Nadec unit secures $293mln funding for new livestock farming project
National Agricultural Development Company (Nadec) said its subsidiary has secured 1.1 billion Saudi riyals ($293.2 million) in funding from the state-owned Agricultural Development Fund (ADF) for establishing an intensive livestock farming project (sheep and goats) for breeding and meat production.
The funding, secured by Al-Ra'i National Livestock Company, has a 15-year duration, including a three-year grace period, the company said in a statement to the Saudi Stock Exchange on Monday.
The funds will be released subject to project execution milestones. However, the terms of lending were not revealed.
Nadec has mortgaged one of its lands in the Wadi Al-Dawasir region and issued corporate guarantees to ADF.
The project aims to enhance local red meat production by developing integrated sheep and goat farming facilities, thereby boosting domestic production.
The new project aligns with Nadec's strategy to strengthen food security under Vision 2030, the statement added.
(Editing by Seban Scaria seban.scaria@lseg.com)
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