Nadec subsidiary secures US$293 million for livestock farming, meat production project
Al-Ra’i National Livestock Company has obtained funding for sheep and goat farming to enhance the country’s livestock and meat production.
SAUDI ARABIA – Al-Ra’i National Livestock Company, a subsidiary of the National Agricultural Development Company (Nadec), has secured US$293.2 million (1.1 billion Saudi riyals) from the state-owned Agricultural Development Fund (ADF) to finance a large-scale livestock farming project.
The project will focus on breeding and meat production of sheep and goats, aligning with Saudi Arabia’s efforts to expand domestic food production.
According to a statement submitted to the Saudi Stock Exchange, the loan will be repaid over 15 years, including a three-year grace period.
The funding will be disbursed in phases based on project milestones, but details regarding interest rates and repayment conditions were not disclosed.
As part of the agreement, Nadec has pledged land in Wadi Al-Dawasir as collateral and provided corporate guarantees to secure the loan.
The initiative is expected to increase the country’s red meat production capacity by developing modern farming facilities that support local supply chains.
Saudi Arabia’s Livestock Sector Expands
Saudi Arabia has been increasing red meat production, reaching over 270,000 tons in 2023, which translates to a 61% self-sufficiency rate.
The country’s livestock industry consists of approximately 20.6 million sheep, 7.4 million goats, 502,000 cows, and 2.2 million camels, contributing to local food security and market growth.
The government continues to invest in livestock farming through programs aimed at improving breeding techniques, supporting local farmers, and introducing modern production technologies.
The latest funding aligns with Saudi Arabia’s Vision 2030 strategy, which prioritizes food security and sustainable agricultural development.
In Saudi Arabia, sheep and goat meat consumption is significant, with the country being a major consumer of red meat in the Middle East, and mutton (sheep meat) being particularly popular due to its cultural significance and use in traditional cuisine.
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