Oman to invest USD259m on poultry project

(MENAFN) Oman government, through its state-owned Oman Food Investment Holding Company, said that it is currently in the process of preparing for a major USD259.06 million-worth poultry project that is part of the country's plan to begin investing on food security projects in the sultanate, Times of Oman reported.

Oman Food Investment Holding Company said that the poultry project is part of a major initiative to achieve self-sufficiency in poultry meat, adding that it has invited A'Saffa Foods to take 20 percent stake in the proposed poultry project, which has a capital base of USD129.53 million.

In return of the share it will acquire in the poultry project, A'Saffa Foods will establish a limited liability company for manufacturing organic waste and fertilizer production, which is obtained from residue of poultry farms, which will have a maximum capital of USD5.18 million.

A'Saffa Foods also announced that it has registered a 9.1 percent growth in revenue, to reach USD60.56 million during the January-September period of this year, while its net profit increased by 6.2 percent to hit USD13.85 million during the cited period.