RIYADH: In a significant step toward leveraging data for shared objectives, a memorandum of cooperation was formalized between the Agricultural Development Fund and the General Authority for Statistics in Riyadh on Thursday.

This agreement centers on the exchange of data, information, and statistical indicators relevant to the economic activities overseen by ADF, according to the Saudi Press Agency

The data sharing adheres to the guidelines and privacy regulations stipulated by the National Data Management Office, which is responsible for establishing data policies and standards.

Furthermore, the collaboration aims to facilitate mutual consultations, support, and knowledge exchange across various fields of common interest. This encompasses areas like periodic research and ongoing studies.

It also provides the employees of the two entities with the opportunity to participate in development courses, seminars, scientific conferences, and workshops provided by the two signing sides.

According to NDMO, government data represents a national asset that can enhance performance and productivity and facilitate public service delivery.

This can be achieved by instituting effective data management practices, establishing the highest data accountability and transparency levels, and leveraging data to extract insights and support strategic decision-making.

The office added that nations worldwide are harnessing the value of data as a vital economic resource for unlocking innovation, driving economic growth and transformation, and improving national competitiveness.

In its 2020 National Date Governance Interim Regulations, the office further stated that government entities in Saudi Arabia collect and process vast amounts of data that can contribute to national economic prosperity and leadership among global data-driven economies.

As part of Saudi Arabia’s ongoing efforts to enhance food security, the ADF has recently signed financing contracts worth SR926 million ($246.8 million) in the feed industry, and animal production and dairy sectors.

These contracts aim to support importing key agricultural products, including maize, soybeans, and barley, that are vital for sustaining the Kingdom’s food supply.

The agreements encompass a range of projects, including initiatives such as establishing an agricultural product marketing center, cold storage facilities, and a broiler and poultry farming project.

In June, the fund provided funding of SR1.5 billion to local farmers, primarily supporting greenhouse vegetable production, poultry breeding, and fish and shrimp farming.

The loans also extended support to refrigeration warehouses and date manufacturing and marketing centers.

These loan approvals underscore the fund’s commitment to its developmental and financing role in the agricultural sector, aligning with the Ministry of Environment, Water and Agriculture’s policies and the Kingdom’s overarching food security strategy.