15 May 2024
RIYADH: Saudi Arabia’s poultry industry has received a substantial boost as investment agreements surpassing SR4 billion ($1 billion) were signed during the ongoing Middle East Poultry Exhibition in Riyadh.
The event kicked off on May 13 and will continue for three days at the Riyadh International Convention and Exhibition Center under the slogan “Value Maximization and Cost Reduction: Value Engineering in the Poultry Industry.”
The Minister of Environment, Water, and Agriculture, Abdulrahman Al-Fadhli, witnessed the signing of several agreements aimed at promoting investment in the industry and enhancing food security, according to the Saudi Press Agency.
The deal represents a significant stride in bolstering agricultural development and promoting investments within the sector. It also offers an opportunity to attain self-sufficiency, fortify food security, and take a pivotal step toward diversifying income sources in alignment with the goals of Saudi Vision 2030.
Experts in the poultry industry gathered at the annual event in its third year to share knowledge on enhancing business value in the sector. The forum is running until May 15 and is expected to attract thousands of visitors.
Inaugurated by Al-Fadhli, the three-day event includes more than 100 experts in the poultry, fodder, and animal nutrition sectors, as well as about 300 companies from 40 countries.
The conference seeks to enhance the use of modern technologies by showcasing more than 800 supply chain products by the sector’s leading companies.
The meeting also offers opportunities for the exchange of experiences and practices in the sector and other related industries and the review of investment prospects to contribute to gross domestic product in an effort to achieve the goals of the National Food Security Strategy, as reported by SPA.
“The total amount of support provided to the poultry sector through the agricultural subsidies program amounted to more than SR665 million,” according to the Al-Fadhli’s ministry, the expo said.
The Kingdom aims to achieve a poultry meat self-sufficiency rate of 80 percent by 2025, according to SPA.
The sector is one of the fastest growing in the Kingdom due to support through government facilities for poultry projects and increased private sector investment.