Almarai, the largest dairy producer in Saudi Arabia, is set to establish facilities for seafood and red meat as part of its efforts to support the Vision 2030 goal of achieving food self-sufficiency.The company is in the process of constructing domestic production plants for seafood, beef, and lamb, which are expected to be operational within two years, according to CEO Abdullah Albader, as reported.
In March, Almarai announced plans to invest over SAR18 billion ($4.8 billion) in a new five-year strategic initiative aimed at driving growth, optimizing sales, and enhancing financial performance across various sectors.As part of this plan, the company will allocate $1.8 billion of its capital expenditure to increase poultry production by 50 to 70 percent by 2026, with the goal of processing 450 million birds annually, up from the current 250 million.Albader emphasized that while dairy remains a key focus, the company also sees potential in diversifying into other categories to better serve its customers.Global expansion is another aspect of the company’s strategy, the CEO added.
Last month, the Saudi government intensified efforts to attract investment in its agriculture sector after identifying a funding shortfall of SAR37 billion.Currently, Saudi Arabia imports 80 percent of its food, but the kingdom is working to boost domestic production in order to strengthen food security.
Related posts
