Saudi Arabia’s Ministry of Investment has signed an investment agreement with India’s UPL Ltd. to manufacture specialized and agricultural chemicals in Saudi Arabia, with a value estimated at $1 billion, according to a Saudi Gazette report on Jan. 21.
Mumbai-based UPL is a global provider of crop protection and other specialty agricultural chemicals and biosolutions.
The agreement was signed on the sidelines of the participation of Saudi Arabia’s delegation in the World Economic Forum 2023, held in Davos, Switzerland, and is part of Saudi Arabia’s efforts to support investment in economic diversification.