Qatar First Investment Bank (QFIB), Qatar’s independent Islamic investment bank authorized by QFC Regulatory Authority, has increased its equity stake in Al Rifai International Holding (Al Rifai) to 35%. Al Rifai is the leading manufacturer of nuts and kernels, light snacks and delicacy in the Middle East with operations in Europe.
Chief Executive Officer of QFIB Emad Mansour commented, “Since acquiring a 15% stake in Al Rifai late December of last year, the company has shown positive growth prospects. We strongly believe that Al Rifai has the right setup to venture into new markets and diversify its product range. We are very optimistic with our investment in Al Rifai Holding.”
Al Rifai’s total wholesale-performance recorded a 63.2% year on year growth during H1 2012. The company’s export-sales also registered a 66% growth for H1 2012, when compared to the same period last year. Since January 2012, the holding company has succeeded in opening 5 new outlets in Lebanon, reaching a total of 50 points of sales.
Al Rifai is currently seeking to increase its production capacity in Lebanon to reach 10,000 tons replicating the European state -of- the art plant in order to meet the increase in local and foreign demand. The new factory will open during 2nd quarter of 2013.
Chairman and CEO of Al Rifai International Holding Mohamed Al Rifai said: “We strongly welcome the increase of QFIB’s share in Al Rifai. The increased stake by QFIB will enable Al Rifai to effectively manage risks, enhance corporate governance and ultimately facilitate growth. We look forward to continue working alongside QFIB’s team to further enhance the group’s performance and expand its operations.”
Late in December 2011, QFIB acquired 15% stake in Al Rifai. The deal marked QFIB’s debut investment venture in the F&B manufacturing industry reiterating the Bank’s prudent investment strategy that focuses on sectorial and geographic diversification.