SAUDI ARABIA- Siniora Food Industries Company, a multinational meat and meat products processing company, plans to establish its first meat factory in Saudi Arabia which will produce cold cuts and frozen meats.
The chairman of the Board of directors of the company, Tarek Omar Aggad, signed an agreement with Saudi Authority for Industrial Cities and Technology Zones (MODON) during the Gulfood event held in Dubai this week.
MODON committed to allocating a 25,000-square-metre land plot in the second industrial area of Jeddah for construction, which is expected to cost about SAR140 million (US$37 million).
In a statement, the company disclosed that the first phase of the project is anticipated to be complete by the second half of 2024.
The construction of this state-of-the-art factory will enable Siniora to set foot in Saudi Arabia and is part of the company’s strategic plan to expand its reach into regional and international markets.
According to Aggad, the new factory will increase the company’s production capacity which will, in turn, increase its revenue, and improve its market share and profits in the future.
He further disclosed that Siniora currently occupies the largest market share in the Jordanian and Palestinian markets and aims to attain a similarly dominant position in the Gulf, as one of the leading industrial companies in the food industries sector in the region.
The CEO of MODON, Majid bin Rafid al-Arqoubi, also expressed warm sentiments towards the partnership saying that it aligns with MODON’s efforts to contribute to enhancing food security and engaging with the Kingdom’s aspiration in this regard.
Once completed, the company is anticipated to have an annual capacity to produce about 20,000 tons and an anticipated export rate of around 20% of the production capacity.
According to Siniora CEO, Majdi al-Sharif, the factory will create about 200 job opportunities for the residents of Saudi Arabia once it is fully operational.
As a leader in the meat manufacturing industry in the region, Siniora has four factories in Palestine, Jordan, UAE and Turkey equipped with modern technologies.
It produces over 100 types of cold cuts, canned luncheons, and frozen meat as well as a plant-based product Badeel, which is the vegan meat alternative and a soy-free and gluten-free product that comes in four categories – burgers, minced, sausages, and nuggets.
MODON CEO emphasized the importance of such partnerships in developing the economy, transferring knowledge, and creating new job opportunities in the Saudi market.
Earlier, Saudi’s Tanmiah, a producer and supplier of poultry and other meat products, also recently partnered with Tyson Foods, the world’s second-largest meat processor and marketer, in an expansion strategy for both companies.
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