Sumary of SAGO sells mills to UAE investors as part of KSA’s ongoing privatization drive:
- The consortium, which includes Ghurair Investment (AGI), Al Rajhi Holding Group and Masafi, acquired MC3 following a competitive tender process led by SAGO and the NCP..
- SAGO will continue to oversee MC3 in its remit as the regulator of the Kingdom milling sector and its main importer and supplier of wheat, barley and other grains..
- The flour milling sector represents one of the key sectors for full privatization in line with Saudi Vision 2030, and the completion of the acquisition is a significant step in the country privatization agenda..
- “The completion of the strategic acquisition of MC3 marks a milestone in the move toward the privatization of crucial sectors, and aligns to AGI strategy to support governments as they seek to enhance food security throughout the region..
- “We are grateful to the NCP, SAGO and our consortium partners for their trust in our commitment to advancing the development of the grains sector..
- “Monetizing public assets is a key agenda item for governments across the Middle East, as is food security as they seek to boost competitiveness, product diversity and operational efficiency..
- “This is a historic transaction which is a major step toward the Kingdom vision to increase private sector participation in the Saudi economy..
- Al Rajhi Holding Group aims to leverage on its experience … to improve operational efficiency and performance, drive new product development, enhance distribution networks, increase market penetration, and enrich the overall consumer experience.”…