SAGO sells mills to UAE investors as part of KSA’s ongoing privatization drive

sago sells mills to uae investors as part of ksas ongoing privatization drive

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.”…

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