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JAZADCO Locks In Shrimp Farms for 30 Years After Lease Renewals
JAZADCO secured 30-year lease renewals for two shrimp farm sites, removing a key overhang. The contracts give revenue visibility through 2054 and align with Saudi Vision 2030 food security goals.
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Jazan Development and Investment Co. (JAZADCO) said it received the final signed copies of renewal agreements for two shrimp farm leases on July 1. The contracts run for 30 years.
The company, listed on the Saudi Stock Exchange, operates in agriculture and aquaculture. Shrimp farming is a core piece of its aquaculture segment. The renewal covers two production sites, though JAZADCO did not disclose their locations or the financial terms.
Long-term leases give the company revenue visibility for three decades. That removes a potential overhang for investors who had been watching the expiry of the previous agreements. With the signed copies in hand, JAZADCO now has 30-year certainty on these operations.
Saudi Arabia has been pushing to expand domestic food production, including aquaculture, as part of its Vision 2030 plan. Shrimp farming fits that goal. The kingdom imports a large share of its seafood, and local production helps reduce that dependency.