Al-Waseen Trading Company LLC (Al-Wazeen) announced it has reached an agreement to sell a 75 percent shareholding in its established dairy business to the Irish Dairy Board (IDB). IDB is Ireland’s largest exporter of premium dairy products.
The deal involves a SR100 million plus investment in Saudi Arabia and includes the development of a new state- of-the- art fresh white cheese manufacturing plant at the Al-Wazeen facility in Riyadh.
The new investment will further strengthen Al-Wazeen’s position in the Saudi market, where it markets a range of dairy products to retailers, food service and wholesaler customers.
The announcement was made Monday in Riyadh by Saeed Mubarak Saeed Bajuwaiber, chairman of Al-Wazeen, during the visit of an Irish Trade mission to the Kingdom, led by Irish Minister for Agriculture, Food and the Marine, Simon Coveney.
Commenting on the announcement at a Celebration Ceremony in Riyadh to launch the IDB and Al-Wazeen development, Saeed Mubarak Saeed Bajuwaiber said: “We are pleased, together with the Irish Dairy Board, to be entering into a new phase of development and growth for our business. We look forward to continuing to work with our customers and developing what is an exciting and new business opportunity.”