Al Ghurair Investment, one of the largest diversified family business groups in the UAE, and Kezad Group, a wholly-owned subsidiary of AD Ports Group and a leading global producer and supplier of premium food, announced the signing of 50-year land lease agreements for three massive food processing projects totaling over AED 1 billion ($272.5 million).
The signing was taken place at Kezad's headquarters in Abu Dhabi with Abdullah Al Hameli, CEO Economic Cities & Free Zones, AD Ports Group; Mohamed Al Khadar Al Ahmed, CEO, Khalifa Economic Zones Abu Dhabi - Kezad Group; and a delegation from Al Ghurair Investment comprising Ibrahim Al Ghurair, Non-Executive Board Director; John Iossifidis, Group Chief Executive Officer; and Djamal Djhouri, CEO, Al Ghurair.
With this agreement, Al Ghurair Foods division will begin investing in Kezad. In order to improve local and regional food security, the first two projects aim to build the first starch processing plant of its kind in the region and one of the largest grill producers in the UAE. They will also implement the highest standards of food safety in accordance with international biosecurity standards.
The third project will include the division in the launch of Abu Dhabi Food Hub - Kezad, which will create a brand-new supply market for the UAE. More information about this project will be released later this year.
The initiatives are expected to advance the UAE's capacity for food production and strengthen the Emirates' standing as a technology- and innovation-driven regional powerhouse.