Saudi Arabia to import 3.5 mln tons of wheat in 2016

Saudi Arabia is expected to import 3.5 million tons of wheat in 2016, Reuters has reported, citing Ahmad Al-Fares, director general of the Grain Silos and Flour Mills Organization (GSFMO) on the sidelines of the Saudi-French business forum in Riyadh.

Wheat total imports are forecasted to reach 3.4 million tons this year, he noted.

The kingdom's current storage capacity is 3.1 million tons, which is sufficient for 10 months. Meanwhile, wheat demand is projected to reach 4.5 million tons in 2025.

On Sunday, the organization said it would import 740,000 tons of wheat— the fourth batch of 2015— from Europe, North and South America, Australia, and Canada.

The batch is set to arrive December 2015 and in February 2016 on 12 ships, the United Arab Emirates state-run news agency reported. After the latest tender, the organization has sealed deals to import about 2,750,000 tons since the beginning of the year.