The Gulf’s biggest dairy firm, Saudi Arabia’s Almarai Co, has announced plans to spend 4bn Saudi riyals ($1.1bn) to expand its poultry business.
“The Almarai Board of Directors, at its meeting held on Tuesday 21st June 2011, reviewed the progress to date of Almarais poultry expansion. The Board of Directors also reviewed the proposal to increase the scope of the project previously announced on 13th April 2010. This proposal was approved and will see the investment in the expansion of Almarais poultry business total SAR 4.0 billion,” the company said in a statement on the Saudi bourse website.
“This increase in investment is part of Almarais long term vision and will position the company to take full advantage of the opportunity within the Poultry market. This investment will start to deliver benefits in the course of 2012 and will be financed through cash flow and is in the line of company’s objectives.”