Almunajem sets up SAR 157M food plant in Jeddah

Logo of Almunajem Foods Co.

Almunajem Foods Co.'s board approved the establishment of a new food plant worth SAR 157 million, with a production capacity of 35,000 tons annually of some poultry, red meat, seafood and dairy products, according to a statement to Tadawul.

The plant will be built on a land area of 56,000 square meters in Jeddah’s Third Industrial City.

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It will be partly self-financed, with the remainder to be covered by other external sources, Almunajem said.

Construction work is expected in Q3 2024, after obtaining the necessary approvals, said the company, expecting the commercial operation to begin in Q1 2026.

The project is likely to have a positive impact on Almunajem’s results after the commencement of operations.

There are no related parties to the move, the company noted.