Saudi Arabia’s NADEC mulls fruit and veg greenhouse project purchase

DUBAI: The Kingdom’s National Agricultural Development Company (NADEC) is considering the purchase of greenhouse and hydroponics assets.
The company agreed a memorandum of understanding with Dava Agricultural Company to explore either buying some of its assets or the company itself, NADEC said in a filing to the Tadawul stock exchange on Monday.
Saudi Arabia and other Gulf states are investing heavily in food security as rapidly rising populations consume more food at the same time as many younger consumers demand more sustainable agricultural practices. The Kingdom currently imports as much as 70 percent of its food requirements.
Dava’s business includes advanced hydroponic and climate-controlled greenhouses on multiple sites across the Kingdom for vegetables and fruits production.