Abu Dhabi National Foodstuff Company (Foodco) announced that it would be investing AED 200 million (US$54 million) in an industrial zone for foodstuff in the capital. The facility will be ready by 2007.
Managing Director of Foodco and member of the Board of Directors, Mr. Ahmed bin Ali Al Dhahry said, “The facility will provide top class infrastructure and efficient and well-developed support services thereby actively encouraging entrepreneurs and investors,” Mr. Al Dhahry remarked.
The UAE’s well-established trading links throughout the AGCC and other neighbouring markets, a buoyant and prosperous domestic market, strong commercial ties and wide choice of potential trading partners, top class port and airport facilities in terms of size, flexibility and efficiency, and a strong shipping and transportation sector are among a few of the benefits that companies can avail off.
Meanwhile, Foodco’s projected net profits for the third quarter of this year are expected to increase by over 34% to more than AED 100 million (US$ 27.24 million), over Q2 2005 results and are expected to continue this growth till the year end.
Today, Foodco is one of the most sought after scripts in the UAE Stock Exchange, with a group of satisfied shareholders. More than the financial strength, Foodco’s credibility in the market is indicative of the company’s real success as a corporate entity.