Baladna
ActiveFresh dairy products (milk, yoghurt, cheese, laban, labneh, cream) and juice, produced from its own farm and processing complex in Al Khor
Baladna is Qatar's largest locally-owned dairy and food producer, supplying the large majority of the country's fresh dairy products from a farm and processing complex spanning over 2 million square metres in Al Khor, with tens of thousands of cows. Founded in 2017 by Syrian-Qatari businessmen Moutaz Al-Khayyat and Ramez Al-Khayyat through Power International Holding (originally as a livestock farm, in direct response to the 2017 Gulf blockade of Qatar), it listed on the Qatar Exchange in October 2019 and has since expanded dairy exports into more than a dozen international markets.
Founders
Funding Rounds
Lead: Qatar National Bank (QNB)
Investors: Qatar National Bank
Pre-IPO bank financing: QNB loan facility 'to finance BFI's expansion and to provide working capital', secured by personal guarantees of Power International's shareholders. Facility size and signing date not stated; outstanding balance QAR 1.204bn (31 Dec 2017), QAR 2.075bn (31 Dec 2018), QAR 2.529bn (30 Jun 2019) ≈ $695M at 3.64. Part of the IPO proceeds was earmarked to repay it. Confidence: confirmed (round 13, Baladna / Qatar Financial Markets Authority).
Lead: Qatar Development Bank
Investors: Qatar Development Bank
Government development-bank loan 'to finance the purchase of raw material, livestock and fixed assets', guaranteed by Power International; balance QAR 13.5M (2017) declining to QAR 8.6M (Jun 2019) ≈ $2.4M. Original size and date not disclosed. Parent Power International also funded BFI through a partner's current account (insider funding, not listed). Confidence: confirmed (round 13, Baladna / Qatar Financial Markets Authority).
Investors: existing shareholders (rights issue)
Post-IPO rights issue (company-announced capital raise): 535,996,240 new shares, 1-for-4, at QAR 1.01 (QAR 1 nominal + QAR 0.01 issue costs); subscription closed 17 Aug 2026, listed 8 Sept 2026, 100% covered. Amount = nominal QAR 535,996,240 / 3.64 = $147.25M (gross at QAR 1.01 would be QAR 541.4M ≈ $148.7M). Capital rose 25% from QAR 2.144bn to QAR 2.680bn; proceeds for international expansion incl. the $3.5bn Algeria dairy project. A 7.1% bonus-share issue approved 6 Nov 2025 raised no cash and is not listed. Also: https://thepeninsulaqatar.com/article/19/11/2025/baladna%E2%80%99s-board-proposes-a-24-capital-increase-via-rights-issue-to-accelerate-international-expansion-and-long-term-growth https://www.qatar-tribune.com/article/252787/latest-news/qatar-stock-exchange-baladna-announce-successful-completion-of-baladnas-capital-increase-listing-of-new-shares https://www.indexbox.io/blog/baladna-completes-qr-536m-rights-issue-shares-listed-on-qse/ Confidence: confirmed (round 13, The Peninsula Qatar (QSE/Baladna statement)).
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