Saudi’s AlTakamul National Agricultural announced today it had signed an agreement to acquire 15% of Nabataty, a Saudi platform specialized in selling ornamental plants.

Why it matters? The acquisition means that a big player in the agricultural industry in Saudi Arabia will enter the e-commerce sector. AlTakamul National Agricultural was founded in 1984.

More to Know:

• Nabataty was founded in 2018 by Khaled AlGhamdi.
• The company started as an online store for ornamental plants and then expanded its operations to offer gifting solutions for companies and individuals.
• The new agreement means Nabataty sold 25% of its stake in less than 6 months.
• Nabataty sold 10% of its stake to Mashatel AlBustan company earlier this year.
• The agreement was signed by the CEO and Managing Director of AlTakamul National Agriculture Company, His Royal Highness Prince Saud bin Mohammed Al-Abdullah Al-Faisal, and Khaled Al-Ghamdi, the founder of Nabataty.