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SALIC setting up a 5 billion riyal joint venture with UAE agricultural firm
The Saudi Agriculture and Livestock Investment Company (SALIC) is setting up a 5 billion riyal ($1.3 billion) joint venture with UAE agricultural firm Al Dahra to invest in the Black Sea region, CEO Abdullah Aldubaikhi said.
The joint venture will invest across 10 countries in the Black Sea in grains and livestock, Aldubaikhi told reporters in the UAE capital Abu Dhabi.
Investments will be via acquisitions and will include farmland, logistics and storage, he said.
"It is part of the food security strategy," he said.
Al Dahra, owned mainly by Abu Dhabi investors, partners with the UAE government for its food security programme.
SALIC said investments would include Russia, Ukraine, Romania, Belarus, Hungary and Bulgaria.
"Investing in agriculture abroad is very important for Saudi Arabia to compensate for the grains not being produced locally, we are part and parcel of this strategy," Aldubaikhi said.