Saudi dairy giant Almarai has announced the purchase of a 1,790-acre plot of land in Blythe, California, USA, 88,8% of which is currently cultivated. The transaction, totalling 119.3 million SR (31.7 million USD) was reportedly made through its subsidiary Fondomonte, California Llc.
In a statement published Sunday on the Saudi stock exchange website Tadawul, the company detailed: "This transaction forms a part of Almarai’s continuous efforts to improve and secure its supply of the highest quality alfalfa hay from outside the Kingdom of Saudi Arabia to support its dairy business.
It is also in line with the Saudi government direction in this regard. In addition to this purchase, Almarai is committed to invest into the necessary infrastructure, including a bailing system and logistics and transportation equipment necessary for the efficient supply of alfalfa hay from its US-based facility into the Kingdom."
© Copyright 2021 The Saudi Gazette. All Rights Reserved.