Thursday 23 January 2020

Kamal Raza, director of investments at Sanad AD

Sanad AD announces investment in F&B firm

ABU DHABI, October 3, 2018

Sanad AD, an Abu Dhabi-based investment company, today announced a minority investment in Slices, a homegrown food and beverage company based in the UAE.

The strategic new partnership is expected to help Slices in its continuing effort to provide wholesome, nutritious meals within the education sector, across schools in Abu Dhabi, Al Ain, Dubai and Sharjah, aimed at improving the health of the next generation by reversing the rise of chronic lifestyle diseases such as diabetes, said a statement from the company.

The company received initial funding support from the Khalifa Fund for Enterprise Development (KFED), it said.

Faisal Al Hammadi, chief executive officer, Slices, said: “We are very excited with this new partnership that we have forged with Sanad AD, which is a result of years of studying the market - understanding its challenges and developing solutions that will allow our business model to remain competitive in the market and continue to grow year-on-year.”

“The investment from Sanad AD will now give us the key ability of moving on to the next phase of our strategy, which entails expanding our presence across the UAE and later throughout the GCC market,” he said.

Kamal Raza, director of investments at Sanad AD, said that there is an alignment of core values between both the companies, in the provision of healthier outcomes for children.

“Our investment in Slices reinforces our focus on community health and playing our part in providing high quality health resources to residents and nationals of the UAE,” Raza said.

Abdullah Al Darmaki, chief executive officer, KFED, extended his congratulations to Slices on its latest achievement. He shared that the latest development is just one of the many success stories of SMEs that the fund has helped start up over the years.

Al Darmaki said: “We are truly proud of Slices and their new investment partnership with Sanad AD. Their success reflects KFED's strong commitment towards promoting a culture of entrepreneurship among Emiratis and encouraging growth and development across local SMEs.”

“Rest assured that we will continue to support companies like Slices and help them become key contributors to the UAE's economic growth,” he concluded. – TradeArabia News Service

Tags: | investment | firm | F&B |

More Industry, Logistics & Shipping Stories

calendarCalendar of Events