42 Saudis seek overseas agro investments

4138Some 42 Saudi investors have made requests to make agricultural investments in foreign countries, Saad Khalil, director, Office of King Abdullah Initiative for Agricultural Investment Abroad, told local media.

The number of investors, be they joint-stock companies, private firms or individuals, are on the rise annually, Al-Eqtisadiah daily quoted Khalil as saying.

Based on a field survey, investment potentials are available in 31 countries while other countries asked for inclusion in the list of targeted countries, he said.

For their part, Saudi investors expressed willingness to expand countries in which they want to invest and their requests are currently being reviewed, he said.

He added that the agro investments in foreign countries is the task of private sector firms, which have to take advantage of facilities provided by the Saudi government in collaboration with the targeted countries.

He denied any delay in financing agro investments abroad but, however, completion of financing procedures takes time where certain procedures have to be completed by the investor through the office while others have to be finalized with Agricultural Development Fund (ADF).

The role of the office in providing food and water security is not limited to Saudi Arabia but also expands to cover the country of origin, he said.

According to earlier statements, the 31 countries targeted by the King Abdullah Initiative are as follows: Pakistan, Kazakhstan, Philippines, Vietnam, Australia, Turkmenistan, Uzbekistan, Kyrgyzstan, Indonesia, India, China, Sudan, Egypt, Ethiopia, Tanzania, Uganda, Senegal, South Africa, Mali, Kenya, Niger, Ukraine, Turkey, Russia, Romania, Poland, Bulgaria, Argentina, Uruguay, Canada and Brazil.

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