Bahrain’s GFH Financial Group has confirmed it will acquire a Saudi Arabian food services and logistics business for SAR 500 million ($133 million).

In a statement to Dubai Financial Market (DFM), GFH said the company had an enterprise value of SAR 500 million.

Razi Al Merbati, CEO of GFH Capital S.A., said: “This transaction will come in line with GFH’s strategy to invest in priority sectors aligned with the Saudi Vision 2030. This includes building the group’s presence in complementary sectors with a positive impact on the local economy that also benefit from the country’s economic growth and demographic tailwinds.”

Mr. Shafqat Khan, CEO of Gulf Central Company, said: “With the support of GFH as our partner, we aim to invite our foreign suppliers to set up facilities in KSA, wherever possible. Through this, the company will enter into a new phase of growth and strengthen its market positioning further.”