SALIC Supplies 30% of the Kingdom’s Wheat Needs in 2022

The Saudi Agricultural and Livestock Investment Company (SALIC), fully owned by the Public Investment Fund, announced on Tuesday, March 28, 2023, that it completed the supply of more than 1.2 million tonnes of strategic commodities in 2022.

SALIC also directly supplied 720,000 tonnes of wheat, which represents 20% of the Kingdom's annual purchase, after having won tenders launched by the General Food Security Authority as part of a programme to encourage and support Saudi investors abroad in diversifying sources of wheat, to enhance food security in the Kingdom.

According to SALIC, it indirectly supplied more than 300,000 tonnes of wheat, 120,000 tonnes of barley, 70,000 tonnes of soybeans, 12,000 tonnes of red meat, and 11,000 tonnes of rice through its subsidiary companies in various continents.

The company CEO, Eng. Sulaiman bin Abdulrahman Al-Rumaih, said: "We are proud to supply 30% of the Kingdom's wheat needs through direct and indirect contracts, in addition to a number of other essential food commodities. These efforts contribute to the company's goal of achieving the national objective of reaching food security by providing strategic commodities through SALIC's investments in countries with competitive advantages around the world."

Al-Rumaih added that "one of the supply contracts, for 60,000 tonnes of barley, is unprecedented in the process of ensuring local food security, as efforts between the government and private sectors have been integrated across all stages of the supply chain, in line with the goals of Saudi Arabia's Vision 2030 to ensure food security. SALIC has contracted to supply barley for Mansour Al Mosaid company, which was funded by the Agricultural Development Fund, and the shipment was delivered from Australia through one of Bahri's vessels".

SALIC is moving forward to achieve its strategic goals to contribute to achieving the Kingdom's food security strategy by increasing its qualitative investments locally and globally. It has achieved several accomplishments during the year 2022, including completing the acquisition of 35.43% of Olam Agricultural Holding and acquiring 100% of the Australian lamb company ALC along with Minerva Foods. It also acquired 9.2% of LT Foods, which trades in Basmati rice.

Source: Saudi Press Agency