Agricultural Development Company Closes $173 Million for Strategic Growth

Abdillahi Alawy, ADC Chairman

Agricultural Development Company Limited (ADC), part of Tanmiah Food Company, has secured Shariah-compliant financing worth SAR 650 million (USD 173 million) from Saudi National Bank (SNB). The funds, obtained on November 19, 2024, aim to support ADC's strategic expansion plans and working capital needs, as disclosed in a recent stock exchange filing.

The agreement includes both long-term and revolving credit facilities, backed by a promissory note and corporate guarantee. Previously, in December 2023, ADC received a SAR 450 million loan from Banque Saudi Fransi, further bolstering its financial capabilities.

Source: Mubasher