Rabat – The Saudi private sector is looking into the possibility of investing in the agriculture sector in 10 Arab countries including Morocco.
According to “official sources” quoted by Asharq Al-Awsat, the Federation of Saudi Chambers (FSC) has submitted a proposal to the government to explore the possibility of investing in the agricultural sector of the 10 Arab countries.
FSC’s proposal includes a detailed account of prospect projects in the 10 countries. The list also includes Mauritania, Tunisia, Oman, the United Arab Emirates, Egypt, Qatar, Iraq, and Saudi Arabia, Asharq Al-Awsat reported.
After submitting the proposal, FSC called on private entities to review the list of prospective investment opportunities, the report added, noting that the investment opportunities FSC proposed include financing ventures through loans or equity.
Investment opportunities in Morocco include a project relating to the cultivation of fruits and vegetables, as well as some projects within the agri-food business including the production of concentrated juices and jams.
In addition to investing in regional agriculture businesses, FSC further proposed for Saudi companies to partner with an international agriculture startup specializing in producing hybrid seeds.
Through the collaboration, Saudi companies would ultimately work to expand the production of the startup to the Middle East and North Africa region, FSC said.
Among the potential investment opportunities, FSC proposed investing in the Tunisia Fisheries Fund, a state-backed company working to attract investments to the country’s agriculture sector.
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Since 2016, Saudi Arabia has been working to increase the outflow of its investments abroad. Known as “Vision 2030,” the strategy aims to diversify the Gulf country’s economy by ending its dependence on oil.
Saudi Arabia’s investments abroad have more than tripled in recent years, going from $7.3bn in 2017 to $21.2bn in 2018, according to the Oxford Business Group, a business intelligence company.
