Saudi Arabia to Launch First Specialized Company for Marketing Agricultural Products fund amounting to 700 Million Riyals (186.6 Million USD)
Saudi Arabia is preparing to launch the first company specialized in the marketing of agricultural products, with funding from the Agricultural Development Fund amounting to 700 million riyals (USD 186.6 million).
Ibrahim Al-Turki, Chairman of The National Agriculture and Fisheries Committee at Union of Chambers of Commerce, said that the idea to establish the company was launched at the initiative of the Ministry of Agriculture in its efforts to develop the sector, in accordance with Vision 2030, by raising agricultural domestic product from 130 to 165 billion riyals ($44 billion).
The specialized agricultural marketing company will represent a qualitative addition to the sector, helping to create an identity for agricultural products and crops, allowing farmers to better access retail markets, and organizing the work of the 660,000 farms currently operating in the Kingdom.
Establishing the new company would operate across Saudi Arabia to contribute to achieving food security and support the farmers’ technical capabilities.
According to the Saudi official, during a joint meeting that included the Ministry of Agriculture, Environment and Water and the Federation of Saudi Chambers, the Agricultural Development Fund expressed willingness to finance the company with a minimum amount of 700 million riyals.
Source: Asharq Al-Awsat