His Excellency the Minister of Environment, Water and Agriculture, who is also the Chairman of the Board of Directors of the Saudi Agricultural and Livestock Investment Company (SALIC), Eng. Abdulrahman bin Abdulmohsin Al-Fadhli, witnessed the signing of a Memorandum of Understanding (MoU) today, February 13, 2024 between SALIC, one of the Public Investment Fund subsidiaries, and the Ministry Deputyship for Research and Innovation of the Ministry of Environment, Water and Agriculture.

The MoU was signed by SALIC Group CEO Eng. Sulaiman bin Abdulrahman Alrumaih and Deputy Minister for Research & Innovation of the Ministry of Environment, Water and Agriculture Dr. Abdulaziz bin Malik Al-Malik. The MoU aims to cooperate in supporting, developing and advancing the entrepreneurship ecosystem in the agricultural sector through sharing expertise in initiatives and projects for the Sunbolah program, which aims to build a specialized entrepreneurial community in the agricultural sector and help emerging environmental companies grow, as well as attract venture capital to the agricultural sector.

It is noted that SALIC’s local strategy aims to enable the agricultural food sector in order to reduce the targeted trade deficit by 2030 by contributing to raising local production of priority food commodities, in addition to addressing gaps along the value chain of targeted commodities to increase resilience to challenges and reduce price and supply volatility.