Listed Philippine business AgriNurture Inc (ANI) has signed an agreement with Saudi investor Far East Agricultural Holding Corp to develop a large-scale horticultural plantation aimed at export.
The announcement firmed up news of Saudi investments in the country’s agricultural sector.
“AgriNurture entered into a memorandum of understanding with Far East Agricultural Holding Corp and the Philippine Agricultural Development and Commercial Corporation (PADCC),” the company announced on Thursday.
The deal will see 20,000ha of land in Mindanao developed for banana, pineapple, rice and/or corn production, and will include on-site processing facilities, reported Business World.
Production from the project will be targeted specifically for export to the Middle East, part of the region’s drive in recent years to shore up food security with investments in Asia and Africa.
Far East Agriculture Co is a joint venture between 10 Saudi Arabian companies.
The PADCC is the marketing arm of the Philippine Agriculture Department.
