The Saudi Arabian General Investment Authority (SAGIA) has granted an industrial investment license worth $120 million to Brazilian company BRF, considered to be one of the biggest exporters of poultry products in the world.
The license was presented to BRF during a dedicated ceremony organized by SAGIA at its headquarters in Riyadh, in the presence of Eng. Ibrahim Al Omar, Governor of SAGIA; Deputy Governor for Investment Attraction and Development Sultan Mufti; Eng. Mohammed Al Aljunaini, SAGIA’s General Manager of the Industrial Sector; Marcelo Della Nina, Brazil Ambassador to Saudi Arabia; Fadi Felfeli, BRF Deputy CEO; and Igor Marti, Vice President.
The presentation of this license to BRF, a leading global player in the food industry, represents a major step forward in SAGIA’s contributions to localizing the poultry sector and reinforcing the Kingdom’s growing capacity as an exporter of poultry products in the region. Having received the license, BRF is set to begin building its first factory in Saudi Arabia, and is committed to expanding its businesses by creating a base in the Saudi market, from where it can compete within local and regional markets.
SAGIA Governor Eng. Ibrahim Al Omar said: “Having this opportunity to aid BRF in setting up its operations in Saudi Arabia further confirms that the Kingdom’s investment environment is going from strength to strength, in addition to the great deal of activity we have seen across a wide range of target sectors since the start of 2019. SAGIA has issued over 800 investment licenses in the first three quarters of this year, 67 of which is fully foreign owned.
“At SAGIA, we are committed to streamlining business processes in the Saudi market, developing investment opportunities across industries in collaboration with our partners in government entities, and promoting the abundant opportunities in Saudi to potential investors across the world.”
BRF signed a memorandum of understanding (MoU) with SAGIA during the Future Investment Initiative, held in Riyadh, Saudi Arabia between 29-31 October 2019. During the event, SAGIA announced the adoption of the Invest Saudi brand and oversaw the signing of 26 MoUs with international partners, valued at over $20 billion. These agreements covered various investment activities across strategic sectors, most notably energy and water, pharmaceuticals, logistics, petrochemicals, technology, and entrepreneurship and innovation.