"For 18 years we saw the settlements around us expanding. Today, after six months, they are getting smaller and we are getting bigger and expanding." - Imad Nuseibeh, CEO of Thimar.
Meet Nature’s Produce for Agricultural Investment and Marketing (Thimar), a fast-growing herb and fresh produce farming company established by the Nussiebeh family in 2008 in the Palestinian territories.
In 2011, the company became the first to receive investment from the Palestine Growth Capital Fund, which is managed by Riyada Enterprise Development (RED), the investment arm of private equity firm Abraaj Capital that focuses on high-growth small and mid cap companies.
Before starting the herb business, the Nussiebeh family gained over 70 years of experience in the farming and agriculture sector in Palestine, initially planting bananas and citrus fruits. Today, Thimar has become became one of the main producers and exporters of these fruits, and has tripled both its capacity and staff since 2010. It currently plants and cuts well over 8 different herbs that are exported to the United States and Europe, and cultivates fresh produce that is sold in the Palestinian market with the intent to export to the Gulf.
With the round of funding, Thimar plans to expand further in 2012, establishing post harvest plants and upgrading its infrastructure to reduce its dependence on intermediaries and service providers. It also plans to create 15 new full time jobs as part of a plan to increase from 140 workers currently to 240 workers by 2013.
By expanding, Thimar will also create approximately 30 new jobs for women from the surrounding villages, and reclaim about 500,000 sq. meters of land and extended irrigation, water and electricity networks to remote plots in the village of Oja. Its unique product, ideal climate conditions and an experienced labor force have allowed it to thrive and maintain a competitive advantage over its international counterparts.
RED’s investment, together with its regional presence and experience, will support Thimar’s market expansion and will help convert the company from a family enterprise to a corporate entity with modern systems driving performance standards and management.