Saudi Arabia upgrades SCAIAP’s Role in Agro-FDI

According to the Saudi Minister of Agriculture Fahd Balghunaim, the Saudi Ministry of Agriculture wants to hand over the file of foreign agricultural investments to the Saudi Company for Agriculture Investment and Animal Production (SCAIAP).

Currently the file is handled by the Minister of Commerce and Industry in the lead (chairman) and the Minister of Agriculture as his deputy. The undersecretaries of the Ministries of Agriculture, Commerce, Finance and Foreign Affairs are also part of the team.

The decision would mean a considerable upgrade of SCAIAP, which is held by the Public Investment Fund, which is in turn run by the Ministry of Finance. So far there have not been disbursements of SCAIAP funds even it has been launched in 2009 already.

This has led to complaints by the private agro-business community of Saudi Arabia in the past, which is supposed the primary beneficiary of SCAIAP funds.

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