Abu Dhabi – Mubasher: Al Rumaithy Investment Group’s (RIG) CEO Saif Al Rumaithy has stated that the group was not planning to launch an initial public offering (IPO).

The group resorts to self-financing to fund its projects and investments, Al Rumaithy told Al Bayan newspaper.

RIG is resolute in its plans to expand in the UAE, especially in the food and beverages sector, through the inauguration of new restaurants with AED 2 billion to AED 3 billion in total investments, the top official added.

The group is expanding its activities by entering the food and beverages sector, mulling further expansion in the GCC and the Middle East, the Emirates newspaper reported, citing Al Rumaithy as saying.

Al Rumaithy Investment Group is an Abu Dhabi-based family company that operates in various sectors including real estate.