Widam Food, a Qatar company known for importing live lambs for slaughter and sale on the domestic market, plans to diversify and venture into the poultry industry. The company will seek funding for a $124 million project to raise poultry as the company ventures into new foods.
Ahmad Nasser Sariya Al-Kaabi, managing director of Widam Food, told Bloomberg News the company is awaiting a government license to build a plant that will produce 22 million chickens a year for sale on the domestic market. The licensing process has been delayed because the amount of land and water required needs more study, he said. If the license is granted, the company will consider funding methods including a capital increase, sharia-compliant bank loans or the issuance of Islamic bonds, he said.
Widam also plans to enter other animal agriculture sectors. It intends to expand into fish farming and will build a new $12.4 million plant for making processed meats, including hamburger and sausage, said Al-Kaabi.