The Saudi Industrial Development Fund (SIDF) on Wednesday signed a loan agreement worth SR22 million ($5.8 million) with Nal Foods to finance its feed mill in Tabuk.
Nal Foods President Nadher Alhakami said that the project is part of SIDF’s continuous contribution to national industries, especially in the food and water security sector, which is key to Saudi Vision 2030.
The move is in line with the Ministry of Agriculture’s efforts to stop growing green fodder and introduce feasible alternatives instead, such as local high quality feed mills.
It is also an implementation of the relevant decisions by the Council of Ministers on feed regulations.
Alhakami also disclosed a total investment of SR50 million for the first phase of Tabuk industrial city located on a 20,000 square meter site, equipped with the latest engineering and industrial solutions, in addition to the international best practices in the feed milling industry, in both production lines and storage systems.
Nal Foods’ feed mill targets a capacity of over 170,000 tons per year of high quality feed products, for all purposes, either for ruminants or for poultry.
Alhakami thanked the entire SIDF team for their effort and support.
The signing ceremony was attended by Areeb Aljazeera, technical and engineering consultant of the project, and CEO Sultan Alshehri.
SIDF announced in 2017 a joint portfolio with the Agricultural Fund to finance and support feed mills in Saudi Arabia, part of the food and water security strategy within the framework of Vision 2030.
SIDF lends Nal Foods SR22m for Tabuk feed mill
SIDF lends Nal Foods SR22m for Tabuk feed mill
