The Saudi Ajwa Food Industries Group has reportedly acquired 80 percent of Egypt’s Misr Gulf Oil Processing Co. earlier this summer, according to Al-Hayat daily. The Egyptian firm is expected to record sales reaching 400 to 450 million Egyptian pounds ($94 to $105.7 million) by the end of 2001.
Ajwa, chaired by Muhammad Bin Issa Al-Jabar, has disclosed plans to intensify its presence in Egyptian as well as Tunisian markets, as it regards them as holding the greatest profitability potential for the company.
The company also revealed intentions to withdraw from Syrian markets in the near future. The chairman said that Ajwaa’s faced problems after acquiring a 51 percent stake in the Syrian Ajwa Sadro Food Manufacturing Factory. The executive added that the Syrian subsidiary’s financial difficulties were fraud-related.
Founded in 1992, the Jeddah-based AJWA-RMTI is now the largest miller and distributor of rice in the Middle East. The Company has grown to include bases in the USA, Mexico and South America, and expanded its commercial interests in other grains and edible oils as well as rice.
Ajwa’s is the only rice cleaning and bagging plant in the Kingdom. The company buys rice in bulk, mainly from the US and India. The rice is then cleaned and bagged under its own brand names. The Ajwa plant was built in 1995 and is located in Jeddah Port. It has the capacity to store 120,000 MT of rice and to process up to 450,000 MT of rice annually.
Ajwa is responsible for unloading the vast majority of bulk grain shipments to Jeddah port. The plant is located next to 3 berths, which it rents from the Port Authority. The berths can handle vessels carrying up to 100,000 MT of grains.
Ajwa Group is a key player in the region's grain and edible oil sectors. Its subsidiaries include Rice Milling and Trading Industries, Grain Processing and Stevedoring Terminal, Gulf Vegetable Oil Company (Nabati), Saudi Tunisian Company of Edible Oils (STUCO) and AJWA Port Services. — (Mena Report)
© 2001 Mena Report (www.menareport.com)
