Saudi Arabia’s Almarai to spend $1.76bn on expanding its poultry business

SourceThe National
SectorFinancial Markets
CountrySaudi Arabia

Saudi Arabia’s Almarai, the biggest dairy company in the Middle East, plans to invest 6.6 billion Saudi riyals ($1.76bn) over the next five years to expand its poultry business across the kingdom.

Almarai’s board has approved the capital expenditure that will help it achieve its goal of doubling the company’s market share in the segment, the company said in a statement on Monday to the Saudi Stock Exchange, Tadawul, where its shares trade.

The strategic expansion of the poultry business will be funded through “internally-generated cash flows”.

“The expansion will be implemented in several phases … and include the development of grandparent farming more...