Marfin Investment Group (MIG) announces today that its subsidiary Vivartia has signed a Memorandum of Understanding (MoU) with Exeed Industries, the industrial arm of National Holding, regarding an exclusive cooperation on the food and agriculture sector business in the United Arab Emirates, GCC and MENA region.

More specifically, the MoU calls for a Joint Venture, on a 49:51 basis, focusing on the establishment of a Dairy, Juice and Tea processing Plant in the United Arab Emirates. Furthermore the Joint Venture will import current Vivartia products & services in addition to new products specifically designed and formulated to the Middle East regional market's needs. The initial target market for the new company comprises approximately of 4.7 mil consumers, while the scope of the memorandum has a geographical span that encompasses in excess of 330 million potential consumers.

Exeed Industries is a fully owned subsidiary of National Holding of Abu Dhabi and plays a pivotal role in directly contributing to the economic development of Abu Dhabi, the UAE and the region at large. The company operates and is expanding its existing operations in Agriculture sector, Building Materials & Fibers products, in addition to the international investments in MENA region & GCC. Vivartia is the leading food company in Greece and one of the largest in Europe. Its brands are recognized by millions, reaching consumers in 30 countries. In Greece alone Vivartia's products & services reach 9 out of 10 households on a daily basis and 99% of consumers recognize its brands.

Dr. Kamel Abdullah, Chief Executive Officer of Exeed Industries said "Vivartia has World Class expertise in high Quality Dairy/Juice, Tea and Food products and Services, supported by innovative R&D, manufacturing, distribution and brand development in the food sectors within which it operates." 

Mr. Yannis Artinos, Vivartia Chief Executive Officer and MIG's Deputy Chief Executive Officer added: "There is an exceptional fit on skills and corporate values between our two groups; Vivartia's expertise is complementary to Exeed Industries, and we share its' commitment to focus on growth segments in the food and agricultural sector. We are looking forward in creating together a world class company that will satisfy the needs of the Middle East and North Africa consumers through high quality, healthy food and beverage products."