By: Amr Adel
Dubai-Mubasher: United Foods Company (UFC) is looking forward to completing an acquisition in the UAE during 2016, said the company’s CEO Fethi Khiari.
In an interview with Mubasher on the sidelines of the Gulfood 2016, the world’s largest annual food trade show, Khiari added that the company is continuously studying possible acquisitions in the food sector and it assigned a number of banks to search for new investment opportunities in the market.
He went on to say that the company is also considering entering into partnership agreements with European companies to manufacture new food products, stating that “relevant talks have been held and the board will have the final say in this regard.”
Under the UFC’s 2014-2016 investment plan, the Dubai-listed firm is completing an AED 100 million expansion to add a new factory for manufacturing solid fatty substances to its plant in Jebel Ali during the second half of 2016.
The CEO expected the UFC board to approve a strategic plan for 2016-2018, which includes new investments, by the end of this year.
Khiari added that the company increased its sales in the UAE to 50% from 30%, as well as entering European and Asian markets like Germany, Netherlands, Denmark, Sweden, Japan and Korea.
UFC targets to raise its sales by 15% to reach AED 460 million in 2016 as compared to AED 398 million in 2014, Khiari concluded.
Translated by: Julian Nabil
