Riyadh – Mubasher: Saudi Arabia-based Tabuk Agricultural Development Company on Monday has signed a memorandum of understanding (MoU) with Arab Authority for Agricultural Investment and Development (AAAID) to establish a fish farming company.

The contract entails joining forces to invest in the poultry sector and management, according to a statement on Tuesday to the Saudi Stock Exchange (Tadawul).

Tabuk Agricultural Development further noted that the financial impact of the deal has not determined yet.

The Tadawul-listed firm last reported turning profitable after generating SAR 6.6 million in the second quarter of 2018, against suffering a loss of SAR 2.15 million during Q2-17.

By 2:23 pm Saudi time, the firm's stock rose 0.80% to SAR 10.14.