Abu Dhabi’s Zee Stores rebranding to Ghitha Holding

Abu Dhabi’s Zee Stores rebranding to Ghitha Holding

ABU DHABI: Zee Stores will rebrand to Ghitha Holding and expand to become a key player in the UAE food industry.

The company will add a number of related businesses to its existing portfolio, through future acquisitions and subsidiaries’ formation, which will enhance its core capabilities in wholesale importing and trading fresh and canned foods; packaging; and providing food services to industrial sites such as gas and oil fields.

The new strategic direction will enable Ghitha Holding to become one of the largest and most important players in the regional food trading sector, it said in a statement.

Mohammed Somar Ajalyaqin, chairman of Ghitha Holding, said: “With the UAE’s National Food Security Strategy aiming to make the Emirates the world’s most food-secure nation by 2051, expanding operations in food and agriculture presents an ideal opportunity to deliver shareholder value through commercial success while supporting the national development agenda.

“This transformation of Zee Stores into Ghitha Holding represents the next stage in the company’s journey, and through our growing operations we will continue to play an even greater role in this sector.”

Ghitha Holding is a subsidiary of International Holding Company (IHC), the Abu Dhabi-headquartered multi-sector conglomerate which has listed subsidiaries to transform them into powerful operators.

Zee Stores had assets of AED189 million as at the end of September 2020 and its annual turnover is around AED300 million.

Recipes-Stuff

About the author

Leave a Reply

Your email address will not be published. Required fields are marked *