Plans were announced by the Irish Dairy Board Cooperative Limited to invest EUR20 million or USD27.3 million for the construction of new facilities in Saudi Arabia. This investment would inclue acquisition of 75% interest in Al Wazeen Trading as well as the construction of a new cheese manufacturing facility located within the same facility in Riyadh.
In a statement, the IDB said, "(The investment) will further strengthen its position in the Saudi Arabian market, the fifth largest dairy importer in the world, as well as providing a central hub to access the important dairy growth markets in the MENA region."
The said announcement was made by IDB CEO Kevin Lane during an Irish Trade Mission to Saudi Arabia. The contingent included the Minister for Agriculture, Food and the Marine Simon Coveney.
Coveney added, "The IDB's investment in Saudi Arabia opens up considerable market opportunities for the additional milk we are expecting post 2015."
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