Tuesday, April 7, 2009

Saudis to invest 100 million dollars in farming in Ethiopia


Medeshi April 7 ,2009
A group of private Saudi investors plans to invest 375 million riyals ( U$ 100 million) to plant wheat, barley and rice in Ethiopia, one of the investors said. The recent inflation has resulted in food security topping the policy agenda in the Gulf Arab region. It emphasized the peninsula’s dependence on imports and forced countries to invest abroad to ensure supplies of staples like rice and wheat.
The investors will be setting up a company that will lead the investment. "We have opted for rice, barley and wheat because they are among the crops covered by the (Saudi) government's strategic food security programme," said Mohamed al-Musallam who chairs Dar Misc Economic and Administrative Consultancy firm. The investors plan to start in a year, and is in the process of assessing area and ratios for each crop. State-owned Saudi Industrial Development Fund is granting financing facilities to firms exploring agricultural investments abroad.
FoodBizDaily April 07 2009 - by staff writer

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