Saudi Arabia, Olam International, Russia join forces on huge agri-business

Joint venture to cultivate ONE MILLION acres of farmland in Russia and Ukraine

Saudi Arabia’s Public Investment Fund, Olam International, and Russia’s A&N Group are launching a multi-billion-dollar agri-business venture in Russia and Ukraine that will see them cultivating around a million acres (400,000 hectares) of farmland, the Saudi Press Agency (SPA) reported on Tuesday, June 27.

The venture aims to enhance food security in the region.

Saudi Arabia is heavily reliant on food imports, while Russia and Ukraine are major exporters of wheat and other grains. The joint venture will help to reduce Saudi Arabia's dependence on imports and boost its food security. The project, to be developed in two phases, will see the establishment of a large-scale integrated farming and food processing operation. The first phase will involve 200,000 hectares of land, while the second phase will add a further 800,000 hectares.

The project will involve the development of agricultural infrastructure, including irrigation systems, storage facilities, and processing plants. It will also include the development of a digital platform that will connect farmers with markets and provide them with access to information and services.

The project is expected to create thousands of jobs and boost economic development in the region.

The joint venture is expected to create thousands of jobs in the agriculture sector and contribute to the economic development of the region. It is expected to attract investment and expertise from around the world and help to develop a more sustainable and efficient food system.