Work underway to complete final phase of Saudi mills privatisation

Riyadh – Mubasher: The board of directors of the Saudi Grains Organization (SAGO) held on Wednesday its 190th meeting under the chairmanship of the Minister of Environment, Water and Agriculture and the organisation’s board chairman, Abdulrahman Al Fadli.

Al Fadli said work is underway to complete the second and the last phase of the milling sector privatisation programme, Saudi Press Agency (SPA) reported on Thursday.

He further added that SAGO’s board consented to approve the wheat purchase price from farmers for the current agricultural season at SAR 1,375 a tonne.

In October 2020, SAGO completed the first phase of the milling sector privatisation, a historic milestone that will enhance competitiveness and improve operational efficiency and diversity of products.

The first part of the milling sector privatisation was completed in July with the sale of two milling firms to Saudi and Gulf investors.

The second and final phase of the milling sector privatisation is expected to complete at the beginning of 2021.

The move falls within the goals of the kingdom’s National Vision 2030 aimed at increasing the contribution of the private sector to the gross domestic product (GDP), benefitting from state-owned assets, while attracting local and global investments.

MubasherKSA

Tags: Saudi Arabia, SAGO, Saudi Press Agency, Saudi Grains Organization