NADEC signs terms to set up JV in line with Green Initiative

Logo of National Agricultural Development Co. (NADEC)

National Agricultural Development Co. (NADEC) signed head of terms with Elion Himmah Environmental Services Co. to establish a joint venture (JV), according to a statement to Tadawul.

The new JV will specialize in developing projects related to the Saudi Green Initiative, including development and desertification control in line with Vision 2030, the statement added.

The head of terms includes the agreed-on principal terms that govern the establishment, management, and operation of the company as well as business activities between both parties.

NADEC will announce any related significant developments in due course, and the financial impact will be determined at a later stage, the statement added.

Worth noting that Elion Himmah Environmental Services Co. is a limited liability firm specialized in the field of green development, in which Elion Resources Desert Economics, a Chinese company holds the majority share of its capital.