BUSINESS | Saudi Arabia Makes First Wheat Wheat Purchase From Oversea Farmland Investment

BUCHAREST | ROMANIA – Saudi Arabia’s state grain buyer SAGO on Monday said it bought 60,000 tonnes of Ukraine wheat from invest firm SALIC, marking its first purchase from agricultural investment overseas aimed at enhancing the country’s food security.

The Ukraine wheat cargo was bought at $248 a tonne, after the kingdom asked Saudi private investors with farmland overseas on April 6 to supply it with around 10% of its local needs this year.

The Saudi call comes as regional food importers scramble to beef up reserves as coronavirus lockdowns up-ended supply chains.

The world’s top oil exporter has long encouraged its private investors to pour money into agricultural investments abroad to shore up the country’s food security, without tangible results – until Monday’s purchase in terms of imports for SAGO.

The state grain buyer had originally estimated it would need 335,000 tonnes from private investors this year.

‘The 60,000 tonnes were purchased from SALIC’, a SAGO official told Reuters.

SALIC, the Saudi Agricultural and Livestock Investment Co, was formed in 2011 to secure food supplies for the desert kingdom through mass production and foreign investments. It is an arm of the kingdom’s sovereign wealth fund, the Public Investment Fund.

Gulf states, dependent on imports for around 80% to 90% of their food, have poured cash into buying tens of thousands of hectares of cheap farmland and other  agricultural assets elsewhere to enhance their food security for over a decade.

SAGO renewed on Sunday its call for investors to subscribe to apply it with the remaining quantity of wheat.

‘This first round, the two companies that registered were SALIC and Al Rajhi International for Investment’, SAGO said.

‘We will still buy more’.

Investors who register with SAGO to tell wheat from their investments abroad have to be at least 51# Saudi-owned, according to regulations published by SAGO.

The wheat produced abroad also has to abide all of SAGO’s wheat import specification and the quantity produced from one origin country can’t be less than 5,000 tonnes.

Saudi Arabia normally imports wheat from the United States, South America, Australia and Europe.

SAGO relaxed its bug-damage specification for wheat last year, a move designed to allow for more important of the grain from the Black Sea region.

Its first Russian wheat purchase was shipped earlier this month.


UAE Names ADNOC Chief Jaber As COP28 Climate Conference President

PARIS, France – The United Arab Emirates said on Thursday that Sultan al – Jaber, the head of state oil giant ADNOC, would act as president of the COP28 climate conference it is hosting this year. Jaber, also UAE’s minister of industry and technology and its climate envoy, will help develop the COP28 agenda and…

Saudi Arabia To Host Pre-Pandemic Numbers For 2023 Haj Pilgrimage Season

PARIS, France – Saudi Arabia will remove COVID-19 restriction for the 2023 haj season and host pre-pandemic numbers of pilgrims, the kingdom’s ministry of haj and umrah said on Monday. In 2019, the last yeast before the pandemic struck, some 2.6 million people performed the haj. The kingdom allowed only limited numbers from its residents…

UAE President Congratulates Netanyahu On Inauguration

PARIS, France – United Arab Emirates President Sheikh Mohammed bin Zayed al – Nahyan called Israeli Prime Minister Benjamin Netanyahu to congratulate him on his inauguration, the official Emirates News Agency (WAM) reported on Saturday. Netanyahu was sworn in as Israel’s prime minister on Thursday in a comeback at the head of a hard-right cabinet…

Former Pope Benedict Dies Aged 95

PARIS, France – Former Pope Benedict, who in 2013 became the first pontiff in 600 years to step down, died on Saturday aged 95 in the Mater Ecclesiae Monastery in the Vatican where he had lived since his resignation, a spokesman for the Holy See said. ”With sorrow I inform you that Pope Emeritus, Benedict…

Ronaldo Joins Saudi Arabian Club Al Nassr Until 2025

PARIS, France – Portugal capital Cristiano Ronaldo has joined Saudi Arabian club Al Nassr on a 2-1/2 year contract, the club announced on Friday, after leaving Manchester United to become a free agent. Ronaldo departed Old Trafford last month following an explosive television interview in which the 37-year-old forward said he felt betrayed by the…

Pele, Who Died At 82, Was A Sports Star And Cultural Icon

PARIS, France – The Brazilian soccer star said Andy Warhol told him that. It was a twist on something else the American artist is widely credited with saying, that ”in the future, everyone will be world-famous for 15 minutes”. Warhol made the soccer star’s portrait in 1977, and Pele took great pride in turning his…

Unemployment Among Saudi Citizens Increase To 9.9 In Q3/22

PARIS, France – Unemployment in Saudi Arabia among citizens increased to 9.9% in the third quarter, up 0.2. percentage points from the previous quarter but the overall unemployment rate remained unchanged at 5.9 percent, data released on Thursday showed. The rate of joblessness among citizens fell from 11.3% in the same period last year, however,…

Messi To Return To PSG In Early January, Says Galtier

PARIS, France – Lionel Messi will return to Paris St Germain at the beginning of January, the Ligue 1 club’s manager Christophe Galtier said on Tuesday. The Argentine forward, seven – times Ballon D’Or winner, scored two goals to lead his country to victory over France on penalties in the World Cup final nine days…

Iranian Woman Competes At Chess Tournament Without Hijab – Media Reports

PARIS, France – An Iranian chess player has taken part in an international tournament without a hijab, according to media reports, the latest several Iranian sportswomen to appear at competitions without one since anti-government protests began. Iran has been swept by demonstrations against the country’s clerical leadership since mid-September when 22-year-old Iranian Kurdish woman Masha…

Qatar Reiterates Denial That Its Government Involved In EU Corruption Case

PARIS, France – Qatar reiterated on Sunday that the country denies any involvement in a corruption case being investigated by Belgian authorities involving people linked to the European Parliament. Belgian authorities have charged four people linked to the European Parliament over allegations World Cup host Qatar lavished them with cash and gifts to influence decision-making.…

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s