Qatar bank invests in Lebanese nuts

Doha-based Islamic investment bank buys 15 percent of Al Rifai Holding

Lebanese manufacturer of nuts and kernels, Al Rifai International Holding, announced that Qatar First Investment Bank (QFIB) has acquired 15 percent of its shares.

The size of the deal, which was arranged by Beirut-based ProFinance International, was not disclosed.

The Chairman and CEO of Al Rifai Holding, Mohamed Al Rifai, said that the partnership with QFIB will help the group implement and further develop its expansion plans.

In 2010, Al Rifai Holding increased its capital by $15 million through a primary offering to institutional and private investors led by MedSecurities Investment, a wholly owned subsidiary of BankMed. Al Rifai expanded into Europe in 2008 with the establishment of a 10,000 square meter manufacturing facility in Sweden.

The partnership with Al Rifai is QFIB’s first venture in the Food and Beverage manufacturing industry. The CEO of QFIB Emad Mansour, said that the global snack manufacturing market is rapidly growing and that it is expected to reach $85 billion in 2012.

According to company figures, Al Rifai saw an annual turnover growth of 50 percent during 2011.

Al Rifai Holding fully owns the two brands, Nutisal and Rifai, which are distributed worldwide, with the exception of the markets in the Arab Gulf and North Africa which are operated through a joint venture with the Kuwaiti Homaizi Group.