SABIC Agri-Nutrients, SALIC sign MoU to explore mutual global opportunities to achieve food security

Logo of SABIC Agri-Nutrients Co.

SABIC Agri-Nutrients Co. signed today, July 27, a Memorandum of Understanding (MoU) with Saudi Agricultural and Livestock Investment Co. (SALIC) to explore mutual global trade and creative opportunities to achieve food security and face aggregating environmental challenges.  

The MoU term will start today and will be valid until Feb. 29, 2024. There are no related parties to the deal and there is currently no financial impact, SABIC Agri-Nutrients said in a bourse filing. 

Any substantial developments in this regard will be announced in due course. 

The MoU sets the cooperation general framework between both parties, including a study of mutual investments in agri-nutrients value chain, exploring international contract farming potentials, and a study of the possibility of international distribution in major markets. It also covers a study of potential investments in logistic services and enhancing the supply chain costs, and further developing and testing new degrees and applications of fertilizers. It also aims at the optimum use of best practices and categories, in addition to the digital transformation and management of carbon farms. 

SABIC Agri-nutrients added that the MoU shall enhance and push forward cooperation between both companies, pointing out that it is continuously aspiring to boosting efficiencies in cooperation with leading companies, thus maintaining its competitive advantage in the global markets. SABIC Agri-nutrients also stated that it shall mutually define the available opportunities in the field of fertilizers and then prioritize and implement. Further assuring that SABIC Agri-nutrients experience with farmers will sure yield higher returns and will vitally contribute to the provision of safe and reliable nutrient sources. 

SALIC is a wholly-owned subsidiary of the Public Investment Fund (PIF), with investment activities mainly based in Saudi Arabia and abroad aiming to lay down a strategy to achieve food security through the establishment of subsidiaries or holding national, regional and international partnerships.