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Article: Saudi firms eye agribusiness investment abroad.
- Article from:
- Saudi Economic Survey
- Article date:
- April 7, 2009
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Two listed Saudi companies plan to invest in either farming or agri-business abroad under a state-sponsored plan to ensure steady food supplies. Saudi Arabia has urged companies to invest in farm projects abroad after deciding last year to reduce wheat production by 12.5 per cent per year,abandoning a 30-year-old program to grow its own which achieved selfsufficiency but depleted the Kingdom's scarce water supplies. The decision has forced many local agricultural companies, which have been growing wheat for the domestic market, to explore alternatives to compensate the resulting drop in their revenues. Tabuk Agricultural Development Co (Tadco) is 'looking into ...