Riyadh — Minister of Environment, Water, and Agriculture Abdulrahman Al-Fadhli has disclosed that the government plans to allocate SR91 billion to increase local (Homegrown) food production and invest in food products and export capacity.
The Minister spoke during a panel session on Monday during the Local Content Forum in Riyadh. He said that the agricultural sector had achieved a rise of SR72.25 billion in the past year, representing a 2.3% proportion of the GDP.
He added that the total agricultural loans from this year’s Agricultural Development Fund would reach SR7 billion, 18 times higher than in 2015.
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Al-Fadhli emphasized that the ministry has clear policies to improve and develop to benefit the private sector.
“During the past six years, investments have exceeded SR120 billion in the water sector. We have the advantage of being the pioneers in producing potable (Drinking) water and localizing its industry.
This enables us to use locally developed and exportable materials and technologies.”
He revealed that an SR105 billion plan was approved for investment in the water sector. The plan will help upgrade services over the course of two years and provide water sustainably in all industries.
The Minister explained that the agriculture sector has a strategy with the objective updated and linked to the food security strategy.
Al-Fadhli stressed that the Kingdom’s government has worked on policies, legislation, and incentives to increase the sector’s local (Homegrown) content and make it more sustainable food products.