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RIYADH: SABIC Agri-Nutrients Co. has signed a memorandum of understanding with Public Investment Fund-owned Saudi Agricultural Livestock Investment Co. to study the possibility of collaboration in the field of food security.

The potential deal sets out a framework to address growing environmental challenges and ensure food security through joint investments, according to a bourse filing.

“Our MoU with SALIC will jointly identify, prioritize and execute opportunities in the area of fertilizers, where our expertise is helping farmers produce higher yields and is playing a vital role in providing secure, reliable food sources,” said Yousef Al-Benyan, chairman of SABIC AN.

The agreement will be valid until the end of February 2024 and there is currently no financial impact.

“SALIC’s geographically diverse investments in agriculture provide the appropriate channels for marketing and exporting Saudi fertilizers to different countries,” said Abdul Rahman Al-Fadhli, Minister of Environment, Water and Agriculture, and chairman of SALIC. 

He said this will contribute significantly to sustaining agricultural production in those countries, and goes in line with the realization of the Kingdom’s food security strategy.