Riyadh- At a time when the Saudi market is considered among the top feed importing countries, the kingdom has started to take some steps that would reduce imports and increase dependency on national factories to produce compound feed.
This would lead to a drop in prices in domestic markets and an enhancement in food security.
In this context, Agricultural Development Fund Director General Munir bin Fahd al-Sahli and Saudi Industrial Development Fund (SIDF) Assistant Director Adel al-Suhaimi signed a joint agreement to support the compound feed industry for the purpose of funding feed industry to fulfill stock farmers’ need and to unite efforts to avoid duality.
This significant agreement is based on the joint MoU signed between the Agricultural Development Fund and SIDF with the aim of reinforcing cooperation to support the feed industry in the kingdom.
By this joint funding deal, SIDF would evaluate the economic feasibility presented by investors and provide technical consultancy regarding the project to be funded.
Funding would reach up to 75 percent in less growing regions and cities and between 60 to 70 percent in medium and main cities.
This initiative reflects both funds’ conviction that supporting initiatives and partnerships with related parties is a must since this compels agricultural and industrial development in tandem with Saudi Vision 2030.
Saudi Arabia’s target is to limit water scarcity through halting green feed agriculture, while the Ministry of Environment, Water and Agriculture shows relentless efforts to enhance water security, achieve sustainable development and increase investment opportunities in various sectors.