Riyadh - Mubasher: Informed sources revealed that local and foreign companies have submitted offers to purchase the Saudi National Poultry Company, in a deal that could reach a value of two billion riyals .

The sources explained that the most prominent companies that submitted purchase offers are: Brazilian JBS, Saudi Almarai, Saudi Food Development, and Ukrainian MHP, according to Bloomberg .

The Saudi company, which is the largest poultry producer in the Middle East, has appointed Saudi Fransi as an advisor for the potential deal .

The sale plans come at a time when Saudi Arabia's food sector is receiving a boost from economic reform efforts led by Crown Prince Mohammed bin Salman .

Efforts to secure food supplies have gained greater importance after the Covid-19 pandemic and the war in Ukraine disrupted supply chains and pushed prices to record levels. The kingdom has allocated $4.5 billion to achieve self-sufficiency in poultry as part of “Saudi Vision 2030. ”

National Poultry was founded in 1977 by Sulaiman Al Rajhi, who also founded Al Rajhi Bank with his brother. According to its website, the Saudi company processes more than 1 million birds and 1.5 million eggs daily .

While the world's largest poultry producer, JBS SA, handles 4.4 billion chickens a day .

Saudi Arabia has previously struck a deal with Brazilian chicken exporter BRF SA through a joint venture with the kingdom’s Public Investment Fund to acquire a regional poultry company. Dairy company Almarai is also expanding its operations in the kingdom .