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.
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.
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?
King Abdullah of Saudi Arabia told President Gloria Macapagal-Arroyo on Tuesday that he is sending a high-level business mission to the Philippines in April to look for investment opportunities in the Philippine agriculture sector.
According to Nograles the vision of the political leaders of Mindanao is that if the 26,000 hectares of contiguous agricultural land can be developed in the joint venture partnership with the Saudi chamber of commerce, a lease agreement could gurantee 50 years of food security for the Kingdom.