Agthia employs more than 4,000 people and owns the Al Ain water, Grand Mills bakery and the Agrivita animal feed brands, among others, It plans to add other brands to further expand its portfolio.
In April, Agthia announced a five-year strategy to become the biggest food and beverage company in the region by 2025.
The food and beverage company s inclusion comes after Adnoc Distribution said this month it is joining MSCI Emerging Markets index on May 27.
The UAE s largest fuel retailer will join nine other UAE-listed companies including some of the biggest banks and property developers that are part of an index tracked by funds with billions of dollars worth of assets.
“The distribution business is strong and during the pandemic I saw a swift and organised pivot – something any investor would find very attractive in a portfolio company.”
The group also plans to open new Furahaa dining outlets and has plans to launch a franchise model for the chain.
“Furahaa would like to be the first plant-based chain in France,” Mr Devillers said. “It’s simple: we want to be everywhere that mainstream fast food is, but offering plant-based, delicious, ethical alternatives.”
KBW Ventures has invested in a number of companies in the food technology sector. Its portfolio of investments include plant-based alternative and cultivated cellular product companies. These include plant-based chicken product manufacturer Rebellyous Foods, US fast food company Veggie Grill and vegan jerky company Moku Foods.
SHARE
Saudi Arabia is looking to raise about $55 billion through its privatisation programme over the next five years as Opec’s biggest oil producer aims to boost revenue and narrow its fiscal deficit, its finance minister said.
Riyadh has identified a pipeline of 160 projects across 16 sectors for the sale of state assets and public-private partnerships to be carried out through to 2025, Mohammed Al Jadaan told the
Financial Times in an interview.
Saudi Arabia, the biggest Arab economy, is looking to outsource the management and financing of its health infrastructure and services to the private sector, as well as city transportation networks, school buildings, airport services and water desalination and sewage treatment plants. Sales of state assets will include television broadcasting towers, government-owned hotels and utilities including district cooling and desalination plants in the kingdom, he said.
Funding to date: $116m in two funding rounds
Investors: Checkout.com, Impact46, Vision Ventures, Wealth Well, Seedra, Khwarizmi, Hala Ventures, Nama Ventures and family offices
Abdulmajeed Alsukhan does not shy away from challenges. The serial entrepreneur, a cancer survivor, has built one of Saudi Arabia s fastest-growing start-ups, alongside co-founders Turki bin Zarah and Abdulmohsen Albabtain.
Tamara – a buy now, pay later company – raised $110 million in early-stage venture capital funding last month and intends to establish a presence in every GCC market. The founders’ next mission is to expand across the Mena region, South-East Asia and in other emerging markets.
Mr Alsukhan’s year-long battle with cancer at the age of 26 changed his perspective on life, including how to face challenges, persevere and make the best of any given situation.