BRF signs memorandum to invest US$120m in factory in Saudi Arabia
Oct, 29, 2019 Posted by Sylvia SchandertWeek 201945
BRF has signed a memorandum of understanding with the Saudi Arabian Investment Promotion Agency (Sagia) to invest about US$120m to build a chicken processing plant in the country.
“The company estimates the value of the investment to be about US$120m, which will allow BRF to expand and consolidate its presence in the Saudi market,” said BRF in a securities document.
The idea is for the factory to produce breaded chicken, marinades, hamburgers, among others. The investment comes amid the Middle East’s efforts to ease its reliance on chicken imports.
In the Middle East, BRF has 5 factories and 11 distribution centers, as well as over 6,000 employees.
Source: Reuters
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