December 29, 2021

Saudi investment organisation acquires meat processing plants in Australia

Saudi Agriculture and Livestock Investment Co. (SALIC) announced the completion of the acquisition of two red meat skinning and processing facilities in Australia, in partnership with the Brazilian company Minerva Foods.

The purchase was completed through a joint stock company between the parties namely Minerva Foods Asia Ltd., with SALIC owning a 35% stake, the Saudi Press Agency reported.

The acquisition - the value of which was not disclosed - comes in line with SALIC's contribution to achieving Saudi Arabia's food security strategy through creating sustainable agricultural investments globally, said the chief executive officer of the company, Sulaiman Al Rumaih.

Saudi Arabia imports over 70% of its red meat needs, amounting to 550,000 tonnes annually, he added.

SALIC owns 31% of Minerva Foods, which operates more than 25 slaughterhouses in South America and exports red meat to over 100 countries globally.

- Arab News