The Arab Company for Livestock Development (Acolid) is planning to set up a Soya processing facility in Yanbu City along the western Saudi coast, reported Al-Sharq Al-Awsat. The Saudi government already agreed to allocate a plot of land for the project’s construction, Acolid Director General Abdullah Al-Thanian disclosed.
The plant, to be established with a capital investment of 300 million Saudi riyals ($80 million), is a joint venture between Acolid, Al-Rajhi and Faqih Poultry Companies, as well as a number of other firms. Acolid will reportedly apply for a loan from the Saudi Agricultural Bank for project financing.
Acolid, a joint venture run by the Arab League and based in Riyadh, posted $13.3 million in net profits for 2001. The company earned more than one billion SR since its establishment nearly 23 years ago, through directly and indirect investments in 34 projects in ten Arab countries. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
