2016-12-20

GCC LARGEST TABLE-EGG FARM TO BE LAUNCHED IN OMAN USING JAPANESE TECHNOLOGY

A Memorandum of Understanding (MoU) to establish the largest GCC table-egg company in Oman, was officially signed between Officials from Oman Flour Mills Company SAOG (OFM), Gulf Japan Food Fund (GJFF), IFFCO Group (IFFCO) and the Japan-based Ise Foods, at the Oman Invesrment Authority (OIA) premises recently under the patronage of HE Dr. Rashid Bin Salim Al-Masroori, Executive President of the Public Authority for Stores and Food Reserve (PASFR) and in the presence the signing companies CEO’s and other stakeholders.

The new alliance comes in response to the high demand of rich-protein eggs in the GCC, and to satisfy the market needs of this nutritious product. The agreement entails negotiating the acquisition of a stake in the country’s largest egg producer, Modern Poultry Farms, and enhancing its egg production capacity by implementing state-of-the-art Japanese technologies. The investment plan also includes the construction of a new plant in the Wilaya of Ibri, which is also expected to provide much needed job opportunities for the national cadres, in addition to setting a new technologically-advanced base for egg production in Oman.

HE Abdulsalam bin Mohammed Al Murshidi, Executive President of OIA, which owns 35% of Gulf Japan Food Fund, commended signing the MoU saying: “OIA, through its partners, always aspires to bring the latest technologies and know-how to Oman, and this promising facility bears statement to our efforts in enriching our local economy with revenue-generating projects that would ensure a sustainable future for industrial advancement in Oman”

On their side, a senior official from Gulf Japan Food Fund said: “IFFCO and OFM are market leaders in the food business in the UAE and Oman with established egg production facilities and strong distribution reach in the GCC markets and a loyal customer base. We are delighted to partner with them in this venture”.

Sheikh Salah Hilal Al Mawali, Chairman of Oman Flour Mills Company SAOG valued the MoU saying: “The project will aim to reduce the GCC’s import dependence for eggs, while also enhancing the quality of locally produced eggs by using best-in-class processes and technology from Japan. Oman Flour Mills is proud to be associated with this promising initiative to strengthen our national and regional food security.”

Kenneth D’ Costa, Managing Director – Agri Foods Business, IFFCO Group also said that “With a target capacity to produce up to 360 million eggs a year, the new facility will be one of the largest and most efficient in the GCC. Economies of scale and efficiency in production will provide us with a competitive advantage over other players in UAE and Oman.

It’s worth mentioning that the Japan-based Ise Foods is a world leader in egg production in terms of production and technology. The new company will be its first investment project in the region.