The National Grain Company (NGC), a strategic partnership between the Saudi Agricultural and Livestock Investment Company (SALIC) and The National Shipping Company of Saudi Arabia, (Bahri) held its inaugural shareholder meeting on 2 March at the Bahri head office in Riyadh. The announcement of the first Board of Directors of the National Grain Company topped the meeting’s agenda.
The shareholder meeting verified the full subscription of the National Grain Company’s shares and the fulfilment of the minimum capital, in addition to approving the final provisions of the company’s foundation system. The members of the company’s first Board of Directors were appointed by the meeting for a three-year term. Nasser Alissa, was appointed Chairman of the Board of Directors, and Eng. Abdullah Aldubaikhi was named Vice-Chairman. Fayez Al-Asmari, , and Faisal Almangour, were appointed Board Members.
Commenting on the inaugural board and shareholder meeting, Eng. Abdullah Aldubaikhi, CEO of Bahri and Vice-Chairman of the Board of Directors of the National Grain Company, said, “I am pleased to be appointed as the Vice-Chairman of the Board of Directors of National Grain Company. The company will work toward linking Saudi Arabia with grain sources globally, in addition to supporting the transformation of the Kingdom into an international logistics hub serving as the meeting point of the sea routes connecting three continents, in line with Bahri’s long-term strategic vision and the Kingdom’s Vision 2030 objectives. Furthermore, the partnership with SALIC is a significant milestone in Bahri’s efforts to cooperate with prominent entities in the country, to further diversify our service offerings and accelerate the growth and development of our business.”
Speaking at the event, Sulaiman Al Rumaih, CEO of SALIC, said, “The National Grain Company combines SALIC’s objective of achieving over 50% of the import coverage rate for strategic goods with Bahri’s advanced logistics capabilities and innovative services. The company will work to ensure that the Kingdom is protected against global fluctuations in production, consumption, and stocks of basic food commodities, as well as the changes in commercial shipping trends. This partnership will also actively contribute to SALIC’s growth in line with our vision to be a leading global food security company focusing on sustainable agribusiness investment.”
The National Grain Company (NGC) came into existence in August 2020 to meet the future demand for major grains in the Kingdom of Saudi Arabia. The company was formed to oversee the trade, handling, and storage of grains between its sources in all regions of the Black Sea, Europe, South America, and the Red Sea region, enhancing the processes of import, transportation, distribution, and storage. Through its new grain terminal in Yanbu with advanced offloading, handling, and storage capabilities, NGC will ensure the rapid handling of grains, benefiting private- and public-sector importers.