Meethaq to finance poultry farm in Oman
MUSCAT, 15 days ago
Meethaq, a top Islamic banking provider in Oman, has signed a contract to provide finance for Dar Al Tomouh to set up a first-of-its-kind commercial contract chicken farming project, a report said.
The project with an annual production capacity of 3.74 million kg live chicken will have a far reaching impact on improving the living standards and generating employment opportunities for farm entrepreneurs.
Over a period of three years, Dar Al Tomouh will set up a commercial broiler chicken farm, poultry hatchery and processing plant and enter into contract farming with Omani farmers with buy-back arrangement, added the Times of Oman report.
A poultry disease diagnostic lab and a broiler breeding farm will also be established with the total investment in the range of RO8 million ($20.7 million) to RO10 million. Dar Al Tomouh will train local farmers on modern poultry management practices and monitor the farms, according to the report.