Latest news with #NADEC
Argaam
14-05-2025
- Business
- Argaam
Riyadh Development sees growth across all markets in Q1 2025: CFO
Mohammed Alkulaib, CFO at Riyadh Development Co., said that all of the company's markets witnessed growth during the first quarter of 2025. In a statement to Al Arabiya TV, he said that the most notable growth was seen in the Riyadh market, following the signing of a long-term cold storage warehouse contract with NADEC, which began in January of this year. He added that Atiqa central fruits and vegetables market also recorded growth, with occupancy rates reaching 96%, up from 76% in 2021. Regarding collection-related provisions, Alkulaib said that the company has worked extensively to improve its collection processes over the past three years, with provisions reaching nearly SAR 30 million. The company also adopted enhanced pricing mechanisms, which helped allocate SAR 1 million only in provisions during Q1 2025, compared to previous provisions. He also noted that the company's average collection rate has reached 95% across its centers and markets. According to Argaam 's data, Riyadh Development's net profit fell to SAR 42.1 million in Q1 2025, compared to SAR 70.5 million a year earlier.
Argaam
24-03-2025
- Business
- Argaam
NADEC CEO says livestock project to produce 1M head yearly
Abdulaziz Al-Rebdi, Chairman of National Agricultural Development Co. (NADEC), said its subsidiary, AlRai National for Livestock, signed an agreement with the Agricultural Development Fund (ADF) to finance an intensive livestock breeding and fattening project. The facility will have an annual production capacity of one million head, he told Argaam on the sidelines of the signing ceremony in Hail. Al-Rebdi said 30% of production will come from contractual partnerships with small-scale breeders and farmers. Construction will begin within four weeks, with the first production phase launching in 2026. The project is a strategic partnership between NADEC and Al Muhaidib Group, combining their expertise to create an integrated model based on global best practices in sheep breeding and fattening. Al-Rebdi said the initiative will create jobs for citizens and expatriates while supporting local businesses and service providers in Hail and across the Kingdom. Sustainability is a priority, with the project focusing on clean energy, environmental preservation, and local economic growth, he added. The Chairman said the project is part of NADEC's 2023 strategy to expand in red meat and animal protein. After launching beef production, this venture marks its second major investment in the sector. NADEC's 51% owned subsidiary, Al-Raai National Livestock, secured today, March 24, up to SAR 1.1 billion from ADF to finance the intensive livestock farming project, covering sheep and goat breeding and meat production.
Argaam
24-03-2025
- Business
- Argaam
NADEC's subsidiary signs financing agreement with ADF for up to SAR 1.1B
National Agricultural Development Co. (NADEC) said that its subsidiary, AlRai National for Livestock (a limited liability company, 51% owned by Nadec), signed a financing agreement with the Agricultural Development Fund (ADF) to fund the establishment of a project focused on intensive livestock breeding (sheep and goats), reproduction, and meat production, with a ceiling of up to SAR 1.1 billion. The financing amount will be disbursed in stages based on the project's progress and the submission of required documents. According to a statement to Tadawul, the 15-years agreement was signed on March 23, with three years grace period. The company clarified that the partners provided guarantees in proportion to their shares in the company, with Nadec offering one of its lands in Wadi Al-Dawasir as collateral, in addition to providing corporate guarantees from the partners in accordance with the approved format by the Agricultural Development Fund. The agreement was signed under the sponsorship of the Minister of Environment, Water and Agriculture (MEWA) Abdulrahman AlFadley, the statement noted, adding that the project aims to enhance local red meat production by developing integrated facilities for breeding (sheep and goats), contributing to increased domestic production. This project is part of NADEC's strategy to strengthen food security within the framework of Saudi Arabia's Vision 2030.
Argaam
06-03-2025
- Business
- Argaam
NADEC, Hilton Foods to set up JV for red meat processing
National Agricultural Development Co. (NADEC) signed an agreement with the UK-based Hilton Foods Ltd., to establish a joint venture (JV) - as a limited liability company - in which NADEC will hold a 51% stake. Hilton Foods Ltd. is fully owned by Hilton Food Group Plc. In a statement to Tadawul, NADEC said that the shareholders' agreement includes several terms and conditions governing the establishment, management, and operation of the company and its business between the two parties. This strategic partnership represents a significant step for NADEC in expanding its offerings of locally sourced protein (red meat) products. Under this 10-year agreement, the joint venture will operate NADEC's boning and retail packing operations at its project in Haradh region to provide packaged local red meat products within the Kingdom of Saudi Arabia. Additionally, this agreement serves as a prelude to other related service agreements aimed at ensuring a sustainable supply chain to meet the needs of all consumer segments to operate within a specified timeframe and under clear supply terms, exclusively for NADEC in Saudi Arabia and the GCC and it is expected to enhance operational efficiency and reduce costs by adopting global best practices in supply chain management. This strategic partnership aligns with NADEC's commitment to Vision 2030 initiatives and its efforts to strengthen food security in the Kingdom by enhancing local production capacities and delivering high-quality local protein (red meat) products with diverse options for all consumer segments, the statement added. Meanwhile, NDEC noted that Hilton Foods is one of the world's leading companies in the protein (red meat) sector, offering high-quality meat, seafood, and vegan and vegetarian food products. The company operates through 24 technologically advanced facilities for food processing, packaging, and logistics services, serving over 19 markets across Europe, Asia, the Pacific, and North America. NADEC further confirmed that there are no related parties included in this agreement, stating that any material developments in this regard will be announced in due course.
