New joint venture ‘Tea Trading International’ to introduce quality teas to the region
Abu Dhabi based ‘Rise General Trading’ and China based ‘Tenfu’ partner up in launch
Rise General Trading and Tenfu, the largest Chinese tea company listed on the Hong Kong stock exchange, have announced their newly formed partnership. This will see the two companies expanding into the regional tea market under the joint venture company Tea Trading International. The new venture will be Rise General Trading’s first venture into the FMCG industry, which will see them further diversifying their business interest.
Tenfu, which has the largest established tea sales network in all of China, is involved from start to finish in the entire production process of delivering quality teas to the mass market. From sourcing to packaging, to celebrating the Chinese tea drinking culture through retail stores, Tenfu is committed to upholding the tea drinking culture. Today it sells over 2,000 categories of tea sourced from selected tea producing regions in China, curated by its team of tea experts. Targeting the mid to high-end segment, the partnership with Rise marks its first foray into the regional market.
The Middle East and North African beverage industry offers considerable business opportunities and is predicted to rise by 30% over the next five years, driven by the continued growth in resident numbers and tourism, and along with it the F&B landscape, enabled by disposable income levels. In recent years Dubai has also established itself as the world’s second largest re-exporter of tea globally, thanks to the efforts of the Dubai Tea Trading Center, established by Dubai Multi Commodities Centre (DMCC).
Speaking on the joint venture, Ghassan Kassabji – CEO of Rise commented, “We are confident that this JV is strategically positioned to maximize and seize these opportunities. By leveraging the Tenfu knowledge and expertise in delivering quality tea to its customers in China, and our depth of knowledge of the region, this JV will launch multiple premium tea brands, suitable for the global market. This is the beginning of a long and fruitful relationship between Rise and Tenfu.”
“Historically speaking, merchants have travelled along the Silk Road to trade all kinds of commodities. We have listed successfully in Hong Kong and it seemed only a natural next step for Tenfu, as part of our growth plans, to explore opportunities in the MENA region. Rise’s strong business acumen, local presence and commitment to collaboration, along with the world-class facilities offered by DMCC, are key push factors that make us confident that Tea Trading International will be a successful collaboration,” added Justin Lee, CEO of Tenfu.
According to Tea Trade International, plans are in place to rollout brands under the joint venture to the regional market in the coming months.
About Tea Trading International (TTI)
Tea Trading International is a joint venture company formed between Abu Dhabi-based Rise General Trading, and Tenfu, a Hong Kong publicly listed tea company, based out of China.
Masters of Tea, TTI stands for the perfect symbiosis of tradition and innovation, offering the best ingredients and thoughtfully selected blends, designed for a unique tea feeling that touches all the senses.
Based in the DMCC Tea Centre in Jebel Ali, TTI was formed in 2015 and is registered at Dubai Multi Commodities Centre.
About Rise General Trading
Established in 2009, Rise General Trading aims to become one of the dominant trading companies in the UAE. The company has established strategic partnerships with ambitions to become the partner of choice for global brands in the MENA region.
The Rise portfolio covers multiple companies in the FMCG, Technology and Retail sectors.
About Tenfu
Tenfu (Cayman) Holdings Company Limited is engaged in the classification, packaging and sales of tea leaves, tea flavoured snacks, and tea ware. The Group has main manufacturing plants in Fujian Province, Sichuan Province and Zhejiang Province, in China.
Tenfu has close to 1,400 retail outlets and retail points across 31 provinces, autonomous regions and municipalities in China.