Saudi Arabia has announced the arrival of the first food crop harvested in Saudi-owned farms abroad, in a sign that the kingdom is moving faster than expected to outsource agricultural production.
The Saudi Binladin empire has frozen its plan to invest $4.3 billion in developing rice crops in Merauke in Papua Province and a separate project in Southeast Sulawesi Province.
“[Middle East investors] wanted to go on a long-term lease of huge tracts of land and they will plant various crops and then enter into a contract to buy the produce because they need food to feed their people,” Trade Secretary Peter Favila told reporters.
The investments aim to meet Saudi Arabia’s increasing demand for fruits, vegetables and livestock products
An estimated $238.6 million will be alloted by the Saudis to set up cash crop fruit plantations consisting of bananas, mangoes, and pineapples, an agriculture official said.
Saudi Arabia intends investing in farming in SA, the Saudi commerce and industry minister, Abdulla Ahmed Zeinal Ali Reza, told a joint economic commission on Monday.
A group of five Saudi Arabia business men have planned to invest 1 billion Saudi riyals (some $ 266.6 million) in agricultural projects in Sudan and Ethiopia within the coming few years, Pan Arab daily Asharq Al Awsat reports.
A number of videos interviews broadcast by Al-Arabiya are available at Zawya.com, in Arabic
Saudi Arabia's Hail Agricultural Development Co (Hadco) said on Monday it would look at investing in Turkey and Kazakhstan after moving into Sudan under a government plan to ensure steady food imports.
Saudi private sector company Hail Agricultural Development Co (Hadco) has picked Sudan for its first investment in farming abroad under a Saudi government scheme to ensure steady food imports, it said.
A group of Saudi businessmen have planned to invest over SR1 billion [USD267m] in agricultural projects in Ethiopia and Sudan on a staggered schedule within next few years.
With vast tracts of land being sold in Madagascar, and Sudan and other African governments actively seeking investors in agricultural land, are we witnessing a neo-colonial land grab or will the investment result in greater food productivity to the long-term benefit of recipient nations?
