Venture Capital Fund Bahrain Invests in Bahraini Premium quality Chocolate Maker “Dutch Delight”
Manama - Kingdom of Bahrain: Venture Capital Fund Bahrain (VC Fund Bahrain), the first investment fund targeting Small and Medium Enterprises (SMEs) in the Kingdom of Bahrain, founded by VCBank, has successfully signed a partnership agreement with Dutch Delight Company, a Bahraini company specializing in the production of high quality handmade chocolate. The Company is owned by two entrepreneurs, Mr. Ali Rashid and Mrs. Marjo Rashid. The agreement signing ceremony was attended by Mr. Abdullatif Mohammed Janahi, VCFund Bahrain Chairman, Dr. Ahmed Al Jawhary, a Member of VCFund's Board of Directors, Mr. Ali Rashid and Mrs. Marjo Rashid.
"This partnership is in line with our firm belief in the Bahraini entrepreneurs' capabilities. It also reflects VC Fund Bahrain's philosophy and fulfills VCBank's mandate of investing in local SMEs and nascent ventures. SMEs constitute a major component of world's economy and at the local level they contribute to the Gross Domestic Product. However, some SMEs lack the ability to access financing to achieve their growth potential, which we endeavor to achieve through the Fund. VC Fund's strategy is based on investing in ideas and potentials of SME owners to grow their activities, through partnership based on investment in capital, from a domestic level and an international alone." said Mr. Abdullatif Mohammed Janahi.
"The Fund's investment in Dutch Delight Company came, after ensuring that the Company is meeting the investment criteria required by the Fund. As a Bahraini company, Dutch Delight has a unique product offering, excellent growth opportunity and a high caliber management. VC Fund investment team and Company's owners have made a detailed business plan for Dutch Delight, which will chart the growth path for the Company and ensure that it achieves its full potential". Mr. Janahi added.
"The Fund Management is set to complete a study on several family businesses in various vital sectors of Bahrain's economy. It is expected to conclude agreements and inject funds in these companies in the near future", he concluded.
"Chocolate manufacturing represents a dynamic and significant industry globally. Worldwide chocolate sales have witnessed constant growth over the past few years. Global Chocolate markets were estimated at US$ 6.95 billion in 2007, and since 2002 they expanded by over 65%. In 2007 the annual growth represented over 18%. Chocoswiss Federation has recently announced that its sales have dramatically increased recording 184,969 tons, which represents a significant achievement against a background of economic crisis. Chocoswiss Federation is expecting a tangible growth in 2009", said Dr. Ahmed Al Jawhary.
"The Fund's methodology and business approach in studying and implementing its investment deals greatly count on assessing the opportunities and factors of success. It also considers ways of limiting the aspects of risks and challenges, which often accompany investments in the SME sector, taking into account the peculiarity and nature of ownership and management in such companies in the Gulf region and Middle East. VC Fund Bahrain aims at promoting such companies, particularly those in need of financing and expertise to manage and implement future plans. Hence, the key objective of investment in this sector is to improve performance in these companies and enhance their yields, while at the same time fostering their effective contribution to this sector of the national economy, which would eventually be reflected on the Fund's performance and the investors' returns", added Dr. Al Jawhary.
"We are proud to be the first company selected by VC Fund Bahrain for investment, which proves the strength of our work pattern along with the growth opportunities ahead of us in the chocolate industry. We are also proud to use the best and most delicious ingredients for chocolate making, which are imported from European countries. We develop our own unique formulas to ensure the production of high quality chocolates. Undoubtedly VC Fund investment in Dutch Delight will contribute to fostering our future expansion plans and business growth.", said a Dutch Delight Founder, Ali Rashid