(MENAFN- Emirates News Agency (WAM))
ABU DHABI, 24th January, 2023 (WAM) -- Khalifa Economic Zones Abu Dhabi (KEZAD) Group announced that it has signed an agreement with Emerging World FZC, the sole importer of PRAN-RFL Group's products in the Middle East region, to establish a Programme for Rural Advancement Nationally (PRAN) manufacturing plant catering to local and regional markets.
The AED 110 million facility, developed in multiple phases, will spread across 42,000 square meters in KEZAD, with direct access to AD Ports Group's flagship Khalifa Port. It will enable Emerging World FZC to locally produce and export its products to free trade markets throughout the Middle East and North Africa region, including Saudi Arabia, Kuwait, Bahrain, Qatar, Oman, Jordan, Egypt, Iraq, Lebanon, Morocco, Tunisia, Palestine, Syria, Libya and Yemen.
The land lease agreement with KEZAD Group has been signed for a period of 30 years. With almost a third of PRAN's production capacity catering to the local market and 70 percent being exported to regional markets, PRAN will play a vital role in ensuring food security in the region through Abu Dhabi.
Mohamed Al Khadar Al Ahmed, CEO of KEZAD Group, said, 'KEZAD Group is delighted to welcome Emerging World FZC and enable the development of this new manufacturing facility within our expansive food trade ecosystem, an environment that ensures that businesses can thrive in today's competitive market. Emerging World FZC shares our mission on the importance of securing national and regional supply chains, in line with the vision of our wise leadership to improve access to affordable healthy diets for people across communities.'
Hasan Mahbub, Managing Director of Emerging World FZC, commented, 'Our agreement with KEZAD Group aims to boost our export to Middle Eastern countries, and the establishment of the Emerging World FZC's manufacturing facility in Abu Dhabi is a significant milestone to expand our business. An initial investment of AED 60 million will be made to set up the manufacturing facilities, with production of different food products including instant noodles, milk-added drinks, fruit drinks, and confectionery products under the PRAN brand. Initially, we expect production revenue to be in the region of AED 160 million per annum.'
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