NADEC signs MoU with Leha Agriculture to produce mini tubers in Saudi Arabia

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National Agricultural Development Co. (NADEC) signed on Sept. 25 a non-binding memorandum of understanding (MoU) with Leha Agriculture to produce potato seeds (mini tuber seeds) in Saudi Arabia, the company said in a statement to Tadawul.

The MoU will come into effect from Oct. 1. and end on April 30, 2023.

Leha Agriculture, is a limited liability company specialized in the cultivation and marketing of potatoes and potatoes seeds. It also provides storage and cooling solutions of agricultural products in Saudi Arabia.

The MoU defined a general framework for joint cooperation between both companies, including their mutual desire for studying joint investment in the field of potato seed production and laying the foundations and conditions that govern their relationship.

The two parties agree to unify their investment efforts and serve their common interests.

They also agreed to appoint independent financial, legal and technical advisors if they wish or upon request of the official authorities.

The full financial value will be determined and announced after completing the legal, financial and commercial due diligence.

NADEC and its major shareholders, or board members do not have any ownership in Leha, the statement concluded.