Siniora Food Industries Company - Saudi Arabia Signs a Strategic Agreement with the Saudi Authority for Industrial Cities and Technology Zones (MODON) to Establish a New Siniora Factory for Cold Cuts and Frozen Meat Production in Saudi Arabia

Aggad stated that this step comes in line with the company's expansion strategy in regional markets, particularly in Saudi Arabia, the largest in the region, with the aim of boosting the company's sales and increasing its market share. This, in turn, will enhance Siniora's position, revenues, and profits in the future by increasing the company's production capacity through the construction of a new state-of-the-art factory in Saudi Arabia. Aggad added that Siniora currently occupies the largest market share in the Jordanian and Palestinian markets and aims to attain a dominant position in regional markets, particularly in the Gulf, as one of the leading industrial companies in the food industries sector in the region.

Aggad stated that this step comes in line with the company's expansion strategy in regional markets, particularly in Saudi Arabia, the largest in the region, with the aim of boosting the company's sales and increasing its market share. This, in turn, will enhance Siniora's position, revenues, and profits in the future by increasing the company's production capacity through the construction of a new state-of-the-art factory in Saudi Arabia. Aggad added that Siniora currently occupies the largest market share in the Jordanian and Palestinian markets and aims to attain a dominant position in regional markets, particularly in the Gulf, as one of the leading industrial companies in the food industries sector in the region.

Also speaking about the agreement, Siniora CEO Majdi Al-Sharif said that with more than a century of experience in the food industry, Siniora aims to share its expertise with the Kingdom of Saudi Arabia by creating more than 200 job opportunities. He added that the first phase of the project is anticipated to conclude in the second half of 2024, noting that the factory, once completed, is expected to have an annual production capacity of approximately 20,000 tons and an anticipated export rate of around 20% of the production capacity.

Siniora is a public shareholding company listed on the Amman Stock Exchange (ASE: SNRA). It is a leader in the meat manufacturing industry in the region through four factories equipped with state-of-the-art technologies in Palestine, Jordan, UAE and Turkey. Siniora produces over 100 types of cold cuts, canned luncheons, and frozen meat. The company also produces the plant-based product Badeel, which is the vegan meat alternative, a soy-free and gluten-free product that comes in four categories - burgers, minced, sausages, and nuggets. For more information: www.siniorafood.com

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