PIF finalizes sale of National Gas and Industrialization Co. stake for $131m

PIF finalizes sale of National Gas and Industrialization Co. stake for $131m

RIYADH: In a move to bolster farming and promote sustainable practices, Saudi Arabia’s Agricultural Development Fund has launched a new financial product specifically designed to support rural farms.     

The initiative aims to develop farms by diversifying their income sources, ensuring long-term sustainability, and capitalizing on unique rural opportunities. It also aims to play a role in preserving local ecosystems, fostering environmental and rural tourism, according to a report by the Saudi Press Agency.   

The fund’s strategy involves providing financial support to existing and productive agricultural businesses, covering both their investment and operational expenses.  

Eligibility criteria include the possession of a property deed or advanced agricultural record and obtaining a license from the Ministry of Environment, Water and Agriculture for this specific activity.  

Applicants are also required to submit a simplified technical study that outlines the required funding areas. The farm should be productive and have an area suitable for both agriculture and agricultural tourism.  

Through this new financial offering, the fund aims to enhance services provided to visitors, aiming to enrich the overall visitor experience and thereby promote agricultural and rural tourism.  

In June, farmers in Saudi Arabia attained SR1.5 billion ($400 million) after the fund signed off a tranche of development loans.  

According to a statement at the time, the payouts were approved