Brazil’s BRF to form halal meat joint venture with Saudi Arabia’s PIF

Brazilian food processor BRF SA  said on Monday, October 24, 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).

Source: Reuters

To read the full original article, please go to: https://www.reuters.com/markets/commodities/brazils-brf-form-halal-meat-joint-venture-with-saudi-arabias-pif-2022-10-24/

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