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FINANCIAL NEWS
Saudi Arabia plans to boost grain storage to 3.2m tons
28 Aug 2012
(MENAFN) Director General of the Grain Silos and Flour Mills Organisation (GSFMO) unveiled plans to boost Saudi Arabia’s storage capacity of grain silos by 27 percent over the next three years, Reuters reported.
The Kingdom plans to increase its grain storage capacity from current 2.52 million tons to 3.2 million tons in three years, Waleed Abdulkarim El Khereiji said.
The added capacity will raise the country’s strategic reserve of wheat to cover 1 year of consumption in the Kingdom from the current 10 months, he said.
Saudi Arabia consumes around 2.9 million tons of wheat annually and plans to totally depend on wheat imports by 2016 to save water in the desert Kingdom.
Saudi Arabia imports wheat from Canada, the US and Australia, among other countries in Europe and South America.
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