The Islamic Corporation for the Development of the Private Sector (ICD), a member of the Islamic Development Bank Group (IDB), and the Saudi-based National Prawn Company (NPC), signed a Memorandum of Understanding in Jeddah to promote a leadership in the global shrimp industry through the creation of the International Prawn Holding Company (IPHC) with joint equity ownership between ICD and NPC, Arab News reported today. CEO and General Manager of ICD Khaled A. Al-Aboodi and General Manager of NPC Ahmed R. Al-Balla'a signed the joint venture agreement. Present at the signing ceremony were senior officials from both corporations. The agreement assumes tremendous importance against the background that the aquaculture sector is a strategic one for the Kingdom of Saudi Arabia and other ICD member countries due to its direct impact on economic growth and food security. “ICD is thus committed to work with leading companies like NPC who has world-class aquaculture competencies to support their growth plans,” Al-Aboodi added.
