Saudi food giant Almarai is on the verge of investing $1.8 billion as part of its expansion plan in view of doubling its market share in the sector, Zawya reports.
The company, media notes, indicated that the plan will be rolled out in multiple phases over five years, on different geographical locations in the Kingdom to enhance the biosecurity in poultry farms and to distribute the company’s contributions in economic development.
The strategic expansion of the poultry segment will be funded through internally generated cash flows, the company said in a statement.
The plan, one of a number of major private sector expansions announced in recent weeks, comes as the Kingdom moves to boost its food security in the wake of the coronavirus pandemic, Zawya notes.
Saudi’s Almarai seeks to double market share with investment worth $1.8bln
