RIYADH: Saudi Arabian mining firm Maaden has signed a new deal with Bangladesh’s state-owned agricultural imports management company, it was announced on Wednesday.
As part of the deal the Saudi firm will supply phosphate fertilizer to the Bangladesh Agricultural Development Corporation (BADC) throughout 2021.
Commenting on the announcement, Maaden CEO Mosaed Al-Ohali said: “This new agreement will play an important role in boosting crop output and contributing to stable food supplies in the country.”
In a press statement, Maaden said that it was a vital part of Saudi Arabia’s Vision 2030 goals to promote non-oil exports and is aiming to reach a production capacity of 9 million tons of phosphate fertilizers per year.
In a bid to expand its reach into Africa, the company last year acquired Mauritius-based fertilizer distributor Meridian Group, which also operates in Malawi, Mozambique, Zimbabwe and Zambia.
