ADQ, Abu Dhabi wealth fund, will buy a majority stake in Unifrutti Group, a fruit and vegetable producer, marketer, and distributor.
The acquisition is designed to secure food supply amid pandemic and geopolitical tensions. The investment will help the group expand its footprint globally, along with enhancing food security in the UAE.
This comes as the UAE is trying to bolster local output and invest in abroad farming since it imports most of its food supply.
“Our investment in Unifrutti would enable ADQ to develop a global platform for fresh produce that complements our other portfolio companies throughout the food value chain,” said Gil Adotevi, executive director of food and agriculture at ADQ.
The terms of the deal are yet to be disclosed.
Headquartered in Cyprus, Unifrutti is an export and import firm with presence in over 50 countries dispersed across the globe.