Smart Deal
Saudi Arabia’s Ministry of Investment held an MOU signing ceremony for a strawberry smart farm project between a consortium consisting of four Korean companies, including Nongshim, and a local Saudi Arabian company on March 12 (local time).
Nongshim will export smart farms to Saudi Arabia after the United Arab Emirates (UAE). On March 12th (local time), Nongshim announced that it has signed the MOU to export smart farms to the Middle Eastern kingdom.
Earlier, Nongshim formed a consortium with smart farm plant information technology company Pomit, Agro Solution Korea, and MS Group. The MOU was signed between the consortium and Saudi Greenhouses Management & Agri Marketing, which is a leading agricultural product cultivation and distribution company in Saudi Arabia. Nongshim will design and build the smart farm system.
Under the MOU, Nongshim will build a smart farm in Saudi Arabia. The smart farm will be able to grow Korean varieties of strawberries all year round. Korean strawberries are famous worldwide for their large size, high sugar content, and flavor. This smart farm project is worth US$30 million. Nongshim is planning to create more than US$100 million in new business opportunities with other high-value-added crops in the future.
Meanwhile, in January, the consortium of four companies signed an MOU on building and running a strawberry smart farm with Al Marina Holdings, a local hotel, retail, and catering company in the UAE.