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00:00 We have been working on this project for the last two years. It has been tested and run,
00:07 both experimentally and commercially, according to the plan and the balanced budget that the
00:12 company has announced in a long-term. The project is one of the most important projects, because
00:17 it is part of the company's strategy from being a farm to being an industrial farm. We are
00:23 trying to turn everything we plant in our country or in our region into a product with
00:30 an added value for the end consumer. Thank God, the experimental run has been completed,
00:37 and now we are in the commercial run. We will start marketing the product and spreading it
00:44 in the Kingdom. For information, the Saudi market for French fries and chicken strips
00:50 is huge. The Saudi market is huge, reaching about 1.9 billion and 900 million Saudi Riyals
00:56 in a volume of about 300,000 tons. We are trying, God willing, in the coming period, to run
01:03 the factory at its maximum capacity, which is about 35,000 tons annually, which is equivalent
01:10 to about 11 or 12 percent market share and is likely to expand, God willing, soon to
01:17 reach 50 percent more to about 50,000 tons of production.
01:22 Yes. Okay, today, since we are also talking about this project, how much has the cost
01:29 of running the business changed since the announcement of it, Mr. Mazen? And has the
01:36 cost increased for you so far?
01:39 Well, since the last announcement, the amount, which is about 190 million, has been specified
01:47 for the construction of the project. So far, thank God, the costs have not changed, by
01:54 the grace of God Almighty. We were monitoring the issue of profits. It was very important
01:59 for us not to exceed the budget of the project and to launch the project on time, and this
02:04 has not been done, thank God.
02:06 And how much is the total cost of the project, Mr. Mazen?
02:09 Yes, correct. The Ministry of Agriculture, under the auspices of the Ministry, took the
02:14 loan of about 160 or 170 million, and the project was implemented on this loan.
02:19 Therefore, how much do you expect the market share, with the launch of the project, commercially
02:25 for your potato seedlings in the market, in terms of the size of which you talked about,
02:31 Mr. Mazen?
02:32 Well, we, God willing, are focused, during the coming period, on two things. The factory
02:38 must always be operating at the maximum capacity, and we must reach the quality of this Saudi
02:44 product, which is excellent in all Saudi markets. We expect, God willing, to end 2024 with the
02:51 expected market share, which is no less than 12% of the Saudi market. I mean, God willing,
02:57 we will sell each product within the Kingdom, God willing.
03:02 And then you will start exporting to some markets, or is there no initial plan for exporting?
03:08 Well, look, we are thinking about exporting, but the Saudi market is a promising market,
03:14 and it grows and grows, meaning, it is great annually in this category, so we are focusing
03:19 on the Saudi market, in principle. If there is an excess capacity in the future, we will
03:24 think about exporting, but it is one of the things that is available in case we need it.
03:29 Okay. Today, what are the other most important products that Mr. Mazen is focusing on to increase
03:34 your profitability, and how much will we see a new entry to products in 2024 compared to
03:39 2023?
03:40 Look, as I told you, the company's direction for the past four years has been a strategic
03:45 direction, since we are industrial farmers. Now, after the events of the war and some
03:50 of the wars that took place, it became clear to us how important agriculture is, and how
03:55 important the supply chain is, and the supply chain and the value chain.
04:00 Thank God, we are one of the largest agricultural companies, if not the largest, and we thank
04:05 the government for its support in the Ministry of Agriculture in the subject of smoking and
04:10 improving agricultural matters. So today we have another old, new product, which is
04:16 olive oil. We are now the largest national product in olive oil. Olive oil is one of
04:21 the largest markets in Saudi Arabia, exceeding 40,000 tons. We are the largest producer of
04:26 it, and we plant olives. We have the largest olive farm in the world. We have more than
04:31 5 million trees. This is one of the projects that we started a long time ago and it is also
04:36 part of our strategy. Now we are the largest producer of olive oil in the world, and we
04:41 are trying to focus on this issue to increase profitability. We have four strategic sources,
04:46 which are olive oil, wheat, potatoes, and we also have fruits. These are the sources
04:51 that we focus on and try to increase the company's profits by focusing on them.
04:56 How much is the production of wheat today, since it is a product of the United States,
05:01 and how much is the production of olive oil?
05:04 We have a lot of products, and we are trying to increase the production of olive oil.
05:09 We have a lot of products, and we are trying to increase the production of olive oil.
05:14 We have a lot of products, and we are trying to increase the production of olive oil.
05:19 We have a lot of products, and we are trying to increase the production of olive oil.
05:24 We have a lot of products, and we are trying to increase the production of olive oil.
05:29 We have a lot of products, and we are trying to increase the production of olive oil.
05:34 We have a lot of products, and we are trying to increase the production of olive oil.
05:39 We have a lot of products, and we are trying to increase the production of olive oil.
05:44 We have a lot of products, and we are trying to increase the production of olive oil.
05:49 We have a lot of products, and we are trying to increase the production of olive oil.
05:54 We have a lot of products, and we are trying to increase the production of olive oil.
05:59 We have a lot of products, and we are trying to increase the production of olive oil.
06:04 We have a lot of products, and we are trying to increase the production of olive oil.
06:09 We have a lot of products, and we are trying to increase the production of olive oil.
06:14 We have a lot of products, and we are trying to increase the production of olive oil.
06:19 We have a lot of products, and we are trying to increase the production of olive oil.
06:24 We have a lot of products, and we are trying to increase the production of olive oil.
06:29 We have a lot of products, and we are trying to increase the production of olive oil.
06:34 We have a lot of products, and we are trying to increase the production of olive oil.
06:39 We have a lot of products, and we are trying to increase the production of olive oil.
06:44 We have a lot of products, and we are trying to increase the production of olive oil.
06:49 We have a lot of products, and we are trying to increase the production of olive oil.
06:54 We have a lot of products, and we are trying to increase the production of olive oil.
06:59 We have a lot of products, and we are trying to increase the production of olive oil.
07:04 We have a lot of products, and we are trying to increase the production of olive oil.
07:09 We have a lot of products, and we are trying to increase the production of olive oil.
07:14 We are trying to increase the production of olive oil.
07:19 We have a lot of products, and we are trying to increase the production of olive oil.
07:24 We have a lot of products, and we are trying to increase the production of olive oil.
07:29 We have a lot of products, and we are trying to increase the production of olive oil.
07:34 We have a lot of products, and we are trying to increase the production of olive oil.
07:39 We have a lot of products, and we are trying to increase the production of olive oil.
07:44 We have a lot of products, and we are trying to increase the production of olive oil.
07:49 We have a lot of products, and we are trying to increase the production of olive oil.
07:54 We have a lot of products, and we are trying to increase the production of olive oil.
07:59 We have a lot of products, and we are trying to increase the production of olive oil.
08:04 We have a lot of products, and we are trying to increase the production of olive oil.
08:09 We have a lot of products, and we are trying to increase the production of olive oil.
08:14 We have a lot of products, and we are trying to increase the production of olive oil.
08:19 We have a lot of products, and we are trying to increase the production of olive oil.
08:24 We have a lot of products, and we are trying to increase the production of olive oil.
08:29 We have a lot of products, and we are trying to increase the production of olive oil.
08:34 We have a lot of products, and we are trying to increase the production of olive oil.
08:39 We have a lot of products, and we are trying to increase the production of olive oil.
08:44 We have a lot of products, and we are trying to increase the production of olive oil.
08:49 We have a lot of products, and we are trying to increase the production of olive oil.
08:54 We have a lot of products, and we are trying to increase the production of olive oil.
08:59 We have a lot of products, and we are trying to increase the production of olive oil.
09:04 We have a lot of products, and we are trying to increase the production of olive oil.