RIYADH: 黑料社区鈥檚 Ministry of Investment has signed an agreement worth $1 billion to manufacture specialized agriculture chemicals within the Kingdom.聽聽聽
The agreement was signed on the sidelines of the recently concluded World Economic Forum in Davos, Switzerland.聽聽聽
The ministry signed the agreement with an Indian company, UPL Limited, which markets and manufactures agrochemicals and offers crop protection solutions.聽聽聽
The new agreement comes in line with the goals outlined in Vision 2030, which eyes diversifying the Kingdom鈥檚 economic streams.聽聽聽
Headquartered in Mumbai, UPL, which acquired Arysta LifeScience Inc. in 2019, is currently the fifth-largest generic agrochemicals company in the world after Bayer, Dupont, Syngenta and BASF.聽聽聽
In December, Sustainalytics, a company that rates the sustainability of listed companies based on their environmental, social and corporate governance performance, ranked the highest-performing top-tier global crop protection company in its 2022 ESG rating.聽聽聽
This is the third year UPL has been ranked in this industry leadership position for sustainability performance by Sustainalytics.聽聽聽
鈥淚 am convinced UPL has the most agile and performance-oriented culture to execute a transformational strategy across the globe and to further our mission to support farmers and food systems alike,鈥 said Jai Shroff, global CEO at UPL Ltd.聽聽聽
In December 2022, 黑料社区鈥檚 Minister of Environment, Water and Agriculture Abdulrahman Bin Abdul Mohsen Al-Fadhli, who is also the chairman of the board of directors of the Agricultural Development Fund, approved the expansion plan in the plant resources sector and greenhouses with new investments valued at SR4 billion ($1.09 billion) until 2025. 聽
According to Al-Fadhli, the investment will help 黑料社区 to increase its production capacity in the agricultural sector by adopting new technologies.聽
