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Saudi Basic Industries Corporation (SABIC) announced on Sunday its decision to create a new company called Sabic Agricultural Nutrient Investments, in which its shares and contributions are concentrated in several companies specializing in the production of various agro-nutritive complexes.
SABIC announced yesterday in a press release that the list of companies included Al-Biruni, Ibn Al-Bitar, Jebeek, Ma & aden Phosphate and Maaden North Promise for Phosphate.
SABIC has also signed a protocol agreement with the Saudi Fertilizer Corporation (SAFCO) to allow the integration of the company's new assets, SABIC Agricultural Nutrient Investments and SAFCO.
"The integration of SABIC's activities into the nutrient sector of agricultural origin under one roof is part of its transformation strategy aimed at achieving sustainable, long-term and sustainable growth," said Vice President and CEO of SABIC, Yousuf bin Abdullah Al Bunyan.
(AFP)
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