The National Prawn Company and Al-Rajhi International Company for Investment, also known as ‘Al-Rajhi Alliance’ signed a memorandum of understanding with Mauritania’s government to develop the country’s agricultural sector.

This will be achieved through investments that solely rely on boundless Saudi expertise, advanced integrated technologies which aim to provide added value in the fields of livestock sector, aquaculture and fishing sector.

This agreement comes in line with Custodian of the Two Holy Mosques King Abdullah’s initiative to encourage agricultural investments abroad and the council’s ongoing efforts to develop and expand the field of agriculture; including livestock and fish farming on a regional and global level.

Sedi Waled Al-Tah, minister of economic and development affairs of Mauritania, and Ahmed bin Rasheed Al-Ballaa, managing director of the National Prawn Company and the alliance, signed the deal.

“We are pleased with the progress of our negotiations with the government of Mauritania and look forward to finalize fine points of the collaboration between ‘Al-Rajhi Alliance’ and the Mauritanian government,” said Ahmed Al-Ballaa.

He said the proposed projects in Mauritania are valued at an estimate of $ 1 billion.

He said Al-Rajhi Alliance’s vast experience in the Saudi agricultural sector qualifies it to invest abroad and share new successful investments in a number of other countries like Mauritania.

To emphasize the importance of the collaboration, the Mauritanian Minister said: “We firmly believe in the importance of signing this strategic MOU. This venture aims to develop a number of mega projects in the fields of agriculture, livestock and fish farming, thereby serving investment and economic interests, while creating new means for food security among both countries.”

Both parties agreed to set up a specialized committee with full authority to follow-up and ensure a steady progress on all projects that adheres to the agreed time-frame without any complications.