The ministry signed the agreement with an
Indian company, UPL Limited, which markets and manufactures agrochemicals and
offers crop protection solutions.
The new agreement comes in line with the
goals outlined in Vision 2030, which eyes diversifying the Kingdom’s economic
Headquartered in Mumbai, UPL, which
acquired Arysta LifeScience Inc. in 2019, is currently the fifth-largest
generic agrochemicals company in the world after Bayer, Dupont, Syngenta and
In December, Sustainalytics, a company
that rates the sustainability of listed companies based on their environmental,
social and corporate governance performance, ranked the highest-performing
top-tier global crop protection company in its 2022 ESG rating.
This is the third
year UPL has been ranked in this industry leadership position for
sustainability performance by Sustainalytics
“I am convinced UPL has the most agile
and performance-oriented culture to execute a transformational strategy across
the globe and to further our mission to support farmers and food systems
alike,” said Jai Shroff, global CEO at UPL Ltd.
In December 2022, Saudi Arabia’s Minister
of Environment, Water and Agriculture Abdulrahman Bin Abdul Mohsen Al-Fadhli,
who is also the chairman of the board of directors of the Agricultural
Development Fund, approved the expansion plan in the plant resources sector and
greenhouses with new investments valued at SR4 billion ($1.09 billion) until
Al-Fadhli, the investment will help Saudi Arabia to increase its production
capacity in the agricultural sector by adopting new technologies.