November 2, 2009

Qatar's Zad Holding has launched a major poultry project, and the company plans to sell a 50 percent stake in the new firm under creation, including through an initial public offering.

Zad will retain 50 percent ownership in the new company, and will offer 20 percent stake to strategic partners and the remaining 30 percent to the public as an IPO.

The firm said it expects final approval for the project from authorities soon. 

The project was launched to meet the growing need of the local market, and is expected to fill the demand-supply gap of fresh products in Qatar, said Zad's executive president Tareq Mohammed.

Qatar's fast-growing population has resulted in a shortage of poultry in the local market. The new project will cater to local demand and surplus poultry could be exported to the neighbouring market, he said.

Tareq said the poultry production would start next year and cover the local market via many stages to be completed during three years.

In terms of sanitary control system, priority would be given to a laboratory integrated system, environmental and competent studies, and prevention of all potential risks, said Tareq.