Saudi Agroinvest to secure $533m for Agri investments

13 Apr 2010

(MENAFN) Chairman of the Saudi-based Agroinvest said that the agricultural investment firm is close to obtaining consent from the regulator to raise nearly $533 million for foreign and domestic farm investments, Reuters reported.

Usamah Al-Kurdi, who chairs Agroinvest’s founding committee, pointed out that Agroinvest is the biggest among several private firms involved in foreign farm investment that were set up in Saudi Arabia since import-reliant Gulf countries began buying or leasing land in developing nations to secure food supplies.

Al-Kurdi, however, noted that farmland acquisitions by foreign investors have sparked some opposition in developing nations, saying that the United Nations (UN) cited concern last year that farmers’ rights in developing nations could be compromised.

Al-Kurdi said that Agroinvest would not want to stain Saudi Arabia’s image by buying farmlands abroad. He pointed out that the ideal scenario for the firm is to forge partnerships with local companies or farmers unions who have a project ready. If leasing the land is an option, then Agroinvest will do it with its partners, he said.

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