JBS, the world's largest meat producer, has acquired an 80% stake in Oman’s Food Investment Holding Company to expand its presence in the growing Middle Eastern food market.
JBS, the largest meat producer globally, has announced its acquisition of an 80% stake in the Oman Food Investment Holding Company. This significant investment aims to broaden JBS's reach in the rapidly growing Middle East food market, which has traditionally relied heavily on food imports. The company plans to invest $150 million towards the cultivation of poultry as well as beef and lamb production in facilities located in Oman, facilitating a more self-sufficient food supply chain in the region.
The CEO of JBS, Gilberto Tomazoni, indicated that there is a pressing need to develop the supply chain in the Middle East. He expressed that JBS will manage the poultry farming itself while sourcing cattle and sheep from local farmers in Oman and neighboring North African countries. Although JBS already has a beef and lamb production facility in Oman, it has been inactive for nearly a year, and this acquisition aims to revive and enhance these operations significantly.
Production is anticipated to commence within six months for beef and lamb and within a year for poultry. The Oman Food Investment Holding Company is expected to retain a 20% stake in the joint venture, and the two companies project an annual production capacity of approximately 3.6 million heads of livestock, marking a milestone in JBS's strategy to strengthen its foothold in the Middle East and reduce dependency on imports for meat products in the region.
