TADCO inks MoU with NEOM's food company

TADCO inks MoU with NEOM's food company

Riyadh – Mubasher: Tabuk Agricultural Development Company (TADCO) has signed a non-binding memorandum of understanding (MoU) with Topian, NEOM's food company.

The MoU includes cooperation for the planning, development, construction, and operation of a hydroponic greenhouse for the production of fruits and vegetables in the Tabuk Agriculture Company Site in Tabuk, according to a bourse filing.

TADCO will source 100 hectares of agricultural land appropriate for constructing a mid-tech hydroponic vegetable facility in a suitable location in the TABUK with sufficient water and electricity for the Project.

The company will also assist in arranging the offtake to TOPIAN for KSA supermarket, retail and wholesale buyers for the Products, and provide warehousing, cold store, labour and other available appropriate equipment for the use of the Project.

Meanwhile, Topian is tasked with overseeing the design, installation, and operation of the greenhouse, negotiating supply contracts, managing production plans and customer relations, supervising the workforce, providing training, and ensuring the sale and distribution of all facility production.

In January 2024, TADCO announced hiring a new CEO starting from 1 April.

TADCO inks MoU with NEOM's food company