International

BRF and HPDC form halal meat joint venture

Halal

Brazilian food processor BRF said it has agreed to form a Saudi joint venture with Halal Products Development Company (HPDC) in a bid to develop the halal meat industry in the Middle East country.

Posted on Oct 25 ,07:47

BRF and HPDC form halal meat joint venture

BRF, which will own up to 70% of the joint venture, said the new company will have a combined investment of $500 million.
The venture will operate in the entire chicken production chain in Saudi Arabia and sell fresh, frozen and processed products, the Brazilian firm added. HPDC is a subsidiary of Saudi Arabia’s Public Investment Fund (PIF).


“The company will enable local players; small and medium-sized enterprises in particular, to grow and expand across global Halal markets, and will develop the Halal production industry in Saudi Arabia through partnerships with key local and international players; to enrich the ecosystem locally and contribute to job creation. HPDC aims to localize knowledge, technology, and innovation for the development of Halal products including foods, cosmetics, and pharmaceuticals. The company also aims to promote investment and economic opportunities for the industry by introducing various services, including specialized advisory. The company will also enable PIF and its portfolio companies to access a variety of collaboration and investment opportunities across global Halal markets,” Saudi Arabia’s PIF said in a statement.

 NEWSLETTER - Stay informed with the latest news!

Comments





Similar articles

Germany

Germany: Meat exports decreased by 19.3 percent in the last five years

Especially the exports of pork decreased markedly over the last five years. In 2022, pork (just u...


Read more Read more
Norway

Volume decline for Norwegian seafood exports in February

"Despite war and unrest in several parts of the world, Norwegian seafood exports have enjoyed a g...


Read more Read more
China

China's pig farms battle new surge in ASF

The incurable disease has plagued China for years, with an initial wave during 2018 and 2019 kill...


Read more Read more
Websolutions by Angular Software and SpiderClass