MEFSCO opens SR630m expansion program in Al-Kharj

Saqr bin Issa Al-Dajani, deputy mayor of Al-Kharj, launched the program.
Updated 23 January 2018
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MEFSCO opens SR630m expansion program in Al-Kharj

Middle East Food Solutions Company (MEFSCO) launched its new expansion program in Al-Kharj on Wednesday under the patronage of Musaed bin Abdullah Al-Madi, governor of Al-Kharj.
Saqr bin Issa Al-Dajani, deputy mayor of Al-Kharj, launched the program with an investment reaching SR630 million ($167.4 million).
The project was initially supported by the Saudi Industrial Development Fund (SIDF) to increase the production of corn starch and its allied products such as glucose, fructose and crude corn oil. The expansion is expected to yield increased production to serve the local as well as the regional markets.
President of MEFSCO Ziyad Al-Sheikh said the increased production will serve the local market as well as promote more Saudi exports to the Middle East. He added that the expansion program is in line with the Saudi Vision 2030, which is aimed at diversifying the Kingdom’s economy to meet with global standards.
Describing it as a novel project, Al-Sheikh said it is designed to produce starch and sweeteners under the Saudi-US partnership represented by the Saudi company ARASCO and the American company Cargill.
Several officials from the public and private sectors and representatives from the US Embassy attended the program.
The project is aimed at transferring modern technologies and developing local human resources for services such as engineering, marketing, sales, logistic support and food development services.
Abdulmalik Alhusseini, CEO of ARASCO, said the expansion program would help grind 350,000 tons of corn and the capacity is expected to exceed one million tons during the coming years. He also said the plant is expected to produce corn sugar (fructose) which would cater to the growing needs of the local and regional markets.
Besides vast experience in production, Alhusseini pointed out that ARASCO and Cargill Foods METNA are fully conversant with investment and logistics programs.
“Exchanging experiences, transferring modern technologies and sharing of international experiences would help reach the main goals of the Kingdom to attain food security and promote economic diversification in Saudi Arabia,” Alhusseini said.
Regional Managing Director Murat Tarakçıoglu said the Kingdom has created a conducive climate to attract investments from international companies. “By partnering with ARASCO, we are reaping the fruits of the Kingdom’s efforts to increase local production to meet the needs of the Saudi food production industry.”


New joint venture to draw in foreign investors to Bahrain

Updated 21 min 56 sec ago
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New joint venture to draw in foreign investors to Bahrain

Kooheji Golden Gate has partnered with Indian property developers Ajmera Mayfair to form a joint venture called Golden Gate Developers, promising a blend of state-of-the-art living, modern hospitality and world-class business centers. 

Ajmera Mayfair Realty Group have a combined experience of over 100 years in the real estate industry, delivering a total of 40 million square feet of commercial and residential spaces in India and currently having prospects worth more than $4 billion underway. The project is to be developed on Bahrain Bay, which is a hub of prime property in Manama with a beautiful view of the city skyline.

Manoj Ajmera, managing director of Ajmera, said: “Bahrain provides a supportive business environment and a workforce with a strong service ethos, and this project has strengthened our ties with the nation as well as the people of Bahrain.”

Nayan Shah, chairman of Mayfair Housing, said: “According to the Expat Insider Survey findings, Bahrain is now considered the best destination for expats, which broadens the scope for them to consider moving to Bahrain. This is especially an important factor in attracting foreign investment, and trade and business opportunities. It also increases the potential for tourism in the region, as many Indians now consider Bahrain an ideal destination for weddings and holidays.” 

Chairman of Kooheji Golden Gate Ishaq Al-Kooheji said: “Under the leadership and visionary guidance of His Royal Highness Prince Salman bin Hamad Al-Khalifa, the crown prince, deputy supreme commander and first deputy prime minister, Vision 2030 promises further transformation to Bahrain and its economy. The establishment of such projects in partnership with internationally renowned companies creates an attractive environment for local and international investments, strengthening ties between both countries while contributing to the economic progression of Bahrain.” 

The project will be developed over 140,000 square meters. The total anticipated foreign investment in Bahrain is around $212 million. This partnership aims at further cementing bilateral trade and economic ties between India and Bahrain and opens up the doors to more foreign investment into the country.