MISA SIGNS US$200 MILLION AGREEMENT WITH UNIBIO AND LOCAL PARTNER EDHAFAT
– Danish biotechnology firm to establish a protein production plant in Saudi Arabia.
– Unibio’s new facility will implement patented process to convert natural gas into high-protein animal feed substitutes.
– New facility to employ 40 staff.
Riyadh, 1 August 2019 – MISA (previously known SAGIA) announces today that it has signed a memorandum of understanding with Denmark-based biotechnology firm UniBio, along with its local Saudi Arabian partner Edhafat, worth US$200 million.
The agreement was signed in a ceremony in Riyadh today attended by His Excellency Ibrahim Al Omar, Governor of MISA (previously known SAGIA); Ahmad AlAbedi, Director of Petrochemical, Oil and Gas Sector; Henrik Busch-Larsen, UniBio’s CEO; Dr. Nasser bin Kadasah, Edhafat’s President and Cofounder; and Ture Vahan Munksgaard, the Head of Trade from the Royal Danish Embassy in Riyadh.center; SAGIA SIGNS US$200 MILLION AGREEMENT WITH UNIBIO AND LOCAL PARTNER EDHAFAT.
The agreement was signed in a ceremony in Riyadh today attended by His Excellency Ibrahim Al Omar, Governor of MISA; Ahmad AlAbedi, Director of Petrochemical, Oil and Gas Sector; Henrik Busch-Larsen, UniBio’s CEO; Dr. Nasser bin Kadasah, Edhafat’s President and Cofounder; and Ture Vahan Munksgaard, the Head of Trade from the Royal Danish Embassy in Riyadh.
His Excellency Ibrahim Al Omar, Governor of MISA, said: “With a growing population, this project represents an important step towards achieving food security for the Kingdom by providing a sustainable and economically viable source of animal feed products. The importance of this project is that it uses a clean and abundant natural source in the Kingdom, and produces a high-quality protein supplements to feed fish, poultry and livestock, in addition to the transfer of advanced technology to the Kingdom.”
By using natural gas, cost-effective electricity and chemicals, proteins can be produced without adding stress to the agricultural system or fish stock. UniBio patented technology is unique in that it enables the decoupling of protein production from farming and fishing.
Henrik Busch-Larsen, CEO of UniBio, added: “We are very pleased to sign an MOU with an important governmental organization such as MISA as well as partnering up with Edhafat and other local stakeholders in our effort to participate in the development on the Saudi Arabian economy, bringing investments, jobs and a profitable business opportunity to the Kingdom.”
Saudi Arabia’s chemical market is the largest in the Middle East & North Africa, housing one of the most expansive integrated chemical complexes globally. The chemicals sector is an essential part of the Kingdom’s economic diversification program. In line with Vision 2030, Saudi Arabia is seeking to double its value over the next decade.
Talk to Our Consultants to Learn How We Can Help
