Riyadh Book Fair: Visitors have free entry, need online registration    MISA signs MoUs with French research, educational entities    KSrelief holds training program on COVID-19 treatment in Aden    Prince Faisal, US envoy for Iran discuss nuclear program developments    World's largest and tallest observation wheel celebrates Saudi National Day    SAMF achieves world record for largest brick built F1 car    COVID-19 deaths stay below the 100-mark for two straight weeks    Saudi Automobile and Motorcycle Federation unveils largest Formula 1 car model    Head of Libyan Presidency Council announces plan to hold international conference    Iraqi president warns against complacency in the fight against terrorism    UNICEF: Haiti children vulnerable to violence, poverty and displacement    UNWTO regional director hails Saudi Arabia's active role in global organizations    EU proposes common charger for electronic devices    Support developing countries with climate mitigation: Bosnia and Herzegovina    Winter crisis looms for Europe as energy prices soar    Saudis, expats mourn death of prominent Filipino preacher in Riyadh    Sex and the City star Willie Garson dies aged 57    Saudi Arabia observes Alzheimer's Day with rest of world    Al Burj, Chinar, CSG, Kashmir Stags, ARM, Pak Zalmi record big wins in Kanoo League    Four million Indians suffer from obstructive sleep apnea, conference told    Saudi International, Asian Tour confirm historic partnership    Bollywood actor Sidharth Shukla dies at 40    Custodian of the Two Holy Mosques Directs KSrelief to Urgently Provide Malaysia with Medical, Preventive Equipment and Supplies to Address COVID-19 Pandemic    Custodian of the Two Holy Mosques Congratulates President of Maldives on Independence Day    Weather Forecast for Sunday    RSNF Commander Patronizes Ceremonial Launching of His Majesty's Ship "Jazan"    OIC Condemns Houthi Attempts to Target Civilians in Saudi Arabia    Philippines evacuates thousands as monsoon rains flood cities, provinces    Heavy rain in India triggers floods, landslides; at least 125 dead    U.S. Records 64,321 New Infections of Coronavirus    Without Fans, Tokyo Olympics Kicked Off    Pilgrims Perform Dhuhr and Asr Prayers at Arafat Holy Site    Dr. Mohammed Sulaiman Al-Jasser, Saudi Arabia's Pick to Chair IsDB Group for the next five years, unanimously approved by BoG Committee of Procedures    Saudi Press: Fitch affirms Saudi Credit Rating at "A" with a revised outlook to stable from negative    Handled Cargo at Saudi Ports Increases during June 2021    SDAIA, DARP & STC Launch Pilgrim's Smart Bracelet (NUSK)    Tabuk sculptor spends 8 years in carving entire Holy Qur'an on 30 marble slabs    2 Goals by Diaz Gives Colombia 3rd Place at Copa America    Legendary actor Dilip Kumar, 98, passes away, and with him an era    Saudi Cinema Night at Arab World Institute in Paris Kicks Off    KSU Leads Joint International Scientific Project for Early Detection of Breast Cancer    Saudi Arabia to Participate in Cannes Film Festival 2021    Arab Cup U-17 Championship Draw Saudi Arabia, Morocco, Palestine, Kuwait, in the 1st Group    AWI Hosts Saudi Cinema Nights in Paris    Brazil Beats Chile at Copa America Despite 2nd-Half Red Card    Council of Senior Scholars: Muslim Brothers' Group Don't Represent Method of Islam, rather only Follows its Partisan Objectives, Violating our Graceful Religion    Eid Al-Adha Prayer Performed at the Grand Holy Mosque    Pilgrims Perform Dhuhr and Asr Prayers in Arafat Holy Site    

Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.

Completion of the Privatization of the First & Third Flour Milling Companies
Published in Saudi Press Agency on 17 - 09 - 2020

The National Center for Privatization & PPP (NCP) and the Saudi Grains Organization (SAGO) announced today, Thursday, September 17, the completion of the privatizations of the First and Third flour milling companies. This involved a competitive tender process for the shares of two of the four milling companies to strategic investors. The formal signing of the final contract took place at the Ministry of Environment, Water and Agriculture (MEWA) headquarters in Riyadh, in the presence of the Minister of Environment, Water and Agriculture, the Chairman of the Board of Directors of Saudi Grains Organization (SAGO), the Chairman of the Privatization Supervisory Committee for the Environment, Water and Agriculture Sector, and a member of the Board of Directors of NCP.
The Minister of Environment, Water and Agriculture Eng. Abdulrahman A. Al-Fadley, affirmed that this privatization is a historic event which starts a new era in food security in the Kingdom. He noted that the sale of the flour milling companies will help to enhance competition and improve operational efficiency in the sector. It will also help to increase the diversity of high quality flour products in the local market and improve service standards to customers. Moreover, it will support the government's efforts to achieve food security and develop the local market. The privatization helps to realize the objectives of the Kingdom's Vision 2030, which seeks to raise the contribution of the private sector to the GDP, maximize the benefits derived from government assets, and attract local and international investments.
The Chairman of SAGO, Eng. Ahmad A. Al-Fares, pointed out that SAGO will become the regulator of the milling sector and main supplier of wheat, barley and other grains to the privatized milling companies. SAGO is adopting a flexible regulatory framework that seeks to align the requirements of the Kingdom's food security, product quality, consumer experience while achieving fair investment returns for the private sector. SAGO also seeks to develop, qualify and train employees in the sector, create incentive benefits and stimulate new job opportunities in flour milling companies for the national workforce.
The CEO of the National Center for Privatization & PPP, Eng. Rayyan M. Nagadi, stated that the completion of the sale process marks a turning point for the flour milling sector in the Kingdom, as it is the first asset sale in one of the largest flour and animal feed markets in the MENA region. The privatization is in line with the Kingdom's vision for economic development, and is fully supported by MEWA, MoF, NCP and related entities. Eng. Nagadi added that according to the contract, the shares of the First Milling Company will transfer to the Raha AlSafi Consortium and the shares of the Third Milling Company will transfer to AlRajhi–Ghurair–Masafi Consortium.

Clic here to read the story from its source.