National Agricultural Development Co. (Nadec) is planning to become a vertically integrated food business to reach 6 billion Saudi riyals ($1.59 billion) revenue by 2027, the company said in a statement to the Saudi stock exchange.
The firm aims to expand in the vegetables and fruits sector and boost contract farming with large- and small-scale farmers to provide high-quality crops to customers around the Kingdom as part of its 2023-2027 strategy.
The company signed several agreements and memorandums of understanding (MoUs) as part of the five-year plan. The major ones are as follows:
An agreement with Saudi Leha Group to form a limited liability company jointly controlled by both parties for the production and marketing of high-quality potato seeds in Saudi Arabia
A memorandum of understanding with Saudi Investment Recycling Company to recycle biowaste
An MoU with Elion Resources Group to grow vegetation in the desert to promote sustainable agriculture and assist in accomplishing the Saudi Green Initiative goals.
An MoU with MiracleTree Life Science to expand contract farming
A memorandum of understanding with the National Center for Palm and Dates to utilise dates in manufacturing.
(Writing by D Madhura; Editing by Anoop Menon)