ACOLID to set up new gelatin factory
The Arab Company for Livestock Development (ACOLID) has completed the necessary feasibility studies for establishing the United Gelatin Manufacturing Company, reported Al-Hayat. The company has an investment cost of approximately 70 million Saudi riyals ($18.6 million), of which ACOLID holds 30 percent.
The Islamic Development Bank (IDB) and several Saudi investors are also contributing to the new plant’s development costs. The plant’s target manufacturing capacity is set at 8,600 tons of gelatin per annum. Many Saudi business associates have recently pushed to make use of the livestock products.
The factory will be located in the Asila area nearby Mecca Al-Mukarama in Saudi Arabia and will us animal bi-products from livestock slaughtered for the feasts and pilgrimage seasons for producing gelatin.
Acolid, a joint venture run by the Arab League and based in Riyadh, posted $13.3 million in net profits for 2001. The company earned more than one billion SR since its establishment nearly 23 years ago, through directly and indirect investments in 34 projects in ten Arab countries. — (menareport.com)
© 2002 Mena Report (www.menareport.com)