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Saudi company signs fertilizer deal with Bangladesh

Economy

Saudi company signs fertilizer deal with Bangladesh

Saudi company signs fertilizer deal with Bangladesh

News Desk

Ma’aden, one of the fastest-growing global mining companies and the largest multi-commodity mining and metals company in the Middle East, has signed an agreement to supply phosphate fertilizer to the Bangladesh Agricultural Development Corporation (BADC) for the year 2021. BADC is state-owned company that works under the umbrella of the Bangladesh Ministry of Agriculture, which manages agricultural imports in the country.

Under this renewed contract, Ma’aden will supply Di-ammonium Phosphate Fertilizer (DAP) to BADC. Commenting on the announcement, Ma’aden CEO Mosaed Al Ohali said: “We are pleased to build on our strong partnership with BADC to supply the agricultural industry in Bangladesh with the fertilizer products local farmers need to make the most of their crops. This new agreement will play an important role in boosting crop output and contributing to stable food supplies in the country.”

“Ma’aden plays an essential role in achieving the goals of Saudi Arabia’s Vision 2030 by promoting non-oil exports and sustainable development programs to raise global food security levels. With the natural phosphate deposits in the north of Saudi Arabia and proximity to promising markets in South Asia and East Africa, we are in a strong position to serve the globally growing need for fertilizer products. By 2025, we estimate reaching a production capacity of 9 million tonnes of phosphate fertilizers,” he continued.

Ma’aden’s mine-to-market phosphate business consists of three mega projects in Saudi Arabia: Wa’ad Al Shamal – the center of the Saudi phosphate industry; Ras Al Khair, a phosphate and bauxite processing superhub; and Phosphate-3, which is under construction and will expand operations in Wa’ad Al Shamal.

In 2019, Ma’aden expanded the reach of its phosphate business in sub-Saharan Africa through the acquisition of fertilizer distribution company Meridian Group, enabling faster and better service for local customers in Africa.

Saudi Press Agency

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