The $388 million Jordan Capital and Investment Fund (JCIF), a partnership of Jordanian lenders, has acquired a 23.3% stake in poultry processing firm Al Jazeera Agriculture.

The new acquisition, which brings the fund’s total investments to JOD 100 million ($140 million) across six companies in Jordan, will enable Al Jazeera to scale its operations, hire 200 new staff and expand its export business.

Al Jazeera, which has more than 1,000 workers on its payroll, provides a wide range of products, including fresh and frozen chicken, processed foods and animal feed, has a significant market share in Jordan and exports to several countries.

“The investment will accelerate the company’s growth by strengthening its market position, increasing exports and expanding into neighbouring countries,” Faris Sharaf, CEO of JCIF.

The fund is a partnership of 16 Jordanian commercial and Islamic banks. The JOD 100 million it has so far invested has benefited businesses in food and agriculture, information technology, education and manufacturing sectors.

(Writing by Cleofe Maceda; editing by Seban Scaria) seban.scaria@lseg.com