Riyadh, November 20, 2023 – In a landmark move aimed at bolstering food security and fostering local talent, Tanmiah Food Company (TADAWUL: 2281, “Tanmiah”), an established market leader in the poultry and other meat products in the MENA region entered into Memorandum of Understanding (MOU) with Vibra Agroindustrial S.A (“Vibra”), one of the leading Brazilian Poultry producers and a global leader in halal poultry production. This signing took place during the 40th edition of the Saudi Agriculture Exhibition in Riyadh, in the presence of His Excellency the Minister of Environment Water & Agriculture Eng. Abdulrahman Abdulmohsen Al-Fadley and the Chairman of Tanmiah Food Company, His Excellency Amr Al-Dabbagh.
This MoU paves the way for a collaborative Joint Venture (JV) focused on co-packing of products, potential investment in primary and further processing facilities in the Kingdom of Saudi Arabia, and expansion of distribution and brand development across Saudi Arabia and the MENA region. Vibra's domestic and global production adheres to halal standards, ensuring that all of the chicken sold by Vibra worldwide is halal. This dedication to halal production highlights Vibra's commitment to upholding the highest standards of food quality and safety, aligning seamlessly with Tanmiah's values and vision for the region.
The agreement will detail the specifics of the collaboration between both companies. The JV company will be headquartered in Saudi Arabia, with an ambitious roadmap to extend its operations across the broader MENA region, aligning with the Kingdom’s Vision 2030 and its food security objectives.
Speaking on the occasion, Mr. Zulfiqar Hamadani, Group CEO of Tanmiah Food Company, said, “Vibra has been a trusted partner for Tanmiah for several years. With the signing of this MoU, both companies will strengthen their opportunities for growth and product diversification in Saudi Arabia and in the region. It's not just about business growth; it reflects our unwavering commitment to Saudi Vision 2030”.
Echoing this sentiment, Mr. James Dominic Cleary, CEO of Vibra, added, 'Vibra’s founding shareholders have a long business history with Saudia Arabia dating back to as early as 1983. Our companies converge on the solid belief in the importance of offering high-quality food products for our consumers. This partnership with Tanmiah is significant to support food security in Saudi Arabia. It aligns with our strategy to continue adding value to our consumers and clients, introducing innovative products and solutions, and continuously improving the presence of our brands.'
Mr. Ahmed Osilan, Executive Board Member and Managing Director of Tanmiah Food Company, commented, 'The signing of this MoU with Vibra is a pivotal moment for us. We aim to enhance local talent and set new standards in the food industry while contributing to the Kingdom's food security and broader objectives.'
Both companies are committed to this venture and will actively explore opportunities to leverage the synergies between them. This collaboration is not just a business decision but a testament to their commitment to enhancing KSA's food production, sustainability objectives, and talent enhancement.