Brazilian food processor BRF said on Monday it has agreed to form a Saudi joint venture with Halal Products Development Company (HPDC) in a bid to develop the halal meat industry in the Middle East country.
BRF, which will own up to 70% of the joint venture, said the new company will have a combined investment of $500 million.
The venture will operate in the entire chicken production chain in Saudi Arabia and sell fresh, frozen and processed products, the Brazilian firm added. HPDC is a subsidiary of Saudi Arabia’s Public Investment Fund (PIF).
“The company will enable local players; small and medium-sized enterprises in particular, to grow and expand across global Halal markets, and will develop the Halal production industry in Saudi Arabia through partnerships with key local and international players; to enrich the ecosystem locally and contribute to job creation. HPDC aims to localize knowledge, technology, and innovation for the development of Halal products including foods, cosmetics, and pharmaceuticals. The company also aims to promote investment and economic opportunities for the industry by introducing various services, including specialized advisory. The company will also enable PIF and its portfolio companies to access a variety of collaboration and investment opportunities across global Halal markets,” Saudi Arabia’s PIF said in a statement.
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