Marfin Investment Group (MIG) announces today the signing of the Joint Venture (“JV”) agreement between Vivartia S.A. and Exeed Industries, establishing the presence of the new JV in the United Arab Emirates, Saudi Arabia, Kuwait, Oman, Bahrain, Qatar, Egypt, Libya, Tunisia, Algeria, Morocco, Iraq and Iran.

The vision of this newly founded JV is to offer exceptional quality and nutritional value products that will serve the needs of consumers in the Middle East, North Africa and Gulf Cooperation Council countries.. This exclusive cooperation unites the forces of two leading companies, each in its market, paving the way for the presence of Vivartia products in a dynamic market of over 330 million consumers. This cooperation embraces  all of Vivartia’s products, Delta, Barba Stathis, Chrysi Zymi as well as all the food services brand names (Goody’s, Everest, Flocafe, La Pasteria).

The first step includes exports from Greece and the construction in parallel of a production facility in Abu Dhabi. It will produce a differentiated and wide portfolio of strong, recognizable Dairy and Beverage brands, blending Vivartia’s proprietary technology with Exeed’s local market knowhow on how to best meet the needs and tastes of local consumers. Its strategic aim is to become the leading choice for UAE consumers, becoming the local market leader with sales in excess of €165m. The production facility in the UAE represents an investment of €70m at a location of 160 acres that has already been identified. Construction is planned to commence in early 2013 and will be commissioned in the 2nd half of 2014.

Dr. Kamel Abdullah, Chief Executive Officer of Exeed Industries and Mr. Yannis Artinos, Vivartia’s Chief Executive Officer and MIG’s Deputy Chief Executive Officer, both exclaimed their satisfaction upon the completion of the agreement.

Mr. Artinos said “I am delighted for the beginning of this strategic partnership with Exeed Industries, as we share common values and complementary skills. It gives us the opportunity to serve the needs of 330 million new consumers, and at the same time it is an exceptional platform for Vivartia, a Greek based company, to further accelerate on its path in becoming a truly global player in the food sector.”

Dr.Abdullah said “I am certain about the future success of this exciting new venture that is to benefit the UAE, MENA and GCC consumers, building a new international food company while building a strong bond between our two companies.”

Exeed Industries is a fully owned subsidiary of National Holding of Abu Dhabi and plays a pivotal role in directly contributing to the economic development of Abu Dhabi, the UAE and the region at large. The company operates and is expanding its existing operations in Agriculture sector, Building Materials & Fibers products, in addition to the international investments in MENA region & GCC.

Vivartia is one of the leading food companies in Greece and one of the largest in South East Europe with its brands recognized by millions. It is the market leader in most of the segments it competes offering high quality and nutritional value products to the consumers it serves with well known brands such as Delta, Barba Stathis, Goody’s and Everest.