Abu Dhabi to create food & beverage giant under ADQ
Agencies
Abu Dhabi is reportedly planning to create a new ‘domestic champion’ in the food and beverage sector by combining two of its companies.
Industrial conglomerate Senaat, owned by ADQ, a state-owned holding company, has submitted a non-binding offer to the board of Agthia Group, an Abu Dhabi-listed food company, to transfer the majority of Al Foah Company into Agthia, Reuters quoting ADQ said yesterday.
Al Foah, owned by Senaat, is the world’s largest data processing and packaging company.
The combined entity would become a “domestic champion” in water, dates, flour, and animal feed, ADQ said in a statement.
Abu Dhabi has seen some of its largest firms merge in the last few years in response to an earlier oil price slump.
Efforts have intensified this year, with deals including the consolidation of two Abu Dhabi utilities under ADQ and the combination of national contracting firms in the oil and gas services sector.
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