Fintech Saudi and Kyndryl ink MoU to boost local entrepreneurs  News

Saudi Environment Ministry inks deal with AgriServ to strengthen agricultural support  

RIYADH: Saudi Arabia’s agricultural sector is set to get monitoring support in improving its productivity thanks to a memorandum of understanding signed between two government agencies.  

According to the Saudi Press Agency, the Ministry of Environment, Water and Agriculture and National Co. for Agricultural Services, also known as AgriServ, signed an MoU to improve the quality of services provided to the beneficiaries of the farming sector.  

Established in 2018, AgriServ, wholly owned by the Saudi government, works to materialize the goals of the agricultural sector as outlined in Vision 2030.  

Under the agreement, the Environment Ministry will provide data, monitoring, compliance and coordination support to AgriServ’s operations.  

On the other hand, AgriServ will carry out all operational work for the services assigned to it within the agreed time plan.  

Promoting the agricultural sector is crucial for the Kingdom as it moves away from its dependence on oil and strengthens the nation’s food security.  

On Sept. 5, Saudi Arabia’s Agricultural Development Fund launched a new financial product to support sustainable rural farm operations.  

The initiative aims to develop farms by diversifying their income sources, ensuring long-term sustainability, and capitalizing on unique rural opportunities.  

The fund is also expected to preserve local ecosystems and foster environmental and rural tourism.  

The strategy of this fund also includes providing financial support to existing and productive agricultural businesses, covering their investment and operational expenses.  

In July, ADF signed financing contracts worth SR926 million ($246.8 million) in the feed industry, animal production and dairy sectors.  

These contracts aim to support importing critical agricultural products, including maize, soybeans and barley, which are vital for sustaining the country’s food supply.  

These agreements encompassed a range of projects, including initiatives such as establishing an agricultural product marketing center, cold storage facilities, and a broiler and poultry farming project.    

According to a statement, the payouts were approved for small farmers involved in greenhouse vegetable production, poultry breeding and fish and shrimp farming.    

The statement added that refrigeration warehouses, date manufacturing and marketing centers also received financial support.    

The approval of these loans underlines the fund’s objective to boost its developmental and financing role for agricultural activity.    

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