|09 October, 2018

Saudi Tabuk Agricultural Development, AAAID to launch fish farming company

The contract entails joining forces to invest in the poultry sector and management

An investor gestures as he monitors a screen displaying stock information in Riyadh, Saudi Arabia, November 6, 2017.

An investor gestures as he monitors a screen displaying stock information in Riyadh, Saudi Arabia, November 6, 2017.

REUTERS/Faisal Al Nasser

RiyadhSaudi Arabia-based Tabuk Agricultural Development Company on Monday has signed a memorandum of understanding (MoU) with Arab Authority for Agricultural Investment and Development (AAAID) to establish a fish farming company.

The contract entails joining forces to invest in the poultry sector and management, according to a statement on Tuesday to the Saudi Stock Exchange (Tadawul).

Tabuk Agricultural Development further noted that the financial impact of the deal has not determined yet.

The Tadawul-listed firm last reported turning profitable after generating SAR 6.6 million in the second quarter of 2018, against suffering a loss of SAR 2.15 million during Q2-17.

By 2:23 pm Saudi time, the firm's stock rose 0.80% to SAR 10.14.

Source: Mubasher

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