Skip to content
Subscriber Only

Saudi Prince's Agriculture Trader to Close Amid Oil-Price Slump

  • Tharawat Business is closing this month after opening in 2013
  • Saudi Arabia's economic growth slowing as oil prices tumble
Updated on

Tharawat Business, an agricultural commodities trader owned by Saudi prince Turki bin Salman, is closing after starting operations three years ago, according to the company’s chief executive officer.

The Riyadh-based trader will close this month after a change in strategy by its holding company, which no longer plans to invest in the business, Carlos Murilo Barros de Mello, CEO of Tharawat Business, said in a phone interview Wednesday. The company was established in 2013 to source food globally and had already started trading sugar, poultry and fine foods, he said.