Saudi Arabia asks private sector to import 355,000 T of wheat

• Saudi, the world's top oil exporter, has long encouraged its private investors to pour money into agricultural investments abroad in order to enhance the country's food security.
• Fares said the call to import quantities of wheat into Saudi aimed to make use of these investments abroad.

DUBAI: Saudi Arabia's state grain buyer SAGO said on Monday it was asking Saudi investors abroad to import 355,000 tonnes of wheat into the kingdom.

Saudi, the world's top oil exporter, has long encouraged its private investors to pour money into agricultural investments abroad in order to enhance the country's food security.

"The programme for agricultural investments abroad is one of the strategic food security programmes in the kingdom which aims to diversify and stabilise sources of outside food supply," SAGO Governor Ahmed al-Fares said in the statement.

Fares said the call to import quantities of wheat into Saudi aimed to make use of these investments abroad.

The imported wheat would be for arrival periods between May and November and the quantity represents around 10pc  of Saudi Arabia's local needs for the grain.

Saudi Arabia usually purchases wheat through international tenders announced by SAGO, its state grain buyer.