Siniora Food Industries Company - Saudi Arabia Signs a Strategic Agreement with the Saudi Authority for Industrial Cities and Technology Zones (MODON) to Establish a New Siniora Factory for Cold Cuts and Frozen Meat Production in Saudi Arabia

JEDDAH, Saudi Arabia, Feb. 22, 2023 /PRNewswire/ -- As part of Siniora Food Industries Company's strategic plan and its efforts to expand in regional and international markets, Mr. Tarek Omar Aggad, chairman of the Board of Directors of Siniora Food Industries Company- Saudi Arabia, a subsidiary of Siniora Food Industries Company - Jordan, signed an agreement with Engineer Majid bin Rafid Al -Arqoubi, CEO of the Saudi Authority for Industrial Cities and Technology Zones (MODON) that will see MODON allocate a piece of land with an area of 25,000 square meters for long-term use in the second industrial area in Jeddah, Saudi Arabia for Siniora to build a factory to produce all types of cold cuts and frozen meat. The estimated cost of this investment is about 140 million Saudi riyals, equivalent to USD 37 million. This announcement was made during Siniora's participation in the Gulfood exhibition, the largest annual food and beverage sourcing event in the world, held in Dubai between February 20 and February 24, 2023.

Eng. Al-Arqoubi welcomed the partnership, which will enable Siniora to establish its first factory in Saudi Arabia. He added that this aligns with MODON's efforts to contribute to enhancing food security and engaging with the Kingdom's aspiration in this regard. He also emphasized the importance of such partnerships in developing the economy, transferring knowledge, and creating new job opportunities in the Saudi market.

Aggad stated that this step comes in line with the company's expansion strategy in regional markets, particularly in Saudi Arabia, the largest in the region, with the aim of boosting the company's sales and increasing its market share. This, in turn, will enhance Siniora's position, revenues, and profits in the future by increasing the company's production capacity through the construction of a new state-of-the-art factory in Saudi Arabia. Aggad added that Siniora currently occupies the largest market share in the Jordanian and Palestinian markets and aims to attain a dominant position in regional markets, particularly in the Gulf, as one of the leading industrial companies in the food industries sector in the region.

Also speaking about the agreement, Siniora CEO Majdi Al-Sharif said that with more than a century of experience in the food industry, Siniora aims to share its expertise with the Kingdom of Saudi Arabia by creating more than 200 job opportunities. He added that the first phase of the project is anticipated to conclude in the second half of 2024, noting that the factory, once completed, is expected to have an annual production capacity of approximately 20,000 tons and an anticipated export rate of around 20% of the production capacity.

Siniora is a public shareholding company listed on the Amman Stock Exchange (ASE: SNRA). It is a leader in the meat manufacturing industry in the region through four factories equipped with state-of-the-art technologies in Palestine, Jordan, UAE and Turkey. Siniora produces over 100 types of cold cuts, canned luncheons, and frozen meat. The company also produces the plant-based product Badeel, which is the vegan meat alternative, a soy-free and gluten-free product that comes in four categories - burgers, minced, sausages, and nuggets. For more information: www.siniorafood.com

Photo - https://mma.prnewswire.com/media/2007964/Siniora_MODON.jpg
Logo - https://mma.prnewswire.com/media/492392/Siniora_Food_Industries_Logo.jpg