Dubai-Based CarniStore Secures US$12.25 Million Investment From The UAE's Emirates Growth Fund

Emirates Growth Fund (EGF),  the UAE's flagship growth equity platform, has made a strategic minority investment of AED45 million (US$12.25 million) in Dubai-based premium butcher shop and smokehouse CarniStore, marking the former's first investment in the food sector. 

Founded by Fikry “Fix” Boutros and Daniel “Dan” Wanies in the UAE in 2018, CarniStore specializes in ethically sourced, sustainably farmed, and high-quality proteins, offering a curated selection of meat products, including grass-fed beef, lamb, and specialized cuts, with delivery available across the UAE. 

The investment in CarniStore will thus support its operational scaling and expansion into new product categories and verticals, as well as its regional growth plans. It will also contribute to strengthening the company’s institutional readiness, with EGF working alongside the founders to enhance governance and internal capabilities while maintaining the company’s existing structure. 

Speaking with Inc. Arabia, Boutros, co-founder and co-CEO of CarniStore, outlined how the company has evolved since its inception and how it continues to build on its original concept. “[CarniStore is] redefining how premium protein is sourced, distributed, and experienced across the region," he said. "Built on a deep respect for traditional nose-to-tail craft, the homegrown brand combines time-honored butchery with a modern, consumer-centric approach, digitizing the industry while expanding its portfolio across meat, seafood, poultry, and smoked specialties. Since launching, CarniStore has grown well beyond its original concept. What started as a digitally-native butcher has evolved into a broader premium protein business, working across direct-to-consumer, business-to-business partnerships, and community-led experiences.” 

That evolution also shaped how CarniStore approached its growth phase, prompting it to engage with advisors and explore partnerships that aligned with its expansion plans, ultimately leading to discussions with EGF. “The connection with EGF came about organically through a mutual contact who recognized a strong alignment in vision and long-term objectives between the two parties," Boutros revealed. "Following the introduction, both teams spent roughly two months in ongoing discussions, refining their shared outlook, and exploring how they could build together. What ultimately made the partnership compelling was a clear alignment around supporting homegrown businesses, scaling sustainably, and operating with a common set of values and ethics—while still preserving CarniStore's entrepreneurial spirit at its core. From there, the partnership came together naturally, culminating in what we now see as a landmark investment.” 

The Emirates Growth Fund and CarniStore teams.

The transaction comes at a time when regional instability and ongoing pressure on global logistics networks are influencing how businesses in the UAE plan, operate, and secure long-term partnerships. But as far as CarniStore is concerned, Boutros said that he and his team remain strong believers in the UAE’s leadership and the resilience of its economy. "Historically, the country has consistently emerged stronger from periods of uncertainty, and this moment is no different," he added. "This investment is a clear signal of confidence—not only in CarniStore, but in the broader business and growth-stage ecosystem in the UAE. It reflects how local, UAE-backed funds continue to support ambitious companies and long-term value creation, even in challenging times. At the same time, it underscores the increasing importance of food security as a national priority. For both CarniStore and EGF, food safety and supply resilience are core focus areas. This partnership demonstrates a shared commitment to strengthening the local food ecosystem and ensuring sustainable, reliable access for the future. Overall, we see this as a sign of strength, conviction, and belief in the UAE’s continued growth trajectory.” 

Given the current context in the UAE and the wider region, Boutros shared his thoughts on how founders in the region can manage uncertainty, while keeping their operations steady and growth ambitions on track. “We recognize that the current environment presents real challenges, particularly with ongoing uncertainties around global logistics and supply chains," he said. "In times like these, it’s critical for businesses to stay agile—focusing on immediate, short-term planning to remain resilient, while still keeping a clear eye on long-term goals and growth. Equally important is staying close to your community.” 

According to Boutros, engagement within the local ecosystem can play an important role in helping businesses remain resilient. “The local UAE F&B community, in particular, has been incredibly active, with several initiatives emerging that strongly support local and homegrown businesses," he said. "It’s been truly heartening to see, and it reflects the strength of the UAE community and its deep belief in the country. For us, collaboration and supporting others within the ecosystem has always been a priority, and we believe that giving back—wherever possible—strengthens the entire business landscape. Above all, it’s about maintaining perspective and optimism. Challenges like these are part of the journey, and with the right mindset, adaptability, and support network, they can be overcome. We remain confident that this is a temporary phase, and that stronger opportunities lie ahead."

Pictured in the lead image are CarniStore co-founders Fikry Boutros and Daniel Wanies. All images courtesy CarniStore.