Saudi to ease food crisis with investment

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FOOD INVESTMENT: Saudi Arabia wants to invest money and provide farming technology to help poorer nations raise food production. (Getty Images)

Saudi Arabia wants to invest money and provide farming technology to help poorer nations raise food production and ease a crisis triggered by soaring food prices, Saudi King Abdullah told an Italian newspaper on Wednesday.

"We have a remarkable experience in technology linked to agriculture, and the capital needed to invest in this sector," Abdullah told La Repubblica.

He said the investments would aim to "improve and raise agricultural production in countries with fertile land but lacking from an economic point view".

"Let's transfer technology and develop farming enterprises to help boost the harvest and give food to humanity," he said.

Saudi Arabia, the world's top oil exporter, has already donated $500 million to the United Nations World Food Programme - the largest single cash donation in the history of the world body.

Saudi Arabia plans to grow strategic grains abroad to protect the country from crises in world food supply.

The government is negotiating for Saudi investors to set up projects in Sudan, Egypt, Ukraine, Pakistan and Turkey for wheat, barley, soya bean, rice and animal fodder. (Reuters)

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