Abu Dhabi-based investment and holding company ADQ agreed to acquire a majority stake in fresh fruit producer and distributor Unifrutti Group, further expanding its food and agriculture portfolio.
The size and value of the deal was not disclosed. ADQ will acquire the stake from existing shareholders, it said in a statement on Thursday.
“We are developing our food and agriculture portfolio with the aim of generating strong financial returns while bolstering food resilience in the UAE," Gil Adotevi, executive director of Food and Agriculture at ADQ, said.
"Our investment in Unifrutti would enable ADQ to develop a global platform for fresh produce that complements our other portfolio companies throughout the food value chain. We believe our long-term strategic investment will help accelerate Unifrutti’s next phase of growth."
Unifrutti produces, trades and distributes more than 100 varieties of fresh produce, which includes apples, bananas, cherries, grapes and citrus fruits.
It sells approximately 560,000 tonnes of fresh fruit annually across 50 countries and operates more than 14,000 hectares of farms across Chile, the Philippines, South Africa, Italy, Spain and Argentina.
ADQ, which has a broad portfolio of investments spanning sectors such as energy, utilities, health care, mobility and logistics, is boosting its food and agriculture portfolio.
It has investments in Louis Dreyfus Company, a vertically integrated company dealing in food, feed, fibres and ingredients, as well as Abu Dhabi-based fresh produce and agri-tech company Silal, agribusiness firm Al Dahra Holding and Agthia Group.
In August, ADQ also said it plans to start a new venture in Al Ain to increase the production of fresh fruits and vegetables in the UAE. ADQ will team up with three agriculture specialists to develop and operate greenhouse units within the new AgTech Park at Al Ain Industrial City, with an annual production capacity of 39 kilo-tonnes.
Globally, it is estimated that $200 billion of investment is required annually until 2050 to meet the food supply and demand gap, ADQ said in a whitepaper.
The UAE, which has embarked on the National Food Security Strategy 2051, has been investing heavily to generate sustainable local food production to reduce imports and is adopting technologies such as artificial intelligence and robotics to meet long-term market demands.
"To cultivate the future of food in the UAE, we invest in local production as well as international supply chain interconnectivity," Mr Adotevi said in the whitepaper.
"Establishing thriving and new international connections to our food supply chain is one way we can play a critical role in strengthening the UAE’s food system."
BMW M5 specs
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The bio
Favourite book: Peter Rabbit. I used to read it to my three children and still read it myself. If I am feeling down it brings back good memories.
Best thing about your job: Getting to help people. My mum always told me never to pass up an opportunity to do a good deed.
Best part of life in the UAE: The weather. The constant sunshine is amazing and there is always something to do, you have so many options when it comes to how to spend your day.
Favourite holiday destination: Malaysia. I went there for my honeymoon and ended up volunteering to teach local children for a few hours each day. It is such a special place and I plan to retire there one day.
Asia Cup 2018 Qualifier
Sunday's results:
- UAE beat Malaysia by eight wickets
- Nepal beat Singapore by four wickets
- Oman v Hong Kong, no result
Tuesday fixtures:
- Malaysia v Singapore
- UAE v Oman
- Nepal v Hong Kong
Essentials
The flights
Emirates flies direct from Dubai to Seattle from Dh6,755 return in economy and Dh24,775 in business class.
The cruise
UnCruise Adventures offers a variety of small-ship cruises in Alaska and around the world. A 14-day Alaska’s Inside Passage and San Juans Cruise from Seattle to Juneau or reverse costs from $4,695 (Dh17,246), including accommodation, food and most activities. Trips in 2019 start in April and run until September.
What are the influencer academy modules?
- Mastery of audio-visual content creation.
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COMPANY PROFILE
● Company: Bidzi
● Started: 2024
● Founders: Akshay Dosaj and Asif Rashid
● Based: Dubai, UAE
● Industry: M&A
● Funding size: Bootstrapped
● No of employees: Nine
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Engine: 2-litre turbocharged
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RESULT
Manchester City 5 Swansea City 0
Man City: D Silva (12'), Sterling (16'), De Bruyne (54' ), B Silva (64' minutes), Jesus (88')
German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
RESULTS
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2.15pm: Maiden Dh75,000 1,200m
Winner: Tabernas, Connor Beasley, Ahmed bin Harmash.
2.45pm: Handicap Dh95,000 1,200m
Winner: Night Castle, Connor Beasley, Satish Seemar.
3.15pm: Handicap Dh120,000 1,400m
Winner: Mystique Moon, Sam Hitchcott, Doug Watson.
3.45pm: Handicap Dh80,000 1,400m
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4.15pm: Handicap Dh90,000 1,800m
Winner: Tafaakhor, Sandro Paiva, Ali Rashid Al Raihe.
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Winner: Cranesbill, Fabrice Veron, Erwan Charpy.
The biog
Name: James Mullan
Nationality: Irish
Family: Wife, Pom; and daughters Kate, 18, and Ciara, 13, who attend Jumeirah English Speaking School (JESS)
Favourite book or author: “That’s a really difficult question. I’m a big fan of Donna Tartt, The Secret History. I’d recommend that, go and have a read of that.”
Dream: “It would be to continue to have fun and to work with really interesting people, which I have been very fortunate to do for a lot of my life. I just enjoy working with very smart, fun people.”
