{"id":84552,"date":"2024-03-20T00:00:00","date_gmt":"2024-03-20T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/03\/20\/almarai-looks-to-expand-in-north-africa-and-iraq-downplays-savola-exit-plans\/"},"modified":"2024-03-20T00:00:00","modified_gmt":"2024-03-20T00:00:00","slug":"almarai-looks-to-expand-in-north-africa-and-iraq-downplays-savola-exit-plans","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/03\/20\/almarai-looks-to-expand-in-north-africa-and-iraq-downplays-savola-exit-plans\/","title":{"rendered":"Almarai looks to expand in North Africa and Iraq, downplays Savola exit plans"},"content":{"rendered":"

Dairy giant Almarai is looking to expand in North Africa and Iraq<\/strong> as it <\/strong>looks to diversify outside of the Kingdom<\/strong>, its Chairman Prince Naif bin Sultan Al Kabeer told Al Arabiya in an interview (watch: runtime: 7:18<\/a>). \u201cA promising market for us is North Africa, it is among the markets we are currently assessing to enter, along with the market in Iraq,\u201d he said, without specifying which North African markets the dairy manufacturer would be looking to tap. Outside of the GCC, Almarai currently operates Egypt (under the Beyti brand) and Jordan.<\/p>\n

The Almarai chairman distanced the company from Savola\u2019s decision last <\/strong>month to <\/strong>offload its full 34.5% stake in Almarai<\/a><\/strong> to existing shareholders. \u201cWe have nothing to do with Savola\u2019s decision. Savola is a fraternal company, but Almarai is not concerned in any way. We\u2019re focused on our [planned] expansion for now\u2026,\u201d he said. Savola is the dairy producer\u2019s biggest shareholder, followed by the Public Investment Fund (PIF), which holds a 16% stake through one of its units.<\/p>\n

BACKGROUND- <\/strong>Almarai unveiled earlier this week<\/a> a five-year strategic plan seeing it pour SAR 18 bn to help maximize sales. It plans to ramp up investment in supply chain, development, sustainability, operational efficiency, and technology.<\/p>\n","protected":false},"excerpt":{"rendered":"

Prince Naif downplays Savola\u2019s decision to offload its full 34.5% stake in Almarai<\/p>\n","protected":false},"author":1,"featured_media":84553,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2770],"tags":[284,575,10,14,2688],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-84552","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-food-agriculture","tag-almarai","tag-dairy","tag-enterpriseam-ksa","tag-ma-watch","tag-savola","wpautop","entry"],"acf":{"mongo_id":"a96175e4-66eb-4bfa-8f4b-ad4c362585a8","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/3\/1789.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Almarai looks to expand in North Africa and Iraq, downplays Savola exit plans","related_issue":[84548],"teaser":"Prince Naif downplays Savola\u2019s decision to offload its full 34.5% stake in Almarai","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.83aaee08-1474-42ee-a689-cc6a8ba1bc5d.mp3"},"yoast_head":"\nAlmarai looks to expand in North Africa and Iraq, downplays Savola exit plans - 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