Kenana, which is mainly owned by the governments of Kuwait, Saudi Arabia and Sudan, is aiming to more than double its annual sugar output to 1 million tonnes by 2015 as the firm seeks new export markets
A forum of Saudi agricultural investors at the Riyadh Chamber of Commerce and Industry will on Sunday discuss the progress of Custodian of the Two Holy Mosques King Abdullah’s Initiative for Saudi Agricultural Investment Abroad.
A consortium of Saudi groups - comprising dairy giant Almarai, grain importer Al Rajhi and Salic, the agriculture arm of the country's Public Investment Fund sovereign wealth fund – buys Continental Farmers Group, which has large farming operations in Poland and the Ukraine.
This agreement comes in line with King Abdullah bin Abdul Aziz’s initiative to encourage agricultural investments abroad and the council’s ongoing efforts to develop and expand the field of agriculture.
Almarai’s ownership of dairies, processing plants and a distribution system makes it more profitable than its peers. The operation’s earnings before interest and taxes margin is at least 30 percent bigger than Danone, Nestle and Savola.