Middle East Food Solution Company (Mefsco), a joint venture between Arabian Agricultural Services Company (Arasco) and Cargill formed in 2013, plans to set up a project for fructose, glucose and starch products in Saudi Arabia.
Arasco and Cargill have signed the final agreement to establish the first joint venture for the production of starch and its derivatives of sweeteners in the kingdom to fulfill the needs of GCC, Yemen, Iraq and Jordan of starch products, added the Saudi Gazette report.
Following the finalisation of the agreement, Cargill will take a 20 percent stake in the joint venture, while Arasco will take 80 percent stake. The agreement is subject to regulatory approvals.
Dr Abdulmalik Alhusseini, CEO of Arasco, said that the new company will support Saudisation and will stress on the employment of Saudi graduates specialised in technology and engineering, added the report.
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