Brazilian food processor BRF SA (BRFS3.SA) has signed a memorandum of understanding with the Saudi Arabian General Investment Authority to invest around120 million dollars to build a chicken processing plant in Saudi.
The plant’s product portfolio will include breaded and marinated products and burgers, the company said in a statement on Tuesday.
BRF said most of the output from the new plant would be destined to the Saudi Arabian market, but can also be exported to other neighbouring countries in the region.
“The company estimates the investment amount to be around 120 million dollars, which will allow BRF to expand and consolidate its presence in the Saudi market,” BRF said in a securities filing.
BRF said the precise location, capacity, investment schedule, and capital structure of the project would be defined at a later date during the so-called specification phase.
