National Food in deal for $408m factory
Abu Dhabi, February 24, 2014
UAE’s National Food Products Company (NFPC) has signed an agreement for a Dh1.5 billion ($408 million) production facility in Khalifa Industrial Zone Abu Dhabi (Kizad), a report said.
Known for brands such as Oasis, Blu, Milco and Lacnor, NFPC signed the 50-year lease agreement and plans to acquire more than eight million sq ft of prime industrial land, said the report in Arabian Business.
"NFPC, a food production company which ranks in the top five in the GCC, has chosen Kizad as their next location for its biggest, state of the art food production facility,” Khaled Salmeen, CEO of Kizad was quoted as saying in the report.
The ground breaking for the factory is estimated to take place during the second quarter of this year, with operations expected to start early 2017, the report said.