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 Arabia Makes History with Adoption of Riyadh Treaty on Design Law

Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
TT
TT

Saudi Arabia Makes History with Adoption of Riyadh Treaty on Design Law

Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)

Saudi Arabia has made history by uniting the 193 member states of the World Intellectual Property Organization (WIPO) to adopt the Riyadh Treaty on Design Law. This landmark achievement, realized after two decades of deliberation, underscores the Kingdom’s leadership in enhancing the global intellectual property system.

The announcement came at the conclusion of the Riyadh Diplomatic Conference on the Design Law Treaty, a rare event for WIPO, which has not held a diplomatic conference outside Geneva for more than a decade. It was also the first such event hosted in Saudi Arabia and the Middle East, representing the final stage of negotiations to establish an agreement aimed at simplifying and standardizing design protection procedures across member states.

Over the past two weeks, intensive discussions and negotiations among member states culminated in the adoption of the Riyadh Treaty, which commits signatory nations to a unified set of requirements for registering designs, ensuring consistent and streamlined procedures worldwide. The agreement is expected to have a significant positive impact on designers, enabling them to protect their creations more effectively and uniformly across international markets.

At a press conference held on Friday to mark the event’s conclusion, CEO of the Saudi Authority for Intellectual Property Abdulaziz Al-Suwailem highlighted the economic potential of the new protocol.

Responding to a question from Asharq Al-Awsat, Al-Suwailem noted the substantial contributions of young Saudi men and women in creative design. He explained that the agreement will enable their designs to be formally protected, allowing them to enter markets as valuable, tradable assets.

He also emphasized the symbolic importance of naming the convention the Riyadh Treaty, stating that it reflects Saudi Arabia’s growing influence as a bridge between cultures and a global center for innovative initiatives.

The treaty lays critical legal foundations to support designers and drive innovation worldwide, aligning with Saudi Arabia’s vision of promoting international collaboration in the creative industries and underscoring its leadership in building a sustainable future for innovators.

The agreement also advances global efforts to enhance creativity, protect intellectual property, and stimulate innovation on a broader scale.

This achievement further strengthens Saudi Arabia’s position as a global hub for groundbreaking initiatives, demonstrating its commitment to nurturing creativity, safeguarding designers’ rights, and driving the development of creative industries on an international scale.

The Riyadh Diplomatic Conference, held from November 11 to 22, was hosted by the Saudi Authority for Intellectual Property and attracted high-ranking officials and decision-makers from WIPO member states.