fastest-growing trade and industrial ecosystem.”

Ibrahim Al Ghurair, non-executive board director, Al Ghurair Investment, said the projects will produce key ingredients for the food industry, including enhanced protein production and reduced reliance on imported goods. 

Latest articles

STC wants to consolidate the mobile tower market

STC approves PIF purchase of telecom company

Shareholders of Saudi telecom giant STC have approved plans to create a new telecommunications infrastructure company in which the Public Investment Fund will have a 51 percent stake valued at SAR8.7 billion ($2.3 billion).  Under the deal, the STC-owned Telecommunication Towers Co. Limited (Tawal) will become a PIF subsidiary through a merger with Golden Lattice […]

Flavio Cattaneo of Enel, of which Endesa is a subsidiary, and Mohamed Jameel Al Ramahi at the signing of the deal

Masdar buys stake in Spanish utilities company Endesa

The UAE’s state-owned clean energy company Masdar has agreed to acquire a minority stake in Spanish electric utility business Endesa to partner for 2.5 gigawatts (GW) of renewable energy assets in Spain. Under the agreement, subject to regulatory approval, Masdar will invest nearly $890 million to acquire a 49.99 percent stake in Endesa, with an […]

UAE markets Hong Kong

UAE capital markets partner with Hong Kong exchange

The Hong Kong Stock Exchange (HKSE) has added the Abu Dhabi Securities Exchange (ADX) and the Dubai Financial Market (DFM) to its roster of recognised marketplaces. The move opens the door for UAE-based companies to pursue secondary listings on one of Asia’s premier financial markets. It also follows the inclusion of the Saudi Exchange (Tadawul) […]

Car, Transportation, Vehicle

Dubai Taxi to pay $43m dividend despite profit drop

Dubai Taxi Company, a subsidiary of the emirate’s transport regulator, has approved a dividend payout of AED159 million ($43 million) for the first half of 2024 despite a marginal 1 percent increase in net profit. Net earnings reached AED187.4 million in the first six months of the year, compared to AED186.3 million at the same […]