TADCO inks agreement for high-tech greenhouses

Logo of Tabuk Agricultural Development Co. (TADCO)

Tabuk Agricultural Development Co. signed, on Oct. 21, an agreement to implement the non-binding memorandum of understanding (MoU) with Saudi Greenhouses Management and Agri Marketing Co. to build high-tech greenhouses that suit the Kingdom’s climatic environment.

In a statement to Tadawul, the company said that the deal includes an agreement for the parties to work together to market fruit products and olive oil products in return for a specific percentage of sales.

For more news and details on the projects

It was also agreed to establish, implement and manage greenhouses that consider the comparative advantage of the Tabuk region and market its products.

Marketing vegetable products from greenhouses in return for a specific percentage of sales and conducting a feasibility study of fruit processing industries to maximize marketing returns.

There is no financial impact now and future financial impact, if any, will be announced later, the statement added.

According to data compiled by Argaam, TADCO signed a non-binding MoU, on April 18, with Saudi Greenhouses Management and Agri Marketing Co. to build high-tech greenhouses that suit the Kingdom’s climatic environment.

The MoU also targeted cooperation in managing greenhouses, developing the marketing system, conducting research on high-value varieties to be cultivated in the Kingdom and maximizing the benefit of products through manufacturing industries.

The major terms of the MoU included studying, designing, and constructing greenhouses that take into account the comparative advantage of the Tabuk region, conducting market research and study for different products, working on developing a marketing plan for the products, providing recommendations and consultations from both parties and adding any other areas that the two parties deem necessary in the future.