Agriculture Minister Fahd Balghunaim signed two contracts worth SR 692.7 million ($185 million) to establish a wheat storage facility in Al-Ahsa with a capacity of 60,000 metric tons and two flour mills in Al-Ahsa and Al-Kharj with a total capacity of 600 tons daily.
The storage project in Al-Ahsa will be completed in 26 months at a cost of SR 298 million. The two flour mills, which will be implemented at a cost of SR 394.7 million, will also be ready within 26 months. Later speaking to reporters, the minister said the King Abdullah Food Security Program was progressing well.
He spoke about the formation of Saudi Agricultural & Livestock Investment Company and its board of directors.
He said there is good coordination between the ministries of foreign affairs, finance, commerce and industry, and agriculture regarding the program. A number of meetings have been held to implement the project.
"The Foreign Ministry has prepared the draft for agreements to be signed between Saudi Arabia and countries targeted for agricultural investment," Balghunaim said.
The Cabinet has approved a system to finance foreign agricultural investment and authorized the Agricultural Development Fund to provide necessary finances. "We have thus completed the main steps of the program," he added.
"We have outlined a plan for the food security program," the minister said. "We'll invite Saudi agricultural investors abroad for coordination of efforts," he added.