Saudi Arabia to start next phase of flour mill privatisation

      Published on Wednesday, 31 July , 2019      131 Views     
Saudi Arabia to start next phase of flour mill privatisation


Saudi Arabia’s state grain buyer SAGO said it will start the next phase of the sale of its flour mills on Wednesday, which will see pre-qualified bidders perform due diligence and present financial offers, Reuters reports.



The sale is one of the first privatisations the kingdom is planning as part of a wide-reaching overhaul of its economy.

It has attracted interest from some of the world’s largest agribusiness firms, including Archer Daniels Midland Co and Bunge Ltd.

Still, Saudi Grains Organisation (SAGO) in its statement on Sunday did not name successful pre-qualified bidders from the first phase of the process last year.

Privatisation of the flour milling sector is seen as a litmus test for other large state asset sales to follow.

Large grain market players’ interest in SAGO’s mills comes as Saudi Arabia grows increasingly dependent on grain imports.

The kingdom has become a major importer of wheat and barley since abandoning plans in 2008 to become self-sufficient – as farming in the desert was draining scarce water supplies.

But grain industry sources have said the lengthy privatisation process has since discouraged some potential bidders.

Keywords:
Category Business | 2019/07/31 latest update at 10:19 AM
Source : | Photocredit :
132 Views
Comments Add comment



Gulf Media

Related Articles

The editorial staff of Saudi Arabia Today would like to give all of its readers from Gulf and Saudi Arabia and the whole world the opportunity to participate actively in the development of the website! If you have something interesting, fun, scandalous - just something worth to be seen from more people. Capture it and share it in the Saudi Arabia Today with a short text.

Do you have information you want to reach our readers?

Send article/s

You can subscribe to our Facebook, Twitter and Google pages or use our RSS feed channel to always read the most important news about Saudi Arabia, the Gulf and the world.


Sponsored Publications



Saudi Arabia: King Salman’s elder brother Prince Bandar dies at 96 King

Saudi Arabia: King Salman’s elder brother Prince Bandar dies at 96

In Saudi Arabia, King Salman’s elder half-brother, who was the tenth son of the country’s founding monarch, has…

Saudi Arabia urges action to deter maritime disruptions King

Saudi Arabia urges action to deter maritime disruptions

The Council of Ministers, presided over by Custodian of the Holy Mosques King Salman, here in the Tabuk…

Saudi Cabinet decides to allow pilgrims free movement King

Saudi Cabinet decides to allow pilgrims free movement

The Council of Ministers, presided over by the Custodian of the Two Holy Mosques King Salman at Al-Salam…

Custodian of the Two Holy Mosques Chairs Cabinet’s Session King

Custodian of the Two Holy Mosques Chairs Cabinet’s Session

The Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud chaired the Cabinet’s session at…

GULF TV

Popular in GULF TV

PIRELLI “DREAMING” – THE CAL 2019 making of Full Version | Fashion Channel

2300 Views

A photographic tale of the aspirations of four women and their determination to achieve their goals, each one…

Latest videos in GULF TV

Events

Lifestyle

Culture

Sport

Science & Technology

Government