عربي English Türkçe اردو فارسى
Logo
Latest News
Business

UAE’s Agthia Working on New Acquisitions in Egypt, Expansion in Saudi Arabia

Agthia Group said it is working on a new acquisition in Egypt, in addition to expanding in Saudi Arabia. (Agthia)
Agthia Group said it is working on a new acquisition in Egypt, in addition to expanding in Saudi Arabia. (Agthia)
TT
TT

UAE’s Agthia Working on New Acquisitions in Egypt, Expansion in Saudi Arabia

Agthia Group said it is working on a new acquisition in Egypt, in addition to expanding in Saudi Arabia. (Agthia)
Agthia Group said it is working on a new acquisition in Egypt, in addition to expanding in Saudi Arabia. (Agthia)

The UAE Agthia Group said that the total value of the acquisitions it carried out in 2021 exceeded AED2.3 billion ($626 million), adding that it is working on a new acquisition in Egypt, in addition to expanding in Saudi Arabia.

Alan Smith, CEO of the Agthia Group, said the group aims to expand geographically, most notably in Saudi Arabia and other markets, such as Egypt and Pakistan, noting its acquisition of 60% of the Abu Auf Group in Egypt.

He stated that Agthia will invest nearly AED90 million ($24.5 million) in its expansion plans in Saudi Arabia to establish a new industrial facility within the premises of Al Nabil Food Industries in Jeddah.

Smith stressed that the group is expected to start investing in the construction of the new facility in the coming months.

According to the Emirates News Agency (WAM), the investment spending process on the new factory is scheduled to continue until 2025.

The initial investment at this stage is estimated at AED65 million ($17.6 million), Smith said, adding that expanding in Saudi Arabia is considered a strategic investment in the GCC’s largest market.

Agthia could carry out its planned acquisitions in line with its long-term strategy, he remarked, underlining the group’s ability to finance further acquisitions, which will go ahead if they meet its strategic criteria.

On the group's plans for H2 2022, Smith said its focus will remain on integrating the companies’ businesses, bolstering their work, and achieving the maximum and optimal benefit from mergers, some of which may include secondary investment plans aimed at boosting the efficiency of the group’s operations.

He pledged to continue to fulfill the group’s promises towards diversifying its business, and creating opportunities for growth.

Agthia’s net profit attributable to shareholders grew to AED118 million in H1 2022, a 74% increase relative to H1 2021, despite the challenging global inflationary environment.

This performance reflects the impact of the group’s recent acquisitions, as well as its cost optimization efforts as part of its five-year growth strategy.

Most Viewed

 
 
Business

Saudi EXIM Hosts Global Risk Experts Meeting in Riyadh

The event gathered specialists from 47 organizations from 33 countries; it served as a platform for discussing strategies, partnerships, and innovative solutions. - SPA
The event gathered specialists from 47 organizations from 33 countries; it served as a platform for discussing strategies, partnerships, and innovative solutions. - SPA
TT
TT

Saudi EXIM Hosts Global Risk Experts Meeting in Riyadh

The event gathered specialists from 47 organizations from 33 countries; it served as a platform for discussing strategies, partnerships, and innovative solutions. - SPA
The event gathered specialists from 47 organizations from 33 countries; it served as a platform for discussing strategies, partnerships, and innovative solutions. - SPA

The Saudi Export-Import Bank (Saudi EXIM) hosted the Berne Union's Country Risk Specialist Meeting, providing a platform for experts and thought leaders in risk management from the export credit community.
At the meeting, which took place from November 19 to 21 in Riyadh, the attendees exchanged best practices to better protect the industry amid shifting global dynamics.
According to a press release issued by the Saudi EXIM on Saturday, the event gathered specialists from 47 organizations from 33 countries; it served as a platform for discussing strategies, partnerships, and innovative solutions.
By strengthening institutional resilience, the industry is ready to turn global economic challenges into opportunities for economic prosperity, said the release, adding that it played a crucial role in advancing global trade, strengthening international cooperation, and developing credit solutions that empower export activities while controlling risk, SPA reported.
According to the release, discussions centered on critical risks impacting international trade and the global economy, such as debt sustainability and geopolitical tensions, along with innovative approaches to risk modelling. Participants also explored the global shifts in infrastructure, energy and critical minerals sectors, and were given an overview of Saudi Arabia's National Industrial Strategy, which focuses on economic diversification through investments, developing new sectors, and promoting local industries.
In his opening remarks, Saudi EXIM CEO Eng. Saad bin Abdulaziz Al-Khalb said the meeting is an ideal platform to address risks impacting global economic decision making.
He stated: "Through such meetings, we can turn challenges into strategic opportunities and enhance our resilience in an ever-changing world. At Saudi EXIM, we remain committed to enabling companies by offering expert financial and non-financial solutions to navigate risks effectively."
He also said that "at Saudi EXIM, we place great emphasis on risk management. In alignment with the main objective of this meeting, I am pleased to announce the completion of our independent country risk model, which is supported by advanced modelling tools and machine learning. This model will provide country ratings and predictions of default risks. We look forward to collaborating with our partners in other export credit agencies to exchange knowledge and expertise, and to strengthening our risk management functions with greater responsibility and effectiveness."
Associate Director at Berne Union Eve Hall said: "The global risk landscape today is highly volatile and highly interconnected. As we navigate our way around the ongoing transformations connected to energy transition and shifting industrial strategies, the traditional concept of 'country risk' is becoming increasingly complex. Our industry excels at understanding, quantifying and pricing these risks, and by bringing together this community of experts for technical exchange the Berne Union is able to help support the development of the industry as a whole. The initiatives announced by our colleagues at Saudi EXIM, making use of new technology in risk analysis, provide a fantastic example of where collaboration in this field can be effectively applied."
The release disclosed that Saudi EXIM's membership in Berne represents a significant strategic step, and is consistent with the Kingdom's commitment to expanding collaboration and integration in the global economy.
This is achieved by building partnerships with leading institutions to address the challenges facing the export credit sector. It also aligns with the bank's goal of developing the export of national products and services through partnerships with national and international financial and funding organizations.
Berne Union works with global trade organizations to encourage the adoption of best practices in export credit insurance, and to cooperate in maintaining the stability of global trade.
Saudi EXIM, a development bank under the National Development Fund, contributes to diversifying the Kingdom's economic base by improving the efficiency of non-oil export ecosystems, bridging financial gaps, and minimizing export risks. This plays a role in helping the non-oil national economy grow, in line with Vision 2030.