Abu Dhabi-listed Invictus Investment said it will invest nearly Dh1 billion ($272.25 million) to fuel its expansion into North and East Africa as it aims to diversify its business further into agro-food trading and processing.
Invictus will expand its operations through acquisitions and joint ventures with “leading local entities” in the region, the company said in a bourse statement on Monday.
The planned inorganic expansion will see it significantly increase its presence in markets including Morocco, Algeria, Kenya, Tanzania and Mozambique.
“In an increasingly globalised world, there is an immense need to continue to connect, and deliver food to ensure safety and security of a nation and its people,” Amir Abdellatif, chief executive of the company, said.
“Our planned partnerships and acquisitions will allow us to expand across the value chain to also include finished products, such as flour mixes, pasta, noodles, poultry and animal feed, among others.”
Invictus established a fully-owned subsidiary, Invictus Trading, in Dubai in 2014. It currently operates in 70 countries.
The company, which started out trading wheat in the Middle East and North Africa region, has since diversified into grains, cotton, groundnuts, meat and other commodities, as well as finished goods.
It listed on the Abu Dhabi Securities Exchange Growth Market in June last year.
The company recently reported that it had exported more than 1 million metric tonnes of agro-commodities to Egypt so far this year.
In October last year, it partnered with Safeen Feeders, AD Ports Group’s feeder services company, to launch a new international dry bulk shipping service with an initial investment commitment of approximately $126 million by both parties.
Invictus said it is focused on building its presence by investing in the food processing space in Africa to further strengthen its trading business and build access to consumers in the region.
“Central to our ambition is ensuring we diversify across products and markets,” Mr Abdellatif said.
“In each of these markets, we have identified leaders who can help us elevate our offerings while setting us on a growth trajectory. Our investment interests further reiterate our commitment to Africa and the rest of the world.”
The specs
Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now
India Test squad
Virat Kohli (c), Mayank Agarwal, Rohit Sharma, Cheteshwar Pujara, Ajinkya Rahane, Hanuma Vihari, Rishabh Pant (wk), Wriddhiman Saha (wk), Ravichandran Ashwin, Ravindra Jadeja, Kuldeep Yadav, Mohammed Shami, Umesh Yadav, Ishant Sharma, Shubman Gill
A new relationship with the old country
Treaty of Friendship between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates
The United kingdom of Great Britain and Northern Ireland and the United Arab Emirates; Considering that the United Arab Emirates has assumed full responsibility as a sovereign and independent State; Determined that the long-standing and traditional relations of close friendship and cooperation between their peoples shall continue; Desiring to give expression to this intention in the form of a Treaty Friendship; Have agreed as follows:
ARTICLE 1 The relations between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates shall be governed by a spirit of close friendship. In recognition of this, the Contracting Parties, conscious of their common interest in the peace and stability of the region, shall: (a) consult together on matters of mutual concern in time of need; (b) settle all their disputes by peaceful means in conformity with the provisions of the Charter of the United Nations.
ARTICLE 2 The Contracting Parties shall encourage education, scientific and cultural cooperation between the two States in accordance with arrangements to be agreed. Such arrangements shall cover among other things: (a) the promotion of mutual understanding of their respective cultures, civilisations and languages, the promotion of contacts among professional bodies, universities and cultural institutions; (c) the encouragement of technical, scientific and cultural exchanges.
ARTICLE 3 The Contracting Parties shall maintain the close relationship already existing between them in the field of trade and commerce. Representatives of the Contracting Parties shall meet from time to time to consider means by which such relations can be further developed and strengthened, including the possibility of concluding treaties or agreements on matters of mutual concern.
ARTICLE 4 This Treaty shall enter into force on today’s date and shall remain in force for a period of ten years. Unless twelve months before the expiry of the said period of ten years either Contracting Party shall have given notice to the other of its intention to terminate the Treaty, this Treaty shall remain in force thereafter until the expiry of twelve months from the date on which notice of such intention is given.
IN WITNESS WHEREOF the undersigned have signed this Treaty.
DONE in duplicate at Dubai the second day of December 1971AD, corresponding to the fifteenth day of Shawwal 1391H, in the English and Arabic languages, both texts being equally authoritative.
Signed
Geoffrey Arthur Sheikh Zayed
The Brutalist
Director: Brady Corbet
Stars: Adrien Brody, Felicity Jones, Guy Pearce, Joe Alwyn
Rating: 3.5/5
3%20Body%20Problem
%3Cp%3E%3Cstrong%3ECreators%3A%3C%2Fstrong%3E%20David%20Benioff%2C%20D%20B%20Weiss%2C%20Alexander%20Woo%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3EBenedict%20Wong%2C%20Jess%20Hong%2C%20Jovan%20Adepo%2C%20Eiza%20Gonzalez%2C%20John%20Bradley%2C%20Alex%20Sharp%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203%2F5%3C%2Fp%3E%0A
