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Al-Jouf Agricultural Development Co.’s board of directors approved on Dec. 23, 2020, a SAR 70 million project to establish a factory to produce French fries.
The company will self-finance the project, and also review other means to raise funds, it said in a statement to Tadawul.
The project is expected to start in Q1 2021 and is scheduled for completion by Q1 2023.
The pilot production is scheduled to begin in 2023, a month from the date of the trial run.
The project is expected to have a positive impact on the company's results after the start of commercial operations in 2023.
Details on the executing party will be announced later.
There are no related parties, the company said.
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