NADEC signs non-binding MoU with Leha for production and propagation of potato seeds in Saudi Arabia

The National Agricultural Development Company (NADEC) announced on Monday signing of a ‎non-binding the Memorandum of Understanding (MoU) with the Leha Agricultural Company on Sunday 25/09/2022 to produce potato seeds (Mini Tuber seeds) in the Kingdom of Saudi Arabia.
The MoU defined a general framework for joint cooperation between the two parties, including:
1) The desire of the two parties to study the joint investment in the field of potato seed production and to set the foundations and conditions that govern the relationship between the two parties regarding this investment.
2) The two parties agree to unify their investment efforts and participate between them to serve their common interests.
3) The two parties agreed to appoint independent financial, legal and technical advisors if they wish or the official authorities require of them.
This MoU is effective starting from 01/10/2022 and ending on 30/04/2023.
Neither the National Agricultural Development Company (NADEC) nor its major shareholders nor members of its board of directors have any ownership in The Leha Agricultural Limited Liability Company.
The full financial value will be determined and announced after completing the legal, financial and commercial due diligence.