The Investment Fund is a joint venture venture to locate poultry production in Saudi Arabia

Halal Product Development Company “wholly owned by the Public Investment Fund” and Brazil Foods, one of the largest poultry exporters in the world, have announced the signing of a joint agreement venture to set up a company in Saudi Arabia.

According to a statement from the company today, Monday, the joint venture aims to launch the company’s production operations along the poultry production chain in the Kingdom and increase the supply of fresh and frozen poultry products, as the project will help promote the localization of technology and knowledge through application of best practices to raise the level of the halal products industry in the Kingdom.

The project will help achieve the goal of self-sufficiency in poultry of 80% by 2025 and reduce dependence on imports, as well as localize technology and knowledge within the Kingdom. in in line with Saudi Vision 2030, the National Strategy for Agriculture and the National Strategy for Food Security.

The joint venture it also contributes to increasing competitiveness in the local market, which will positively reflect consumer confidence and provide high quality products at acceptable prices.

This partnership comes in one moment in which Brazil Foods seeks to expand its long-term investments in the Kingdom and the region and increase its manufacturing capabilities, after first entering the market in 1970.

The joint venture of Halal Products Development Company is in in line with the strategy of the Public Investment Fund, which focuses on developing and enabling the capacities of 13 key sectors, including the consumer and retail sector, and the food and agriculture sector, to help achieve a sustainable local food production.

Read More About: Business News