QFIB ventures into F&B industry

QATAR'S independent Islamic investment bank,Qatar First Investment Bank (QFIB), has acquired a 15% stake in Al Rifai International Holding, a well-established and leading manufacturer of nuts, kernels, light snacks and delicacy in the Middle East and Europe.
The deal marks QFIB's debut investment-venture in the food and beverage manufacturing industry and demonstrates the bank's commitment to sectoral diversification. Citing this pioneering deal, QFIB chief executive Emad Mansour (right) commented, "From the outset our strategy was to focus on sectors that benefit from key drivers of economic change."
Al Rifai's wide presence in European markets also offers QFIB an opportunity to venture into new geographical regions. Chairman and CEO Mohamed Al Rifai(left) commented, "QFIB's commitment to adopt international standards and processes complements our global vision and high standards of quality control."
According to Euromonitor International the Middle East retail sales volume of sweet and savoury snacks is positioned to grow by a phenomenal 21% between 2010 and 2014. Al Rifai's annual turnover growth of 50% during 2011 and expected growth of 33% during 2012 is a clear testament to the company's excellent performance and success.