The Saudi Grains Organization (SAGO) announced on Monday completing procedures for purchasing 355,000 tons of wheat from Saudi companies investing abroad. The purchase represents around 10% of the Kingdom’s annual consumption of wheat.
Environment, Water and Agriculture Minister Abdulrahman Al-Fadhli, who is also the chairman of the SAGO’s board of directors, said that the amount of wheat will be supplied by Saudi Agricultural and Livestock Investment Company (SALIC).
SALIC, owned by the Saudi Public Investment Fund (PIF), will supply the wheat through its investments in countries of comparative advantage in the field of grain agriculture.
Al-Fadhli said the method offers a “quantum leap for the company.”