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The Saudi subsidiary of Amman Stock Exchange-listed Siniora Food Industries Company signed an agreement with Saudi Authority for Industrial Cities and Technology Zones (MODON) to establish a new factory for cold cuts and frozen meat production in Saudi Arabia.
The factory, estimated to cost about 140 million Saudi riyals ($37 million), will be developed by Siniora Food Industries Company - Saudi Arabia, on a 25,000-square metre land plot in MODON’s Jeddah Second industrial city, according to a press statement by the Jordanian firm.
The agreement was signed on the sidelines of Gulfood event in Dubai.
The project’s first phase is likely to conclude in the second half of 2024, the statement said.
On completion, the plant will have an annual production capacity of approximately 20,000 tons and an anticipated export rate of around 20 percent of the production capacity.
Siniora, which has four factories in Palestine, Jordan, UAE and Turkey, produces over 100 types of cold cuts, canned luncheons, and frozen meat.
(Writing by D Madhura; Editing by Anoop Menon)
