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Saudis plan farms abroad to ensure food security

Saudi Arabia has taken a series of measures aimed at curbing rising prices of consumer commodities as well as to ensure food security, officials announced on Tuesday.

  • By Mariam Al Hakeem, Correspondent
  • Published: 00:36 May 7, 2008
  • Gulf News

Riyadh: Saudi Arabia has taken a series of measures aimed at curbing rising prices of consumer commodities as well as to ensure food security, officials announced on Tuesday.

The measures include plans to invest in agricultural and livestock projects abroad and establish a holding company to manage these projects. "The Council of Ministers approved long-term and short-term arrangements for the adequate supply of essential commodities and to control their prices in the local market," said culture and information minister Iyad Madani.

The cabinet's measures come at a time when inflation in the country soared to a 30-year peak of 9.6 per cent last month. Inflation in the largest Arab economy almost doubled in the six months to March this year.

The council of ministers has authorised the ministries of finance, agriculture and commerce to prepare study for establishing a Saudi holding company of public and private sectors for operation and investment in agriculture, cattle and fisheries in other countries.

Long-term issues

Referring to long-term measures to curb prices, culture and information minister Iyad Madani said the ministries of agriculture and commerce and industry would present within two months a report to the Cabinet of a comprehensive survey it is conducting on investment opportunities in agriculture, cattle and fisheries abroad. Saudi businessmen will be encouraged to invest in the sector by providing them with credit and finance facilities through public finance institutions.

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