Saudi Arabia and Brazilian meat producer ready to operate in Australia
A Saudi agriculture investment firm is to expand into Australia through a partnership deal with a Brazilian livestock company. The Saudi Agricultural and Livestock Investment Co. (SALIC), a joint-stock company owned by the Public Investment Fund, is ready to begin operations on Australian land to cover the demand for meat in the Middle East.
“The company believes that Australia uniquely complements our operations in South America, maximizing sales opportunities and operating synergies, reducing risks and contributing to our strategy of consolidation in the animal protein export market,” Minerva Foods said in a statement. In a second agreement, Minerva will supply its products to SALIC for distribution in the Middle East and Asia.
The Brazilian company believes that this move will strengthen its exposure in those regions. So far, 55% of Minerva's beef exports are shipped to these regions. SALIC may purchase as much as 25,000 tons of Minerva’s products a year, the meatpacker said. According to SALIC, Saudi Arabia annually consumes 550,000 tons of red meat, of which 70% is imported. SALIC is also a shareholder of Minerva Foods, owning 33.83% of the company.
Minerva Foods is one of the largest meat production companies in South America and the second-largest exporter in Brazil as it produces more than 1 million tonnes of meat annually.
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