This agreement comes in line with King Abdullah bin Abdul Aziz's initiative to encourage agricultural investments abroad and the council's ongoing efforts to develop and expand the field of agriculture; including livestock and fish farming on a regional and global level.
The MOU was signed by His Excellency Dr. Sedi Waled Al-Tah, Minister of Economic & Development Affairs of Mauritania and Engineer Ahmed Bin Rasheed Al-Ballaa, Managing Directors of the National Prawn Company on behalf of "Al-Rajhi Alliance". This agreement solidifies discussions held by both parties over the last two years on a number of potential projects. It also signifies a commitment to move forward with their collaboration, identify all financial, economic, technical, social and legal factors to agree on final investments.
"We are pleased with the progress of our negotiations with the government of Mauritania and look forward to finalize fine points of the collaboration between 'Al-Rajhi Alliance' and the Mauritanian government. Primary objectives of these projects lie in the mutual interests between both countries. We aim to achieve food security for the Kingdom of Saudi Arabia and the Republic of Mauritania, drive economic growth for the host and attain investment goals for businesses through a number of proposed projects," stated Engineer Ahmed Al-Ballaa.
He further added:
"The proposed projects in Mauritania are valued at an estimate of $1bn. Final values will be determined based on the results of tests and findings derived from technical and financial feasibility studies."
He also mentioned that Al-Rajhi Alliance's vast experience in the Saudi agricultural sector including livestock sector, aquaculture and fishing sector, qualifies them to invest abroad and share new successful investments in a number of other countries like the Islamic Republic of Mauritania."
To emphasize the importance of their collaboration, Dr. Sedi, Mauritanian Minister of Economic and Development Affairs said: "We firmly believe in the importance of signing this strategic MOU. This collaboration aims to develop a number of mega projects in the fields of agriculture, livestock and fish farming, thereby serving investment and economic interests, while creating new means for food security among both countries."
He also added: "We will direct all relevant authorities in Mauritania to offer the necessary support required by these projects for its success and to achieve primary objectives.
Both parties agreed to set up a specialized committee with full authority to follow-up and ensure a steady progress on all projects that adheres to the agreed time-frame without any complications. The Mauritanian government will grant the committee the power to delegate all business and works to support and facilitate project follow-ups.
The joint follow-up and executive committee includes senior officials as permanent members. Meetings will be held on a regular basis when necessary or if requested by either party to review project phase execution. The committee will also report recommendations to assist its partner's with obtaining approvals.