Nadec to invest SAR 93 mln on animal feed in Sudan

Saudi Arabia-based National Agricultural Development Company (Nadec) plans to invest SAR 93 mln on growing animal feed in Kordofan, North Sudan in the first quarter of 2015, the company said in a statement to the Saudi bourse, Tadawul.

The dairy and juice production company will finance the project internally and from other resources, it added. The financial impact of the project will be gradually reflected starting in the first quarter of 2015.

The company will farm 3,200 hectares in the first phase of a project to grow animal feed over 25,200 hectares in Kordofan, it said.

Saudi Arabia has urged agricultural and dairy companies to phase out local animal feed production to conserve water.

Nadec is currently led by the al-Rajhi family and is 20 percent owned by the Saudi finance ministry's Public Investment Fund (PIF).