Abu Dhabi wealth fund buys stake in fruit and veg distributor Unifrutti in supply chain move
Follow-ups -eshrag News:
RIYADH: Abu Dhabi wealth fund, ADQ, has agreed to acquire a majority stake in fruit and vegetable producer, marketer, and distributor Unifrutti Group.
The move is in an attempt to secure food supply amid pandemic and geopolitical tensions repercussions, Bloomberg reported.
The investment will help the group expand its footprint globally, along with enhancing food security in the UAE.
This comes as the UAE is trying to bolster local output and invest in abroad farming since it imports most of its food supply.
“Our investment in Unifrutti would enable ADQ to develop a global platform for fresh produce that complements our other portfolio companies throughout the food value chain,” said Gil Adotevi, executive director of food and agriculture at ADQ, Bloomberg reported.
The terms of the deal are yet to be disclosed.
Headquartered in Cyprus, Unifrutti is an export and import firm with presence in over 50 countries dispersed across the globe.
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