Saudi Arabia bolsters food security with $247 million in agricultural deals

04 August 20232 min reading
Saudi Arabia’s unwavering commitment to bolstering food security has received a significant boost as the Agricultural Development Fund signed financing contracts worth $246.8 million in key sectors, including feed industry, animal production, and dairy.

With a focus on supporting the import of essential agricultural products such as maize, soybeans, and barley, these contracts play a vital role in sustaining the country’s food supply. The agreements encompass a diverse range of projects, including the establishment of an agricultural product marketing center, cold storage facilities, and a broiler and poultry farming initiative.
Established in 1961 through a royal decree, the Agricultural Development Fund’s primary objective is to provide financial support to agricultural activities in the Kingdom. By supporting various agricultural ventures, the fund aims to fortify food security, address potential supply shortages, and ensure the stability of food supply chains.

In June, the fund extended its support to local farmers, providing funding of SR1.5 billion. This support primarily focused on greenhouse vegetable production, poultry breeding, fish and shrimp farming, refrigeration warehouses, and date manufacturing and marketing centers. The recent financing contracts and loan approvals highlight Saudi Arabia’s determination to achieve food security and reduce dependency on imports by strengthening domestic agricultural production and supporting vital projects across the entire value chain. With these strategic moves, the Kingdom seeks to secure a sustainable and resilient food supply for its citizens and strengthen its position as a leader in agricultural self-sufficiency.

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