Page 203 - ALEF EDUCATION PR REPORT OCTOBER 2024

10/4/24, 9:28 AM ADNH Catering IPO: Abu Dhabi company plans to list 40% of its shares on ADX | The National
"We're confident that we can improve our shareholding in that business, but also grow the

business significantly," Mr Cowley said, adding that it is "premature" to say what will be

the Abu Dhabi company's eventual stake in the Saudi joint venture.

"We have been in discussion for some time ... [and] certainly all the discussions are
positive".

ADNH Catering is also open to acquiring stakes in smaller "complementary businesses" in

the UAE to further expand its food and services business in country, Mr Cowley added.

Last year, the food services market in the UAE and Saudi Arabia was valued at $5.2

billion and is projected to grow to $6.8 billion by 2028. Of the total food services market,
the ADNH Catering group's "addressable market was valued at $3.5 billion in 2023 and is

projected to grow to $4.5 billion by 2028", the company said.

The company's food services include its Husk coffee grab-and-go business, which

represented 59 per cent of the combined revenue for the year ended September 30, 2023. It

also offers support services, including cleaning, housekeeping, pest control, laundry and

the supply of manpower, drivers and other technical specialists, as well as procurement
services for clients.

"The strong macroeconomic outlook is expected to underpin further growth in the food

and support services markets in the UAE and Saudi Arabia," the company said.

"Further, growth in the food services markets in the UAE and Saudi Arabia is expected to

be supported by government growth transformation agendas, including increasing
population and immigration inflows."

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