Riyadh, Saudi Arabia
Tanmiah Food Co. announced its plan to invest SAR 4.5 billion by 2030.
During a ceremony held today, the company signed four agreements with the Agricultural Development Fund (ADF), Saudi Investment Recycling Co. (SIRC), and the National Center for Vegetation Development and Combating Desertification, in addition to a strategic partnership for food development with EU’s largest poultry producer MHP.
These agreements aim to cover the Kingdom’s needs and achieve self-sufficiency in poultry production, in addition to increasing green areas and reducing pollution.
The MHP agreement is the first step in establishing a joint venture between Tanmiah’s wholly owned subsidiary, Desert Hills for Veterinary Services Company Ltd and LSE-listed MHP, the parent company of the leading international food & agrotech group headquartered in Ukraine. The project aims at developing and operating poultry breeding facilities and includes the establishment of a greenfield hatchery in Saudi Arabia to hatch 108 million hatching eggs per annum.
It will also invest in feed milling facilities with the target of producing 137,000 tons of feed annually.
In a statement to Tadawul, Tanmiah Food Co. said the initiatives will be primarily funded by the ADF. MHP is set to provide a wide spectrum of industry expertise across the value chain to capture the long-term opportunities and design the best-in-class facilities fully adapted to local market conditions.
Tanmiah Food Co. also announced the launch of a community partnership initiative with small investors in the poultry industry to produce 1.2 million chickens per day, in addition to adopting a new healthy production line called “Tanmiah Life”, for healthy poultry products supported with Omega 3.