Saudi's Still Keen On Overseas Agriculture

The Agriculture Minister of Saudi Arabia, Fahd Balghunaim, said that the government will set up an $801.1 million company to invest in overseas agricultural projects, Arab News reported.

The minister said in the Saudi Agriculture 2008 exhibition in Riyadh that the new company will be fully owned by the government and there will be room for private investment to carry out agricultural projects overseas.

The company will focus on crops that don't grow in the Kingdom such as rice and sugar, and crops that need plenty of water supplies such as wheat, barley and animal fodder, Balghunaim added.

Ministries of Agriculture, Commerce and Industry will conduct surveys about the available agricultural opportunities in other countries and provide the Cabinet with recommendations, he concluded.