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Tue 8 Jun 2010 11:52 PM

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Saudi Arabia to join International Grains Council

Move follows the 2008 decision to abandon domestic self sufficiency in wheat growing.

Saudi Arabia to join International Grains Council
FORMAL PROCESS: Saudi Arabia is completing the formal process to become a member of the International Grains Council. (Getty Images)

Saudi Arabia is completing the formal process to become a member of the International Grains Council, the body's executive director said on Tuesday.

The move follows Saudi Arabia's decision in 2008 to abandon its self sufficiency domestic wheat growing programme due to reduced water supplies.

Speaking at the IGC's conference in London, Etsuo Kitahara, executive director of the IGC, said the formal procedure to finalise new membership should be completed in the coming weeks.

Dealers estimate Saudi Arabia will import around 3 million tonnes of wheat a year by 2011/12.

Keith Flury, analyst, FO Licht, Germany, said: "Their membership signifies a more international scope to their wheat procurement."

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Mk 9 years ago

National Saudi food company will have to devirsify their resources of revenue rather than wheat. they to grow revenues from other crops, as its share from wheat will gradually reduced till 2016, when then no shares will be distributed as KSA will be fully importing wheat from out side. Thanks