Saudi Arabia’s Jazan Energy and Development Company (Jazadco) has secured more than 20.9 million riyals ($5.5 million) in financing from the Agricultural Development Fund (ADF).
The fresh capital will be used to boost the production capacity of the company’s aquaculture business. Jazadco develops farms in Saudi Arabia.
In a statement to the Saudi Stock Exchange (Tadawul), Jazadco said it has just signed a loan agreement with ADF for the release of the working capital.
“[This] aligns with the company’s strategy to expand its agricultural sector as well as with the national targets to increase fish consumption per capita to reach the global average,” the company said.
The company said it has offered its shrimp farm as a guarantee for the financing.
Saudi Arabia aims to be self-sufficient in seafood production and seeks to expand production by 600,000 tonnes in 2030.
(Writing by Cleofe Maceda; editing by Seban Scaria)
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