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FINANCIAL NEWS
S. Africa to ink deal with Saudi Arabia, India
25 Jan 2011
(MENAFN) South Africa’s director general in the agriculture department said that his country would close a deal for selling 100,000 tons of maize to traders from Saudi Arabia and India, reported Arab News.
The official said that Soth Africa produces crop of 12.815 million tons and has a surplus of four million tons of the grain that the country finds hard to market.
The official added that the country would not sell all surplus as it needs enough reserves for the domestic market. He said that the domestic market consumes around eight to nine million tons of maize per year.
It is worth noting that the deal is expected to be finalized by the end of February.
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