RIYADH: Saudi Arabia plans SR17 billion ($5 billion) investment to boost poultry production as the Kingdom aims to achieve a poultry meat self-sufficiency rate of 80 percent by 2025, Saudi Press Agency reported.
By targeting 1.3 million tons of broiler chickens per year, the ministry will ensure national food security, increase local content, and create employment opportunities, the Saudi Minister of Environment, Water and Agriculture Abdulrahman Al-Fadley said.
This move follows a jump in self-sufficiency in poultry meat from 45 percent in 2016 to 68 percent in 2022.
The financing provided by the Agricultural Development Fund for companies seeking to expand the poultry production industry reaches 70 percent when top-notch technologies are used, Al-Fadley said.
In a related development, Ibrahim Qassem, the director-general of the Animal Resources Services at MEWA, told CNBC Arabia that the volume of livestock projects exceeded 980 across all regions of the Kingdom.
However, the feed prices soared by more than 90 percent due to the prevalent global factors, which are reflected in the prices of livestock, Qassem said.
He added that the ARS had developed an initiative to investigate and combat animal diseases, reducing losses by 25 percent.