Almarai, the Saudi Arabia-based food and drinks business, plans to expand its poultry capacity with an investment of SAR275m (US$73.3m).
The Riyadh-headquartered firm, which also manufactures dairy, juices, bakery and infant-nutrition products for retail and foodservice channels in the Middle East and north Africa, said the funds will be funnelled into its existing poultry plants.
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It also said the Tadawul-listed business plans to develop top-down farming and production facilities to “enable a full vertical integration of the poultry supply”.
In a separate initiative, Almarai said in a stock exchange filing its management will conduct a comprehensive study to explore entering new food categories that will help contribute to Saudi Arabia’s food security.
In February, Almarai announced it had secured a $100m loan from the European Bank for Reconstruction and Development to support projects in Egypt and Jordan.
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Almarai said then it would use the funds to expand dairy and juice capacity at its Beyti subsidiary in Egypt, and to finance improvements in milk supply in Jordan.
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