Arab News, Thursday, Dec 31, 2020 | Jamadi Al Awwal 16, 1442
Saudi mining firm seals fertilizer export deal with Bangladesh
Saudi Arabia: Saudi Arabian mining firm Maaden has signed a
new deal with Bangladesh’s state-owned agricultural imports management company,
it was announced on Wednesday.
As part of the deal the Saudi firm will supply phosphate fertilizer to the
Bangladesh Agricultural Development Corporation (BADC) throughout 2021.
Commenting on the announcement, Maaden CEO Mosaed Al-Ohali said: “This new
agreement will play an important role in boosting crop output and contributing
to stable food supplies in the country.”
In a press statement, Maaden said that it was a vital part of Saudi Arabia’s
Vision 2030 goals to promote non-oil exports and is aiming to reach a production
capacity of 9 million tons of phosphate fertilizers per year.
In a bid to expand its reach into Africa, the company last year acquired
Mauritius-based fertilizer distributor Meridian Group, which also operates in
Malawi, Mozambique, Zimbabwe and Zambia.