News

Saudis abandon domestic wheatproduction; will invest in other countries

According to an article on agrimarketing.com, Saudi Arabia has abandoned its own domestic wheat production program and isinvesting heavily in foreign agricultural production projects—many in Africa. The country’s goal is to ensure its food security and help stabilize domestic food prices.

Citing The Brock Report as its source, the article says the Saudis are urging companies to invest in farmprojects abroad after dropping their own 30-year old domestic wheat program to reduce water usage. One private Saudi firm is reportedly planning to spend 400 million dollars by 2011 to produce wheat and corn in Egypt and Sudan.