Muscat: A major project for producing ‘eggs for hatching’ with a capital expenditure of OMR61 million will be established by Osool Poultry SAOC, according to a press release.
The project will go a long way in saving foreign exchange that is used for importing eggs for hatching. The constitutive general meeting of Osool Poultry project was chaired by Eng. Saleh Mohammed Al Shanfari, chairman of the founders committee of the project.
Osool Poultry will ensure smooth supply of ‘eggs for hatching’ to the poultry industry. The project will help ensure smooth supply of high quality eggs for hatching at sustainable prices. This project will be a major contributor to the food security of not just the Sultanate, but also the GCC. The project aims to add to the Sultanate’s goal in diversifying the economic resources as well.
Reiterating the country’s vision to become a major food hub in the region, Eng. Al Shanfari thanked all the shareholders for investing in such a highly strategic project. He also thanked the Arab Authority for Agricultural Development Investment and Gulf Investment Corporation for their support and participation in the food security projects in Oman. Eng. Saleh also thanked A’Saffa Foods and A’Namaa Poultry Co. for taking up the challenge to implement this highly strategic project. Eng. Saleh said that the self-sufficiency in poultry meat production will reach 70 per cent by 2030.
Eng. Yaqoob Al Ruqaishi, chief executive officer of A’Namaa Poultry affirmed the importance of this project for A’Namaa Poultry, which has committed to buy more than 60 million ‘eggs for hatching’ in the final stages of production, at the meeting.
A’Namaa Poultry was promoted by Oman Food Investment Holding Co, which is a state-owned firm specialising in food security projects. Poultry production in Oman is highly dependent on the smooth supply of ‘eggs for hatching’ from the farm, and hence such eggs are the starting point of the poultry meat project.
Poultry production in and around Oman has suffered due to the disruption of supplies from abroad for reasons such as disease outbreaks in the supplier countries, logistic issues and demand supply problems. Further, increase in price of eggs for hatching also adversely affected the operations of poultry companies in Oman as well as other GCC countries.
Dr. Nasser Al Maawali, chief executive officer of A’Saffa Foods, and chairman of Osool Poultry, affirmed the importance of this project to the value chain of poultry production and reiterated the importance of integrating various food production activities in the region. Dr. Al Maawali also stated that the ability of promoters to place this major strategic project with an investment of OMR61 million, is an indication of the willingness of FDIs in finding the right opportunities in Oman. Rafique Chaudhary, chief financial officer of A’Saffa Foods, expressed his satisfaction on the success of A’Saffa Foods and its partners in raising funds and launching this project, which will generate immense opportunities for the country and the region.