United Arab Emirates (UAE)-based alternative investment firm GII has completed a minority stake investment in Hotpack Global Holding, a food packaging producer in the Gulf Cooperation Council (GCC), according to a press release published in Zawya.
The investment will fund further growth for Hotpack, including increased production from the newly opened production lines and the group’s international expansion plans.
The packaging company plans to open a new plant in Al Kharj, Saudi Arabia.
It is supported by long-term supply agreements with major customers and is expected to increase the company’s manufacturing capacity in Saudi Arabia, the statement said.
The Saudi project is linked to the goals of Vision 2030, including the development of local manufacturing and domestic production of essential consumer goods, as well as supply chain stability and industrial jobs.
GII co-founders and co-CEOs Mohammed Alhassan and Pankaj Gupta said: “The completion of GII’s investment in Hotpack is our latest agreement as our group of companies celebrates its 12th anniversary of successful Shari’ah-compliant investments across the GCC and beyond. We look forward to working closely with the other members of Hotpack’s board to drive its continued expansion and commercial success.”
Hotpack was founded in 1995 and is headquartered in Dubai, United Arab Emirates.
It manufactures and supplies food packaging products and operates in 12 countries, with offerings in plastics, paper, aluminum and other sustainable materials.
The company claims to serve more than 25,000 customers in more than 100 countries through 25 factories, 47 warehouses and 35 sales centers worldwide.
Hotpack Global founder and CEO Abdul Jebbar said: “This partnership marks an important milestone in Hotpack’s journey. Over the past three decades, we have built a business that is deeply rooted in this region but has an increasingly global reach.
“GII’s investment gives us the impetus to accelerate our next phase of growth: expanding manufacturing capacity, entering new markets and continuing our shift toward sustainable packaging. We are proud to have GII as a partner that shares our long-term vision.”
“GII acquires minority stake in food packaging company Hotpack” was created and originally published by Packaging Gateway, a brand owned by GlobalData.
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