UAE Business: Agthia Group plans Egypt, Saudi Arabia expansion – Gulf Digital News

UAE Business: Agthia Group plans Egypt, Saudi Arabia expansion – Gulf Digital News

The total value of the acquisitions carried out by Agthia Group last year exceeded AED2.3 billion ($626.19 million), according to Alan Smith, CEO.

The group is working on a new acquisitions in Egypt, in addition to expanding in Saudi Arabia, he said in an interview with the Emirates News Agency (WAM).

Smith said the group aims to expand geographically, most notably in Saudi Arabia and other markets, such as Egypt and Pakistan, noting its acquisition of 60 percent of the Abu Auf Group in Egypt.

He stated that Agthia will invest nearly AED90 million in its expansion plans in Saudi Arabia, to establish a new industrial facility within the premises of Al Nabil Food Industries in Jeddah, affirming that it is expected to start investing in the construction of the new facility in the coming months.

Smith also stressed that Agthia could carry out its planned acquisitions in line with its long-term strategy, highlighting the group’s ability to finance further acquisitions, which will go ahead if they meet its strategic criteria.

He noted that Agthia has low debt levels and has a solid financial position, adding that the group’s net debt compared to earnings before interest, taxes, depreciation and amortisation is estimated at 2.4 times.

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