JBS's parent company, J&F, announced yesterday that the Brazilian meat giant is considering new investments in Saudi Arabia as a Brazilian government delegation, including President Luiz Inácio Lula da Silva, meets with Saudi officials to strengthen trade relations. In a statement from J&F, Wesley Batista, a member of the founding family of JBS, said from Riyadh, "Every day we become more interested in exploring the possibility of making more significant investments than we had considered in the past."
J&F, which operates in the food, mining, pulp and paper, and energy sectors, stated that JBS has a plant in Dammam and another unit under construction in Jeddah. J&F added that once the Jeddah facility is operational, JBS's production capacity in Saudi Arabia will increase to 40,000 tons of processed chicken products annually, four times the current levels.
The statement noted that Saudi Arabia is the largest economy in the Middle East and Brazil's main trading partner in the region, with bilateral trade worth over eight billion dollars in 2022. Brazil is the world's largest exporter of halal meat and is home to some of the most efficient meat exporters globally. Companies such as BRF, Minerva, and Marfrig also sell products in the Gulf region, representing fierce competition for JBS.
J&F's statement quoted Khalid al-Falih, Saudi Minister of Investment, saying, "The food sector is our main area of cooperation." He mentioned that Saudi Arabia aims to achieve "food security" and become a "global hub" for the meat sector.
