Nadec Unit Secures $293M for Livestock Project

National Agricultural Development Company (Nadec) announced that its subsidiary, Al-Rai National Livestock Company, secured funding of 1.1 billion Saudi riyals (approximately $293.2 million) from the Agricultural Development Fund (ADF), a state-owned entity. The 15-year funding includes a three-year grace period and will be used to establish a livestock farming project focusing on sheep and goats for breeding and meat production. The funds are contingent upon the achievement of specific project execution milestones, though the specific lending terms remain undisclosed. Nadec has provided corporate guarantees and mortgaged land in Wadi Al-Dawasir as part of the agreement. This initiative is part of Nadec's broader strategy to enhance food security as outlined in Saudi Arabia's Vision 2030. By developing integrated sheep and goat farming facilities, the project aims to boost domestic red meat production and reduce reliance on imports.