May 4, 2021
Saudi Almarai to invest US$1.76 billion in poultry expansion
Saudi Arabia's Almarai, the largest dairy producer in the Middle East, will invest 6.6 billion Saudi riyals (US$1.76 billion) to expand its poultry segment and double its market share, Zawya reported.
In a May 3 statement to the Saudi stock exchange, Tadawul, where Almarai is listed, the company's board approved the capital expenditure for the five-year strategic expansion to be funded through internal cash flows.
The investments involves the development of grandparent farming and production facilities to enable full vertical integration of poultry production. The expansions will be distributed across different geographical locations in the Kingdom to enhance biosecurity, as well as to diversify Almarai's contribution to the country's economic development, the company said.
Almarai's announcement is in line with the private sector's efforts to develop the national economy as part of Saudi Vision 2030, and to enhance the country's food security.