Nadec's unit launches $533mln livestock project to boost local meat production
The intensive livestock farming and meat production project includes SAR 1.10 billion in government financing from the Agricultural Development Fund (ADF), according to a bourse disclosure.
The project aims to develop integrated facilities for raising sheep and goats using advanced technologies, which will contribute to increasing local meat production, lowering dependency on imports, and empowering small-scale farmers. This will achieve sectoral sustainability in line with the goals of Saudi Vision 2030.
The initiative is expected to reach a production capacity of one million heads of sheep annually by 2030.
Moreover, Al Raie signed three memorandums of understanding (MoUs) with the University of Hail, the Sulaiman Al-Rajhi Foundation for Development Finance, and the Entag Association for Productive Families in Hail.
The MoUs focus on student training, research, supporting productive families, developing local industries, such as wool and leather, and implementing social responsibility programs.
They also aim to boost the project's developmental, economic, and social impact in Hail and across the Kingdom.
It is worth highlighting that Nadec holds a 51% stake in Al-Ra'I, along with Al Muhaidib Group.
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