Thursday, April 16, 2009

How sweet!

Financial Times April 14

"Saudi Arabia is putting $800m into a new public company that will invest in overseas agricultural projects.

The move signals a large step-up in Riyadh’s efforts to outsource supply for the kingdom’s food needs.


The plans have raised concerns about Saudi Arabia and other wealthy Gulf states exporting from poor countries in Africa which suffer from chronic food shortages. Mr Obaid tried to dispel those fears saying that although a “big portion” of the crops would be exported back to Saudi Arabia, the kingdom would leave some of the food it produced overseas for the local market."

But...Financial Times March 4

"Saudi Arabia has announced the arrival of the first food crop harvested in Saudi-owned farms abroad, in a sign that the kingdom is moving faster than expected to outsource agricultural production.

Rice, harvested in famine-hit Ethiopia by a group of Saudi investors, was presented to King Abdullah recently and comes as other countries are still in the early stages of investing in overseas farms."

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