ARDCO Signs MoU with SALIC to Explore Geographical Expansion in KSA

Riyadh Development Co. (ARDCO) announced on Wednesday that it signed a Memorandum of Understanding (MoU) with the Saudi Agricultural and Livestock Investment Company (SALIC), a subsidiary of the Public Investment Fund, specialising in agricultural investment and developing food supply chains.

The Company stated in a statement today on “Tadawul” that this memorandum comes within the framework of the efforts of both parties to enhance food security in the Kingdom, by developing value chains and services supporting the agricultural sector, facilitating farmers’ access to high-quality agricultural inputs, and diversifying sales channels to enable them to reach multiple markets.

It explained that this partnership aims to improve the infrastructure of agricultural markets and fresh products, develop logistics services, and establish modern sorting centres and storage warehouses, which contributes to raising the efficiency of distribution and achieving sustainability in the agricultural sector. The agreement also includes exploring opportunities for geographical expansion across the Kingdom to support the spread of agricultural markets and enhance the efficiency of supply chains, which contributes to achieving integration between different regions, indicating that there is no financial impact from signing the Memorandum of Understanding at the present time, and any contracts that may arise and their financial impact will be announced when they occur.