Saudi Arabia plans to boost jobs with privatisation of flour mills

Saudi Arabia plans to boost jobs with privatisation of flour mills

More jobs are expected to open in Saudi Arabia, with the completion of a previously announced privatisation of the kingdom's flour mills business, according to a statement. The state's grain buyer Saudi Grains Organisation (SAGO) said late Tuesday that it has completely divested its entire stake in the last two milling companies, which represent the final phase of the state assets' sale. The kingdom's Second Milling Company has been sold to a consortium of Abdulaziz AlAjlan Sons Co. for Commercial and Real Estate Investments, Sulaiman Abdulaziz AlRajhi International Co., NADEC and Olam International Limited, while the Fourth Milling Company has been awarded to a consortium of Allana International, Abdullah Al Othaim Markets and United Feed Manufacturing Company – all for a combined sum of more than ($773 million). Last July, two of the government's milling firms were sold to investors that include companies based in Saudi Arabia and the UAE. “The sale of the [last two milling companies] to the private sector will be the catalyst for the growth of the sector with the aim to further strengthen the capabilities of the sector, enhance performance, support diversification of products while maintaining quality in a cost-effective manner,” a statement issued following the final sale said. “The