The Saudi government said on Monday it has approved the setting up of a firm that will invest in projects that would ensure food security and help stabilise food prices domestically. The firm, with a capital of 3 billion riyals ($800 million), will invest in farming and animal production projects, the cabinet said in a statement carried by state news agency SPA after a meeting chaired by King Abdullah.
Owned by a government fund, it will seek to achieve "food security by making available a maximum amount of food needs, agricultural and animal products in a way that would help stabilise prices within the kingdom," the statement said.