Vivartia and Exeed Industries Joint Venture: a dairy, juice and tea processing plant in Abu Dhabi for producing and exporting foods and drinks to GCC and MENA regions.

Marfin Investment Group (MIG) announced today that its subsidiary Vivartia signed a Memorandum of Understanding (MoU) with Exeed Industries, the industrial arm of National Holding based in the United Arab Emirates (UAE).  The MoU provides for the exclusive cooperation of the two companies in the food and agriculture sector in the UAE, GCC and MENA region.

More specifically, the MoU provides for a Joint Venture owned by Vivartia (49%) and Exeed Industries (51%) which will set up a dairy, juice and tea processing plant in the United Arab Emirates. Furthermore the Joint Venture will import current Vivartia products and services, in addition to new products specifically designed and formulated to the Middle East regional market’s needs. The new company will initially cater to a target market of 4.7 mil consumers, while the scope of the memorandum has a geographical span that encompasses in excess of 330 million consumers.

Exeed Industries is a wholly owned subsidiary of United Arab Emirates National Holding and plays a pivotal role in the economic development of Abu Dhabi, the UAE and the region at large. The company is expanding its existing operations in the sector of agriculture, building materials and textile production. In addition it is looking towards international investments in the GCC and MENA region.

Vivartia is one of the leading food companies in Greece and one of the largest in Europe.  Its brands are recognized by millions of consumers in 30 countries around the world. In Greece alone Vivartia’s products and services reach 9 out of 10 households on a daily basis and brand awareness stands at 99%.

Dr. Kamel Abdullah, Chief Executive Officer of Exeed Industries stated:  «Vivartia holds world class expertise in high quality dairy, juice, tea and food products. Its Product and Services are backed by innovative R&D, manufacturing, distribution and brand development in the food sectors within which it operates.»

Mr. Giannis Artinos, Vivartia Chief Executive Officer and MIG’s Deputy Chief Executive Officer added: «The two groups share an exceptional fit in terms of capabilities and corporate values.  Vivartia’s expertise is complementary to Exeed Industries and we share Exeed’s commitment to focus on growth segments in the food and agricultural sector. We look forward to jointly creating a world class company that will satisfy the needs of the Middle East and North Africa consumers through offering high quality food and beverage products.»

Commenting on the execution of the MoU, Mr. Iskandar Safa, Vice Chairman of Marfin Investment Group, noted: “We strongly believe that this is the starting point for many other joint ventures in the fast growing region of the UAE and the Middle East where synergies can be generated between prestigious and financially solid local partners and Marfin Investment Group’s leading companies”.