Maryam Abdel Ghani

The Saudi National Agricultural Development Company (NADEC) signed a memorandum of understanding with the Saudi Arabian Del Monte Factory Company Limited to establish a joint company for fresh products in the Kingdom, according to a disclosure from NADEC to the Saudi Stock Exchange on Sunday.

The joint company will be concerned with fresh fruits, vegetables, juices, potato processing and distribution in Saudi Arabia, and NADEC's percentage will be equivalent to 37.5% of the new company's capital.

The disclosure did not mention the size of the company’s capital to be established, and the duration of the memorandum of understanding is one year.

Nadec Company is one of the largest food and agricultural companies in the Middle East and North Africa region, and it has food, dairy and juice products under the “Nadec” brand, according to its filing on the Saudi Stock Exchange.

The Saudi Agricultural Investment and Livestock Production Company (SALIC), which is owned by the Saudi sovereign Public Investment Fund, owns a 38.6% stake in NADEC, according to the company’s filing on the Saudi Stock Exchange.

(Prepared by: Maryam Abdel Ghani, contact zawya.arabic@lseg.com)

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