At a sprawling complex in the Saudi desert, 60 miles north of Riyadh, dozens of black and white Holstein cows amble from their sandy surroundings into air- conditioned milking halls. Inside, they take their places on a motorized, rotating corral and are milked by machines while munching on shredded alfalfa and being misted with water.
The herd is one of hundreds owned by Almarai Co. (ALMARAI), the biggest food producer in the Persian Gulf, which processed about 235 million gallons of milk in 2012. The Riyadh-based company’s revenue has almost tripled in the past five years to 7.95 billion riyals ($2.12 billion) as demand for its products -- milk, cheese, processed chicken, baked goods and juices -- has surged with the nation’s population. Its shares are up 125 percent since its 2005 initial public offering.
Hidden Billionaire Milking Saudi Dairy Fortune in Desert - Bloomberg
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