Al Rajhi for International Investment will spend an estimated $400 million by 2011 to produce wheat and maize in Egypt and Sudan. The Saudi private firm is already farming 42,000 hectares of farmland in Egypt this year.
Saudi Arabia is putting $800m into a new public company that will invest in overseas agricultural projects. The move signals a large step-up in Riyadh’s efforts to outsource supply for the kingdom’s food needs.
Two of the world's biggest land investors - Saudi Arabia and South Korea - have announced moves to improve their food security. A South Korean company is to buy 125,000 acres in Russia over the next four years and a Saudi group has set up a £600m fund to buy land.
Jordan will dispatch a delegation to Sudan next Thursday headed by its agriculture minister Saeed Al-Masri to discuss an agreement on developing food farms in the East African country, according to media reports.