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NADEC and Dava spotted getting cozyMENA

NADEC and Dava spotted getting cozy

Last in from our sneaky paparazzi: Saudi-based National Agricultural Development Co. (NADEC) and Dava Agricultural Co. were pictured shaking hands! Well, metaphorically speaking.

The two are reportedly in private majlis talks about NADEC potentially buying either the entire share capital of Dava or some pretty large chunk of its assets, at least. Either way, NADEC looks set to get its hands on some high-tech hydroponic assets and greenhouses that are sprawled out across multiple locations in Saudi Arabia.

NADEC is largely listed on the Tadawul, but Saudi’s Public Investment Fund owns 20% of it.

why it matters
Saudi Arabia imports over half of its food, so food security is a concern given its rising population. Not to mention, the younger generation is very sustainability-focused — even more reason for the country to invest in local agriculture.