Zee Stores, a trading and distribution company listed on the Abu Dhabi Securities Exchange’s secondary market, has rebranded to Ghitha as it aims to expand its product portfolio and become a key player in the food industry.
Founded in 2002, Ghitha Holding (formerly Zee Stores) currently operates as a food and distribution subsidiary under Abu Dhabi’s International Holding Company (IHC).
Following the rebranding, Ghitha will add several related businesses to its existing portfolio, through future acquisitions and subsidiary formations. It will enhance its “core capabilities in wholesale importing and trading fresh and canned foods, packaging and providing food services to industrial sites such as gas and oilfields”, IHC said in a statement on Monday.
The company’s ticker symbol will change to GHITHA from ZS, it added.
“This transformation of Zee Stores into Ghitha Holding represents the next stage in the company’s journey, and through our growing operations we will continue to play an even greater role in this sector,” Mohammed Somar Ajalyaqin, chairman of Ghitha Holding, said.
“Expanding operations in food and agriculture presents an ideal opportunity to deliver shareholder value through commercial success while supporting the national development agenda,” he added.
The new strategic direction will facilitate Ghitha to become one of the largest and most important players in the regional food trading sector and contribute in achieving the goals of the UAE’s national food security strategy, the company said.
The UAE has been moving forward with its food security programme, prioritising an expansion of local production and regional interconnectivity. It aims to attain the top ranking in the Global Food Security Index by 2051.
Ghitha specialises in trading food and non-food products. It includes importing, repackaging, wrapping, storing and distributing dry canned, chilled, frozen, processed and fresh food products, household items, stationery, disposables and cosmetics.
The company, which was listed on the ADX secondary market in December 2020, had assets worth Dh189 million ($51.46m) at the end of September 2020, with an annual turnover of around Dh300m.
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The flights
Flydubai flies to Podgorica or nearby Tivat via Sarajevo from Dh2,155 return including taxes. Turkish Airlines flies from Abu Dhabi and Dubai to Podgorica via Istanbul; alternatively, fly with Flydubai from Dubai to Belgrade and take a short flight with Montenegro Air to Podgorica. Etihad flies from Abu Dhabi to Podgorica via Belgrade. Flights cost from about Dh3,000 return including taxes. There are buses from Podgorica to Plav.
The tour
While you can apply for a permit for the route yourself, it’s best to travel with an agency that will arrange it for you. These include Zbulo in Albania (www.zbulo.org) or Zalaz in Montenegro (www.zalaz.me).
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- Choose your nursery carefully in the first place
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UAE currency: the story behind the money in your pockets
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Will the pound fall to parity with the dollar?
The idea of pound parity now seems less far-fetched as the risk grows that Britain may split away from the European Union without a deal.
Rupert Harrison, a fund manager at BlackRock, sees the risk of it falling to trade level with the dollar on a no-deal Brexit. The view echoes Morgan Stanley’s recent forecast that the currency can plunge toward $1 (Dh3.67) on such an outcome. That isn’t the majority view yet – a Bloomberg survey this month estimated the pound will slide to $1.10 should the UK exit the bloc without an agreement.
New Prime Minister Boris Johnson has repeatedly said that Britain will leave the EU on the October 31 deadline with or without an agreement, fuelling concern the nation is headed for a disorderly departure and fanning pessimism toward the pound. Sterling has fallen more than 7 per cent in the past three months, the worst performance among major developed-market currencies.
“The pound is at a much lower level now but I still think a no-deal exit would lead to significant volatility and we could be testing parity on a really bad outcome,” said Mr Harrison, who manages more than $10 billion in assets at BlackRock. “We will see this game of chicken continue through August and that’s likely negative for sterling,” he said about the deadlocked Brexit talks.
The pound fell 0.8 per cent to $1.2033 on Friday, its weakest closing level since the 1980s, after a report on the second quarter showed the UK economy shrank for the first time in six years. The data means it is likely the Bank of England will cut interest rates, according to Mizuho Bank.
The BOE said in November that the currency could fall even below $1 in an analysis on possible worst-case Brexit scenarios. Options-based calculations showed around a 6.4 per cent chance of pound-dollar parity in the next one year, markedly higher than 0.2 per cent in early March when prospects of a no-deal outcome were seemingly off the table.
Bloomberg
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