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Saudi Arabia to Import Agricultural Products to Boost Strategic Stocks

Saudi Arabia to Import Agricultural Products to Boost Strategic Stocks

Tuesday, 24 May, 2022 - 10:45
Saudi Arabia signs contracts to boost strategic stocks for agricultural products. (Asharq Al-Awsat)

Saudi Arabia's Agricultural Development Fund signed a number of financing contracts to import agricultural products worth SAR 367 million riyals ($ 97 million) in a move aimed to promote the Kigdom's food security initiative and strengthen the strategic stock,

The Saudi Food Abundance Committee, emanating from the Food Security Committee, held its twelfth periodic meeting last week, to review the abundance of basic food commodities in the Kingdom, and the latest developments in global food markets and supply chains in light of the repercussions of the Russian-Ukrainian crisis. The meeting was chaired by Eng. Abdul Rahman Al-Fadhli, Minister of Environment, Water and Agriculture.

The Fund signed a contract with the First Excellence Feed Company to finance the import of barley at a value of SAR 92 million riyals ($24 million).

It signed a similar contract with Al-Nafia Food, at a value of SAR 125 million ($33 million), and one with Arabia Agricultural Services (ARASCO) worth SAR 150 million riyals ($40 million) to finance the import of barley, yellow corn and soybeans.

The signing of these contracts comes to boost the strategic stock and ensure the stability of food supply chains, and to compensate for any shortages that may occur in the supply of commodities and agricultural products due to the repercussions of the crisis in Ukraine.

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