By: Amr Adel

Abu Dhabi – Mubasher: Saudi Agricultural and Livestock Investment Company (SALIC) on Wednesday said that it established a joint venture (JV) with UAE-based Al Dahra Holding at a value of $1.33 billion, SALIC’s CEO Abdullah Aldubaikhi said.

The JV will be used for cultivating, producing, and investing in food commodities, livestock, and grain production in Black Sea Region countries such as Russia, Ukraine, and Hungary, Aldubaikhi added on the sidelines of the UAE–Saudi Business Forum 2017.

Investments include buying agricultural lands, warehouses, and logistic services through anticipated acquisitions.

Established in 2009, SALIC is owned by Saudi Arabia's Public Investment Fund (PIF), while Al Dahra specialises in the cultivation, production, and trading of animal feed and essential human food commodities such as rice, flour, fruits, and vegetables.