(MENAFN) Oman government said that it is planning to invest approximately USD259.94 million on establishing a mega dairy project through its state owned Oman Food Investment Holding (OFIC), in a move to achieve self-sufficiency in dairy production and food security, Times of Oman reported.
The OFIC, which was stablished by the government to invest in food security projects, said that it will have a 20 percent stake in the dairy firm, which will create 400 direct and indirect jobs, while the remaining 80 percent stake will be given to investment funds and private investors.
Once completed, the dairy plant is expected to produce fresh milk, fresh juice, mineral water, laban and yogurt, thus helping Oman, which currently can only supply 26 percent of its 162 million-liter demand by local companies while the remaining 74 percent is usually imported, mainly from other Gulf Cooperation Council (GCC) countries.
"We need to improve our self-sufficiency and food security of Oman in main food items like dairy, poultry and red meat. This is the first among several projects that are planned by the company. Our plan is to raise domestic production of dairy products to 70 per cent of total demand by 2020," OFIC said in a statement.
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