Now accepting applications for Fast Company Middle East’s Most Innovative Companies. Click here to apply.

Thanks to a recent deal, Saudi Arabia’s farmers are set to benefit from developmental and financing support. The Agricultural Development Fund of Saudi Arabia has signed a memorandum of understanding with the Reef National Foundation, reported the Saudi Press Agency.

Aligned with the fund’s goal of backing agricultural activity in Saudi Arabia, the MoU aims to enhance the efficiency and productivity of farmers, rural families, and artisans. This will be achieved by providing training programs to enhance skills.

Through this partnership, the two organizations will collaborate on implementing and operating initiatives and projects to foster growth in the sector. The partnership also includes the exchange of consultations and data, as well as participation in workshops and conferences.

In June, Saudi Arabian farmers received $400 million in funding after the Agricultural Development Fund approved development loans. These loans supported small farmers in greenhouse vegetable production, poultry breeding, fish and shrimp farming, and activities like refrigeration warehouses, date manufacturing, and marketing centers.

In 2022, Abdulrahman Al-Fadhli, the Minister of Environment, Water, and Agriculture, announced that the country would invest $24.20 billion to boost the domestic economy. According to the minister’s statement, the agricultural sector contributed $19 billion, equivalent to 2.3% of the kingdom’s gross domestic product in 2021.