RIYADH: GFH Financial Group announced today that it has signed to acquire a leading food services and logistics company in Saudi Arabia, with an enterprise value of about SAR 500 million. The deal was announced at the Future Investment Initiative in Riyadh.

The company has a strong financial performance and a diverse customer base of over 1000 blue-chip clients, including renowned HORECA players and retail brands in the Kingdom. It also has long-standing relationships with about 200 international aggregators and producers.

GFH said the acquisition is in line with its strategy to invest in priority sectors aligned with the Saudi Vision 2030, such as consumer and logistics industries. The group plans to work with the company’s management team to support its growth through various strategies, such as geographic and portfolio expansion, vertical integration, enhancing warehousing and logistical capacity, and cost efficiencies.

The company’s CEO said the partnership with GFH will help the company enter a new phase of growth and strengthen its market position. He said the company will also invite its foreign suppliers to set up facilities in Saudi Arabia, wherever possible, and leverage technology to offer innovative solutions to its customers.

The Saudi National Industrial Development & Logistics Program (NIDLP) aims to attract US$453 billion in private sector investment by 2030, contributing US$320 billion to GDP and creating 1.6 million new jobs. The program also expects tourist arrivals to grow to 100 million by 2030, driven by heavy investments in entertainment and tourism.