Saudi Agricultural Fund Enhances Food Sector with $533 Million Support
Saudi Arabia’s Agricultural Development Fund has committed SR2 billion ($533.33 million) to bolster food sustainability and security across the nation.
This funding will aid various agricultural projects, including red meat and poultry production, greenhouse farming, fish aquaculture, and cold storage. The decision was made during the fund’s third board meeting of the year, chaired by Minister Abdulrahman Al-Fadhli.
Despite its predominantly desert landscape, Saudi Arabia is witnessing an agricultural transformation, aiming to boost domestic crop production and lessen dependence on food imports. The Kingdom has already achieved self-sufficiency in dates, fresh dairy products, and table eggs.
By enhancing local production and stabilizing supply chains, the ADF aligns with Saudi Vision 2030’s goals of food security and agricultural sustainability.
Munir bin Fahd Al-Sahli, ADF’s chief executive, highlighted the collaboration with banks to finance working capital for importing essential agricultural products. This initiative is part of a broader food security strategy to strengthen reserves and ensure stable supply chains.
The board also reviewed the performance of agricultural projects funded over the past five years and assessed the current fiscal year’s progress up to August.
Vice Minister Mansour Al-Mushaiti, speaking at the UN Food and Agriculture Organization’s General Conference, noted a significant rise in agricultural investments. Domestic production reached SR100 billion in 2022, marking the highest contribution in history, with notable self-sufficiency in crops utilizing modern technologies.