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Asmak Holdings

Introduction


Year office was established: 1999
Number of employees: 248
Group Chief Executive Officer: Mamoon Othman
Corporate headquarters: Dubai International Financial Center, UAE

Asmak Holding Company Limited (ASMAK)is a leading provider of fresh and frozen seafood across the Middle East. Founded in 1999 and based in Dubai, ASMAK provides end-to-end solutions to its customers including fresh seafood, a frozen and breaded product range under the “asmak” brand, and value-added products, maintaining a focus on processing, distribution, and exports across MENA and key global markets.

ASMAK maintains a fast-growing and well-established business, with an experienced leadership team, excellent distribution network, and long-term relationships with suppliers and customers. In the UAE, ASMAK operates in all business channels and supplies its products to top tier retailers such as Carrefour, Lulu, and Co-Ops, in addition to key foodservice businesses and institutions like Emirates Airlines, Etihad Air, and many leading hotel and restaurant chains.

History and Background

ASMAK was established in 1999 as a fully owned subsidiary of International Holding Company (IHC), which was fully subscribed and listed on the Abu Dhabi Securities Market with initial paid up capital of AED 300 million (USD 82 million). ASMAK quickly became the first producer to introduce Mediterranean seabream into the UAE and GCC markets. The company was established under the UAE Offsets Program as part of an initiative to introduce new business concepts, diversify, and grow non-oil business sectors in the UAE.

In 2012, ASMAK committed to focus on trading, processing, distribution, and export activities, launching its first seafood product range under its own brand in 2014. Since then, ASMAK has grown its revenue from AED 84 million (USD 23 million) in 2012 to AED 355 million (USD 96 million) in 2018, hitting a compound annual growth rate of 26%.

Current Operations

Through efficient supply chain management and control, ASMAK has developed sustainable partnerships with retail and distribution centers across the Middle East. The company is a pioneer in the region with FDA, EU, HACCP, and ISO 22000 certifications and approvals.

In total, ASMAK’s current production facilities have a processing and trading capacity of 15,000 MT per annum. The strictest standards in hygiene are upheld throughout our entire supply chain, which has enabled ASMAK to develop trusted partnerships with top tier supermarkets and high-end hypermarkets, hotels, restaurants, caterers, as well as government and semi-government institutions in the UAE and across the region.

Future Developments

ASMAK is committed to evolving and expanding its business model to include value-added convenient products and activities, focusing on foodservice and retail channels across the MENA region. In order to achieve this objective, ASMAK is currently constructing a modern, state-of-the-art processing and distribution facility in Dubai Industrial City, at a total capital cost of AED 125 million (USD 34 million). The facility is set to be operational in the first quarter of 2019 and will enable ASMAK to produce and trade 40,000 tons of seafood annually. The facility will have multiple seafood processing lines including fresh seafood processing, shrimp processing and freezing, fish smoking, breading, and high-end packaging to offer tailored solutions for customers across MENA region.

Furthermore, ASMAK is focusing on acquisitions of processing facilities and key commodity supply access in source countries in order to substantially boost ASMAK’s regional and global competitiveness. This expansion is designed to assist ASMAK in becoming a centralized, fully integrated seafood supply chain management company, focused on the MENA region with future aspirations on a global scale.

Milestones

1999: ASMAK is founded in Abu Dhabi
2003: Acquisition of seafood processing plant in Ajman
2014: ASMAK launches its first brand under the name “asmak”

www.asmak.biz