Philippine, Saudi firms clinch agricultural deal

06 May 2010
JEDDAH - A Philippine-owned agricultural company AgriNurture, Inc. (ANI) has signed a memorandum of agreement (MoA) with Far Eastern Agricultural Investment Company (FEAICO) of Saudi Arabia for huge food crop plantations and processing plants in the Philippines, a Philippine daily reported on Wednesday.

In a disclosure to the Philippine Stock Exchange Wednesday, ANI chief finance officer Kenneth Tan said that, based on the MoA, FEAICO shall pursue projects involving the establishment of a commercial sized pineapple, banana, rice and corn plantations and processing facilities, the Manila Bulletin reported. It will also jointly work with ANI for all the needed resources such as land, labor, farm technology and systems.

ANI and FEAICO will establish demo plantations initially and grow gradually through contract growing up to a core area of 50,000 hectares total for pineapple, banana, rice and corn.

These plantations will be used for food crops production for local consumption and export to Kingdom of Saudi Arabia and other foreign markets that FEAICO and ANI will jointly agree and develop.

The joint venture has anwith initial capitalization of $1 million.

© The Saudi Gazette 2010

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