The Ministry of Environment, Water and Agriculture and the Environmental Fund signed five agreements and memorandums of understanding on Thursday with Tanmiah Food Company, Morgan Stanley Investment Management, Saudia Group and Petromin, in a move aimed at expanding investment and innovation across the Kingdom's environmental and agricultural sectors.
The agreements were signed under the patronage of Minister of Environment, Water and Agriculture Abdulrahman Al-Fadley and are designed to support agricultural and environmental research, development and innovation, attract investment and emerging technologies, and encourage private-sector participation in the Kingdom's environmental sustainability and agricultural development goals.
One of the agreements, signed between the ministry and Tanmiah Food Company, focuses on cooperation in agricultural research, development and innovation, including the development of poultry products. The partnership also covers agricultural research and studies, training and capacity building, as well as the exchange of expertise and knowledge, to develop national capabilities and make greater use of the expertise and resources available to both sides.
The Environmental Fund signed four agreements and memorandums of understanding with Morgan Stanley Investment Management, Saudia Group, Tanmiah Food Company and Petromin. The agreements cover environmental investment, sustainability, research and studies, financing, environmental initiatives, and the exchange of knowledge and expertise.
Under its agreement with Morgan Stanley Investment Management, the Environmental Fund will seek to invest globally in leading companies as well as promising technologies and solutions in the environmental sector, to localize those technologies in Saudi Arabia and support the development and growth of the Kingdom's domestic environmental ecosystem.
A memorandum of understanding with Saudia Group will focus on launching initiatives to raise environmental awareness, encourage sustainable practices, support research and innovation, and facilitate the exchange of environmental expertise and knowledge.
The memorandum with Tanmiah Food Company includes cooperation on the Al-Ahsa Green initiative, support for national environmental targets, and collaboration on environmental research and studies. It also provides for cooperation on financing mechanisms and coordination of plans, activities, initiatives and relevant local and international exhibitions.
The memorandum with Petromin includes support for the Petromin Mangrove Plantation initiative in the Red Sea, along with cooperation on environmental studies and research, knowledge and expertise sharing, and coordination on local and international environmental programs, activities and events.
The agreements are part of broader efforts by the ministry and the Environmental Fund to expand partnerships with the private sector, support investment and innovation, and environmental and agricultural projects with long-term sustainability impacts. The initiatives are also intended to strengthen the competitiveness of national sectors, increase their contribution to the Saudi economy and advance the objectives of Saudi Vision 2030 and the National Environment Strategy.
The Environmental Fund continues to serve as an enabler of Saudi Arabia's environmental sector by developing financing, supporting research, development and innovation, encouraging environmentally sustainable investment and practices, and enabling the private sector to contribute to the Kingdom's environmental transformation and the goals of the National Environment Strategy.