UAE, Saudi firms to invest $1.3b in agriculture in Black Sea region

Abu Dhabi: Saudi Agricultural and Livestock Investment Company (SALIC) along with UAE's Al Dahra company will be investing 5 billion riyals ($1.33 billion) in Black Sea region in agriculture, chief executive officer of SALIC told reporters in Abu Dhabi on Wednesday.

"Investment started already. We will be acquiring companies and we will be investing in grains and livestock," said Abdullah Aldubaikhi during UAE-Saudi Business Forum.

The companies will be investing in ten countries in Black Sea region including Serbia, Ukraine, Bulgaria among others. The two countries are also working to set up a joint venture company, he added.