Saudi Agricultural and Livestock Investment Co. (SALIC) is setting up a SAR 5 billion joint venture with UAE-based agribusiness firm Al Dahra Co. to invest in the Black Sea region, chief executive, Abdullah Aldubaikhi, told Reuters Wednesday.
The joint venture will invest via acquisitions and will include farmland, logistics and storage, Aldubaikhi added during the UAE-Saudi Business Forum.
The new investments will cover ten countries in Black Sea region including Serbia, Ukraine, Bulgaria among others.
SALIC was said to be considering investing in a Russian grain producer owned by Russian conglomerate Sistema and members of the Louis-Dreyfus family.
In 2009, the Saudi cabinet established SALIC with SAR 3 billion in capital with the aim of improving the kingdom’s food security, according to data available on Argaam.
SALIC owns investments in India, Pakistan, Russia, New Zealand, Sudan, in addition to other projects in Poland and Ukraine.
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