RIYADH: The Agricultural Development Fund of Saudi Arabia has signed a SR186 million ($49.5 million) contract with Al Jouf Agricultural Development Co., known as Jadco, to finance a new french fries factory.
The new factory has a production capacity of 36,000 tons per year, and depends on the potato crops produced by the company, the fund said in a statement.
The financing lasts 10 years, with 10 annual instalments starting on Feb. 7, 2025, and ending Feb. 7, 2034, according to a payment schedule with the Agricultural Development Fund.
This comes as part of the fund’s role to support and finance agricultural projects in various regions of the Kingdom.
Founded in 1988, Al Jouf Agricultural Development Co. is engaged in the production of strategic agricultural crops such as wheat, potatoes and onions.
