Great resource rush
- Zawya
- 07 May 2012
Saudi Arabia and the UAE are among the top four countries on a massive investment spree to acquire agricultural resources.
Saudi Arabia and the UAE are among the top four countries on a massive investment spree to acquire agricultural resources.
Saudi Arabia's largest dairy company said Wednesday it is buying Argentine farm operator Fondomonte S.A. for $83 million to secure access to a supply of animal feed.
A handful of North African countries, along with Iraq and Sudan, could feed the Gulf.
“We are now looking very seriously into Sudan,” said Zouhair Eloudghiri, chief executive officer of Savola Foods Co., a unit of Saudi Arabia’s second-largest publicly traded food producer, Savola Al-Azizia United Co.
Today's emerging new farm owners are private equity fund managers, specialised farmland fund operators, hedge funds, pension funds, big banks and the like.
South Korea's Daewoo Logistics will plant corn in Madagascar, a company official said on Tuesday, with a long-term aim to replace more than half the corn it currently imports from mostly the United States.
Due to the lack of arable land in its home market, Savola must look abroad for agricultural land and has named Sudan, Egypt, Ethiopia and Ukraine as target countries where it plans to buy the land necessary to grow seeds such as sunflower and corn seeds.