Oman Flour Mills Company and the United Arab Emirates-based International Foodstuffs Company (IFFCO Group of Companies) have recently entered into a Memo of Understanding to establish a joint venture company in Oman to set up a Layer and Breeder Farm for catering to the poultry product needs in Oman and other Gulf Cooperation Council countries, reports Zawya.

The team leaders for the project are Ali Habaj from Oman Flour Mills and Ajay Rampal from IFFCO GroupIFFCO Group.

In a joint press statement, they stressed the strong potential for the project. Annual per-capita consumption in Oman is 150 eggs and 30kg of chicken, while in the UAE it is 300 eggs and 40 kg chicken. They predict an average growth rate of 10 per cent per annum.

The joint venture company initially plans a layer Farm with 1.2 million layers with production geared to 250 million eggs every year. As part of the joint-venture project, there will also be a broiler farm of an installed capacity of 50,000 birds per day, as well as a broiler parent farm with 500,000 parents to produce 50 million hatching eggs per year.