#UAE's Agthia makes 'strategic' move into Kuwait market | ZAWYA MENA Edition

UAE's Agthia makes 'strategic' move into Kuwait market | ZAWYA MENA Edition

UAE’s food and beverages giant Agthia Group announced on Thursday a strategic acquisition to expand its footprint in the Gulf Cooperation Council (GCC) region.

Part of the state-owned holding company ADQ, Agthia has signed a sales purchase agreement to acquire a homegrown Kuwaiti brand, Al Faysal Bakery and Sweets, which has an annual turnover of more than $25 million.

“[The move will] build our regional F&B footprint, adding significant scale to our existing operations in Kuwait and further diversifying our portfolio,” said Alan Smith, chief executive officer of Agthia Group.

Agthia Group chairman and chief investment officer Khalifa Sultan Al Suwaidi said the company remains committed to grow across several categories and have identified Kuwait as an important market.

“The acquisition… underscores our priorities to deliver value to our shareholders,” Al Suwaidi said.