Saudis set aside $800m for foreign food

Saudi Arabia is putting $800m into a new public company that will invest in overseas agricultural projects.

The move signals a large step-up in Riyadh’s efforts to outsource supply for the kingdom’s food needs.

The provision of public money, on top of private-sector efforts to secure supplies, follows last year’s food crisis and Riyadh’s decision to phase out production of domestic wheat to conserve water resources.