The Saudi Ports Authority and Saudi investment firm SALIC signed an agreement to build a grain terminal in Yanbu Commercial Port, the Saudi state news agency said on Thursday.
The terminal will be capable of handling 5 million tonnes of grains a year.
SALIC, the Saudi Agricultural and Livestock Investment Co and an arm of the desert kingdom’s sovereign wealth fund, was formed in 2011 to secure food supplies for Saudi Arabia through mass production and investments.
Saudi Water and Agriculture Minister Abdul Rahman al-Fadli said the project would link the kingdom to grain sources globally, especially areas where SALIC holds investments.
SALIC sold a 60,000-tonne wheat cargo supplied from its farmlands in Ukraine to SAGO in April, making it the Saudi state grain buyer’s first purchase from agricultural investments overseas.
- Saudi Arabia sentences corrupt judge, others to prison, issues fines
- Saudi Ports Authority, SALIC sign agreement for regional grain terminal
- Issue of income tax not discussed in cabinet, Saudi government discussions: Source
- Saudi co-sponsored Banksy exhibition in Vienna to pump up global cultural scene