Emirates Growth Fund Backs CarniStore with AED 45M to Bolster UAE Food Sector

The Emirates Growth Fund (EGF), the UAE’s AED 1 billion growth equity platform backed by Emirates Development Bank, has made its first move into the food sector, and it’s doing so with intent. The fund has announced a strategic minority investment of AED 45 million in CarniStore, a homegrown premium protein brand that has quietly built a solid name for itself since launching in 2018.

On paper, it’s a straightforward growth deal. In reality, it signals something bigger.

CarniStore, founded in the UAE, blends old-school butchery craft with a digital-first model. It started as an online butchery and smokehouse and now covers an expanded protein portfolio including meat, seafood, poultry and smoked specialities. The brand follows a nose-to-tail philosophy, not exactly a buzzword you hear every day in startup decks, and has positioned itself as a premium player serving both households and hospitality operators across the country.

EGF’s backing is designed to help the company scale industrially, expand into new verticals and products, and push further into regional markets. The idea is to move CarniStore towards what investors like to call “institutional readiness”, essentially strengthening governance, operational muscle and long-term structure so it can grow without losing its footing.

Khalifa Al Hajeri, CEO of EGF, said the investment reflects the fund’s mandate to support high-potential UAE businesses in what he described as the “missing middle”, companies that have outgrown early-stage capital but still need strategic support to reach their full scale. He noted that EGF works closely with founders not just on funding, but also on go-to-market strategy, governance and capability building, with the broader goal of helping create enduring national champions.

That phrase, national champions, is doing a lot of heavy lifting these days. The UAE’s Operation 300bn strategy aims to expand the industrial sector’s contribution to the economy, and food security is high on the agenda. From that angle, backing a local premium food brand isn’t just about steaks and smokehouses; it’s about reinforcing supply chains and building local capacity.

Fikry “Fix” Boutros, Co-CEO and Co-Founder of CarniStore, described the partnership as a natural next step, highlighting a shared belief in building strong homegrown businesses with a long-term outlook. Since day one, he said, the company’s focus has been on raising standards around quality proteins while supporting the UAE’s food community.

His fellow Co-CEO and Co-Founder Daniel “Dan” Wanies added that the strategic backing will allow CarniStore to scale intentionally, develop new products and grow operations without compromising on the premium quality and service customers expect. He pointed out that a UAE-born brand can lead internationally, not simply participate, a sentiment that will no doubt resonate with many founders building from the region.

From where I stand, covering MENA startups for years and watching founders hustle through what can sometimes feel like a bit of a faff when it comes to scaling operations, this kind of patient growth capital is spot on. Food businesses, especially those handling cold chains and physical inventory, are capital-hungry by nature. They are not asset-light apps you spin up over a weekend. If anything, they require grit, and CarniStore seems to have built exactly that.

And believe it or not, premium protein is becoming a serious battleground. As consumers demand better sourcing, transparency and higher standards, brands that control their supply chains and invest in proprietary production can carve out a durable edge. I reckon this is where CarniStore’s hybrid model, traditional craft underpinned by digital retail, gives it something defensible, not just flashy branding.

That said, scaling while protecting quality is easier said than done. Many brands lose their soul along the way. EGF, as a strategic minority investor, has signalled it aims to strengthen governance and institutional capability while preserving the company’s entrepreneurial spirit. It’s a delicate balance… and we’ve seen both success stories and cautionary tales in the region.

For the wider UAE startup ecosystem, especially those in food security, manufacturing, healthcare and advanced technology, all priority sectors for EGF, this deal sends a clear message. Growth-stage capital is available for businesses that prove traction and resilience. You don’t have to look abroad straight away; sometimes the right partner is closer to home.

At Arageek, we often speak with founders who wonder whether building a long-term, globally competitive company from the UAE is realistic. Deals like this suggest the answer is yes, definately, provided the fundamentals are strong, and the ambition matches the execution.

For now, CarniStore has fresh capital, institutional backing and a growing reputation. The real test, as always, will be in the scaling. But one thing is clear: the UAE’s premium food sector just got a serious vote of confidence.

🚀 Got exciting news to share?

If you're a startup founder, VC, or PR agency with big updates—funding rounds, product launches 📢, or company milestones 🎉 — AraGeek English wants to hear from you!

✉️ Send Us Your Story 👇

https://en.arageek.com/send-us-your-story-or-a-news-tip