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FINANCIAL NEWS
Cargill to enter Saudi Arabia’s starches and sweeteners business
24 Jan 2013
(MENAFN) US food processing commodity trader Cargill and Saudi agribusiness firm Arasco unveiled plans to set up a new starches and sweeteners joint venture in Saudi Arabia, Saudi Gazette reported.
The new joint venture company will take over Arasco’s existing corn milling facility in Al Kharj and will produce starch based products primarily for the GCC countries as well as Yemen, Iraq and Jordan.
The partnership aims to meet the growing demand across the confectionery, juice, bakery and catering segments in the region.
Arasco will have 80 percent of the venture, while Cargill will own the remainder once the deal, subject to regulatory approvals, is sealed.
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