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Fresh Del Monte and Talc Investment Announce Banana Partnership in Somalia
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
Tags
partnership
Rhea-AI Summary
Fresh Del Monte Produce Inc. has partnered with Moze Holding Limited to revive banana production in Somalia. This multi-year agreement will enhance banana supply chains, reducing transport times to the Middle East and North Africa, and making fresher fruit more accessible. Fresh Del Monte will manage operations, with the first harvest expected in 2024. Historically, Somalia was a significant banana exporter before its civil conflict in the 1990s. By reestablishing production, the partnership aims to contribute to Somalia's economic recovery while fulfilling market demands.
Positive
Partnership expected to reduce banana transport times to MENA, improving access to fresher fruit.
Operational oversight by Fresh Del Monte, enhancing efficiency and quality in banana production.
Potential for economic resurgence in Somalia through agricultural development.
Negative
None.
Partnership aims to relaunch Somalian banana production
MIAMI--(BUSINESS WIRE)--
Fresh Del Monte Produce Inc., one of the world’s leading vertically integrated producers, marketers, and distributors of high-quality fresh and fresh-cut fruits and vegetables, and Moze Holding Limited, a Talc Investment company, are pleased to announce the signing of a Somalia-based, multi-year banana partnership located in the heart of the previously famed banana belt area. This partnership will not only significantly reduce banana transport times, giving consumers in the Middle East and North Africa (MENA) access to fresher, lower-cost fruit, but will also aid in Somalia’s economic resurgence.
As part of the agreement, Fresh Del Monte will have operational oversight and train the team on the ground. In return, the global produce distributor will purchase its banana supply directly from Moze, the newly established banana farm. The fruit will be sold and marketed under the Fresh Del Monte brand for its markets in the Middle East, with the first harvest expected in 2024.
“We are pleased to officially announce this partnership, which we believe is a game-changer for the banana industry in the region,” said Mohammad Abu-Ghazaleh, Fresh Del Monte’s Chairman and CEO. “The move to reestablish banana operations in Somalia makes sense on many accounts – from its strategic location on the Horn of Africa to fulfilling our mission of supplying our consumers with the freshest produce available – all while aiding in the country’s recovery.”
Before the onset of its civil war in the 90s, Somalia was once a main hub for banana exports in Africa to European and Middle East markets, with production reaching its peak in the late 1980s to early 1990s.
“The Moze and Talc teams are delighted to work with a renowned name in agriculture, such as Fresh Del Monte, to revive the banana cultivation farms in Somaliland. This multi-purpose approach will serve the communities in the Horn of Africa, the Middle East, and the United Arab Emirates. Our intent is to build on this partnership in the near future as we look forward to a fruitful relationship,” said Mohammed Aldhaheri, Moze Holding and Talc Investment Chairman.
Currently, bananas to the Middle East come from Central America or the Philippines, with average transit times ranging from 20 to 35 days.
About Fresh Del Monte
Fresh Del Monte Produce Inc. is one of the world's leading vertically integrated producers, marketers, and distributors of high-quality fresh and fresh-cut fruit and vegetables, as well as a leading producer and distributor of prepared food in Europe, Africa, and the Middle East. Fresh Del Monte markets its products worldwide under the DEL MONTE® brand (under license from Del Monte Foods, Inc.), a symbol of product innovation, quality, freshness, and reliability for over 135 years. The company also markets its products under the MANN™ brand and other related trademarks. Fresh Del Monte Produce Inc. is not affiliated with certain other Del Monte companies around the world, including Del Monte Foods, Inc., the U.S. subsidiary of Del Monte Pacific Limited, Del Monte Canada, or Del Monte Asia Pte. Ltd. Fresh Del Monte is the first global marketer of fruits and vegetables to commit to the “Science Based Targets” initiative. In 2022, Fresh Del Monte Produce was ranked as one of “America’s Most Trusted Companies” by Newsweek based on an independent survey rating companies on three different touchpoints, including customer trust, investor trust, and employee trust. Fresh Del Monte Produce is traded on the NYSE under the symbol FDP.
About Moze Holding Limited
Moze Holding Limited is a new banana grower established in Somaliland. The company has acquired a large plot of land in the heart of the previously well-known banana territories in the province of Somaliland. Given the history of banana cultivation from the region, Moze Holding Limited will leverage several of the area’s advantages, including the proximity to seaports from the farm and access to markets in the Middle East. Moze Holding Limited is wholly owned by Resources Investment Ltd. from the UAE, a Talc Investment company.
