Agreement between Al Rifai and Kuwaiti partner. Past differences settled. Cooperation will resume on the regional level

Agreement between Al Rifai and Kuwaiti partner
Past differences settled. Cooperation will resume on the regional level
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Local roastery Al Rifai and Kuwaiti partner Saleh Yacoub Al Homaizi have amicably settled the conflict between them. The two parties ended their dispute and all litigations have been withdrawn.

Zouheir Sabra, Chief Financial Officer of Al Rifai, said: “The two parties will boost cooperation, and will set a new strategy of working.”

The partnership, initiated in 1997, intended to develop the Al Rifai brand in the MENA region, mainly in Gulf countries. The contract failed to fulfill its intended purpose, due to divergent points of view on how to establish Al Rifai’s industrial and production concept.

According to the agreement, the Kuwaiti-based ‘Al Rifai Nuts and Confectionery Limited (ARNC)’, a wholly owned Al Homaizi company, will own all rights to manufacture, produce and sell various products including, nuts, dried fruit, confectioneries, deserts and coffee in 14 different countries across the MENA region including Iraq, Egypt and all the GCC member states.

Other countries including Syria and Algeria will be serviced and managed separately by Lebanon-based Al Rifai International Holding (ARIH) from the new plant in Fidar (North) area, which will have a capacity of around 30,000 tons annually.
 
Al Homaizi, co-vice Chairman of Al Homaizi said: “This is a culmination of almost 20 years of cooperation between the parties and we look forward to further developing this business serving the needs of our customers in the region.”

The Kuwaiti businessman also owns the hospitality management firm Al Kout Food Group, which has the franchise rights for Burger King, Pizza Hut, and Applebee's, among others.

Reported by Rania Ghanem
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Date Posted: Jul 11, 2014