Abdulaziz Alsaghyir Holding Company (AAHC), a leading Saudi company specialised in investment, contracting and building materials, plans to pump about SR1 billion ($266 million) into the food sector in the next five years.

As part of this plan, Abdulaziz Alsaghyir Holding will establish a new limited liability company to be called Abdulaziz Alsaghyir Foods Co Ltd. The new firm will operate in three main areas - manufacturing, distribution and retail.

Hisham Alsaghyir, CEO and board member of Abdulaziz Alsaghyir Co, said the successes achieved by the company in the local level motivated it to take steps towards investing in new sectors.

The new company will work to establish its presence in the food sector by establishing new specialised units or via acquisition, he said.

He added that the company has entered into advanced negotiations with one of Saudi Arabia’s meat manufacturing companies and was about to finish the financial and technical inspections of this transaction.  - TradeArabia News Service