Almarai approved an investment plan of $107m into both the seafood and poultry industries.
Aligning with their plans to increase the products offerings of Almarai, the $67m deal of expansion into the seafood industry will include establishing new necessary industrial facilities for processing these products.
“This will be financed internally from the company’s operating cash flows after obtaining the necessary approvals from the regulatory authorities. The company in this new sector will expand Almarai’s product offering and contribute to the food security plan,” said Abdullah bin Nasser Al-Badr, CEO of Almarai Company.
Furthermore, the Board approved an investment of $40m onto parent poultry birds supply for Almarai and the Kingdom of Saudi Arabia’s market, to prevent the current risk faced by the Kingdom regarding a supply shortage of parent stock.
“Once further investments are deployed to secure additional parent stock supply, the parent bird facility will be utilized for hatching egg production as initially planned for Poultry Capacity Expansion,” added Al-Badr.
It is worth mentioning that these two new investments are in line with Almarai’s latest approval of an investment plan in the red meat sector, which was announced last December.
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