DUBAI, United Arab Emirates – Saudi Arabia’s largest dairy company has bought Argentine farm operator Fondomonte for $83 million in a bid to secure farm feed.
Riyadh-based Almarai said in a statement to the Saudi stock exchange Wednesday that the deal is in line with the kingdom’s policy of “securing supplies and conserving local resources.”
Get weekly money news
Get expert insights, Q&A on markets, housing, inflation, and personal finance information delivered to you every Saturday.
By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy.
Fondomonte operates three farms that produce corn and soybeans.
Almarai says it plans to use the crops to feed both chickens and cattle.
Oil-rich Gulf Arab nations in recent years have shown increased interest in buying up farmland overseas to ensure reliable food supplies.
Comments