Almarai to invest $1.8bn in massive poultry expansion

DUBAI: Saudi food giant Almarai is set to invest SR6.6 billion ($1.8 billion) to expand its poultry business that aims to double its market share in the sector.
The expansion will be implemented in several phases over five years, the company said in a filing on Monday.
“Expansion will be focusing on different geographical locations in the Kingdom to enhance the biosecurity in poultry farms and to distribute the company’s contributions in economic development,” it said in a statement.
The project is one of a number of major private sector expansions announced in recent weeks and comes as the Kingdom moves to boost its food security in the wake of the coronavirus pandemic.
The strategic expansion of the poultry segment will be funded through internally generated cash flows, Almarai said.