(MENAFN- Gulf Times)
* With this new investment, Hassad's total investments in Oman will reach approximately QR500mn
Hassad, Qatar's premier investor in the food sector, is investing 20% in downstream seafood sector 'Global Seafood Company' in Oman.
With this new investment, the company's total investments in Oman will reach approximately QR500mn.
The agreement was officially signed Monday by Mohamed al-Sadah, Hassad's CEO; and Saleh al-Shanfari, CEO, Oman Food Investment Holding Company; during a ceremony that was held in Muscat.
'This new strategic project is scheduled to enter into the operations phase within the next two years, targeting domestic and international markets. The project is a strong addition to Hassad's three exciting projects, in the agricultural and logistical sectors in Oman, Hassad said.
Al-Sadah said, 'It is our pleasure to invest in this strategic fishery project, as it aims to support the food security efforts in both the countries. Investing in this project is a positive step forward towards achieving our vision to be a successful strategic investor in the global food and agricultural value chains.
'We aim to expand our international investments portfolio, by partnering with internationally reputable companies with successful track record, al-Sadah concluded.
Additionally, Hassad, which owns 33% of A'Saffa foods in Oman, announced the company's ongoing expansion plans.
In 2019, A'Saffa's yearly production will be doubled to reach 44mn birds per year.
Following this expansion, A'Saffa will be one of the largest poultry producers in the region.
Last updated: December 10 2018 09:41 PM
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