UAE- Agthia eyes forays into Saudi market

Date

1/26/2016 11:51:09 PM

(MENAFN- Khaleej Times)

The UAE's Agthia Group plans to enter Saudi Arabia market this year a top official of the company said on Tuesday.

The Abu Dhabi-based food and beverage company has allocated Dh500 million for expansion in the next three years. The company has additional funds to support future acquisitions.

"We are a cash rich company and have the ability to fund acquisitions" Fasahat Beg - Executive Vice President of Agthia Consumer Business Division told reporters during a media briefing on Tuesday.

The company is targeting the Middle East and North Africa (MENA) region for acquisitions and has no plan to go beyond at the moment Beg informed.

Responding a question he said the company sees growth across its core categories - water juice dairy flour and food. "We are market leader in drinking water after recent acquisition of Al Bayan Water" he added.

Agthia consumer business include: UAE - manufacturing distribution and marketing of several brands including Al Ain water; Al Bayan water; Capri-Sun juices; Yoplait fresh dairy products. Oman: Al Bayan water; Egypt - Al Ain tomato and chilli paste and fruit puree. Turkey - Alpin natural spring bottled water.

Al Ain Water is in the process of expanding its bottled water production capacity in the UAE by 45 per cent entailing an investment of approximately Dh65 million expected to be completed in early 2016. "As a leading bottled water brand we don't just aspire to keep up with the rising demand but also actively build success stories through delivering both functional and emotional benefits for a fulfilling life" said Fasahat.

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