Arab News, Monday, Jan 30, 2023 | Rajab 8, 1444
Saudi Arabia plans to boost listing of agricultural firms on Tadawul
Saudi Arabia: Saudi Arabia plans to
list agricultural firms on its stock market in a push to raise the financial
efficiency of such firms as it looks to boost investment in the sector.
In a joint workshop with a number of agricultural
firms, the Saudi Ministry of Environment, Water, and Agriculture and the Saudi
Stock Exchange discussed the plans to stimulate the listing of agricultural
firms on the stock market, Saudi Press Agency reported.
Held at the ministry's headquarters in Riyadh, the
joint workshop between the three parties discussed ways to boost the private
sector participation in the Saudi financial market as part of the Vision 2030
initiatives, and the financial sector development program.
The workshop also shed light on the role of the
ministry in developing medium and large companies and stimulating them for
public offerings and listing on the stock market.
This comes in line with the ministry’s plans and
strategy to open new markets that support building resilient food systems within
the Kingdom. In addition to this, the workshop also discussed ways to attract
private companies from diversified economic sectors, especially the environment,
water, and agriculture, to increase their contribution to the gross domestic
The workshop highlighted the advantages of listing
companies on the stock market — including reliability and continuity — as well
as the goals that can be achieved through the listing of agricultural companies
considering that the Saudi stock market is one of the largest financial markets
in the Middle East and North Africa and the ninth in the world.
Last September, Saudi Arabia, in coordination with
its regional partners, launched a food security action plan with an initial
funding of $10 billion to tackle the global food supply crisis,
the Kingdom’s Minister of Environment, Water and Agriculture said.
Speaking at a meeting of G20 agriculture ministers
in Indonesia, Abdulrahman Al-Fadhli said the Kingdom will continue its role in
helping stabilize the global food production supply chain.
On the domestic front, he added, the Kingdom has
also succeeded in reducing the use of water for agricultural purposes by more
than 40 percent, the Saudi Press Agency quoted him as saying.
Al-Fadhli also highlighted the Kingdom’s
achievement in the agricultural sector, which according to him, grew by more
than 7.8 percent in 2022 compared to the previous year.