Irish Dairy Board buys into Saudi trading firm

The Irish Dairy Board (IDB) has acquired a 75% interest in Al Wazeen Trading as part of a €20m investment in Saudi Arabia, via its controlling interest in a cheese plant in Riyadh, according to newspaper the Irish Examiner. This is set to  produce an outlet for the extra milk Ireland plans to produce when the EU abolishes its milk quota restrictions in Apr 2015, and provide the country with further inroads in the Middle East and North African markets. The facility will produce fresh white cheeses that appeal to local market tastes. It will initially supply dairy products to the Saudi Arabian market.

The deal was unveiled as part of the Department of Agriculture’s trade mission in the Middle East, a party of 60 delegates including executives agri-food companies, and representatives of groups like Teagasc and Bord Bia. Saudi Arabia imports more than 400,000 tonnes of dairy produce per year