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The Saudi listed Balady has unveiled a five-year expansion plan to boost poultry production in the kingdom with an investment of 1.14 billion riyals ($303 million).
The company said the expansion works will be financed through surplus cash resources, along with obtaining facilities and loans from the Saudi government Agricultural Development Fund, as well as commercial banks in the form of Sharia Murabaha.
Expansion includes the building of a new factory and slaughterhouse, along with establishing hatcheries.
Balady was established in 2007, with the Saudi listed Almunajem Foods a 40% shareholder in the company.
(Writing by Bindu Rai, editing by Daniel Luiz)