Abu Dhabi-based food and beverage company Agthia is expanding further in Saudi Arabia with a greenfield investment worth Dh90 million ($24.5m) that will be used to set up a manufacturing unit in the kingdom.
Capital expenditure spending on the new unit in the Red Sea port city of Jeddah is expected to start in the coming months, with sales expected to start in the second half of 2023, Agthia said on Tuesday in a statement to the Abu Dhabi Securities Exchange, where its shares are traded.
The company’s board approved the investment related to the project during a board meeting.
“Agthia’s greenfield investment in the kingdom of Saudi Arabia would enable significant progress towards our long-term profitability target and our commitment to deliver on our growth strategy to become a regional leader by 2025,” said group chairman Khalifa Al Suwaidi.
Agthia, which is owned by Abu Dhabi’s holding company ADQ, is transforming its operations under a new five-year growth strategy in its push to become the region's top food and beverage company in the next three years.
The company completed a number of acquisitions last year to expand its operations in the Mena region.
They include the world’s largest date processing and packaging company Al Foah, Kuwait’s Al Faysal Bakery and Sweets, Jordan’s Nabil Foods, Egypt-based meat processor Ismailia Investments, better known as Atyab, and snack maker BMB Group.
“This investment will allow us to further drive the growth of our protein vertical while offering the right product quality compliant with local regulations,” said Alan Smith, chief executive of Agthia Group.
“The site design will also give us the capacity and flexibility to meet future market growth potential and will eliminate any future replacement cost in case of expansions.”
Agthia manufactures, distributes and markets a range of food and beverage products, including popular regional brands such as Al Ain Water and Al Foah dates.
The company’s assets are located in the UAE, Saudi Arabia, Kuwait, Oman, Egypt, Turkey and Jordan.
The company will continue to look for new businesses to acquire in 2022, Mr Smith said in an interview with The National earlier this year.
Agthia has Dh1.5bn worth of “firepower” for the purchase of companies in the Middle East, Africa and Pakistan.
However, it “really depends on whether they meet the criteria that we set out in terms of being accretive, being at the right price, being in the right categories and in the right markets”, Mr Smith said.
Agthia reported a 64 per cent jump in its first-quarter profit to more than Dh82m as revenue rose by 58 per cent.
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How Apple's credit card works
The Apple Card looks different from a traditional credit card — there's no number on the front and the users' name is etched in metal. The card expands the company's digital Apple Pay services, marrying the physical card to a virtual one and integrating both with the iPhone. Its attributes include quick sign-up, elimination of most fees, strong security protections and cash back.
What does it cost?
Apple says there are no fees associated with the card. That means no late fee, no annual fee, no international fee and no over-the-limit fees. It also said it aims to have among the lowest interest rates in the industry. Users must have an iPhone to use the card, which comes at a cost. But they will earn cash back on their purchases — 3 per cent on Apple purchases, 2 per cent on those with the virtual card and 1 per cent with the physical card. Apple says it is the only card to provide those rewards in real time, so that cash earned can be used immediately.
What will the interest rate be?
The card doesn't come out until summer but Apple has said that as of March, the variable annual percentage rate on the card could be anywhere from 13.24 per cent to 24.24 per cent based on creditworthiness. That's in line with the rest of the market, according to analysts
What about security?
The physical card has no numbers so purchases are made with the embedded chip and the digital version lives in your Apple Wallet on your phone, where it's protected by fingerprints or facial recognition. That means that even if someone steals your phone, they won't be able to use the card to buy things.
Is it easy to use?
Apple says users will be able to sign up for the card in the Wallet app on their iPhone and begin using it almost immediately. It also tracks spending on the phone in a more user-friendly format, eliminating some of the gibberish that fills a traditional credit card statement. Plus it includes some budgeting tools, such as tracking spending and providing estimates of how much interest could be charged on a purchase to help people make an informed decision.
* Associated Press
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
UAE currency: the story behind the money in your pockets
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Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
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The National in Davos
We are bringing you the inside story from the World Economic Forum's Annual Meeting in Davos, a gathering of hundreds of world leaders, top executives and billionaires.
