Philippines

“[Middle East investors] wanted to go on a long-term lease of huge tracts of land and they will plant various crops and then enter into a contract to buy the produce because they need food to feed their people,” Trade Secretary Peter Favila told reporters.

The investments aim to meet Saudi Arabia’s increasing demand for fruits, vegetables and livestock products

An estimated $238.6 million will be alloted by the Saudis to set up cash crop fruit plantations consisting of bananas, mangoes, and pineapples, an agriculture official said.

In an exclusive telephone interview during her visit to Riyadh on Tuesday, Philippine President Gloria Macapagal Arroyo focused on measures by her country to strengthen economic ties with the Kingdom.

King Abdullah of Saudi Arabia told President Gloria Macapagal-Arroyo on Tuesday that he is sending a high-level business mission to the Philippines in April to look for investment opportunities in the Philippine agriculture sector.

According to Nograles the vision of the political leaders of Mindanao is that if the 26,000 hectares of contiguous agricultural land can be developed in the joint venture partnership with the Saudi chamber of commerce, a lease agreement could gurantee 50 years of food security for the Kingdom.

While I am all for infrastructure projects, the way these large-scale agriculture projects are being conceived leaves a lot to be desired. One, they are shrouded in secrecy. Two, this being Kenya, it is not clear who will benefit most.

Saudi Arabia and the UAE are worldwide leaders in buying farmland in third-party countries, followed by China and Japan, says the World Bank.

Saudi Arabia, one of the world's biggest rice importers, has received the first batch of rice to be produced abroad by local investors, state news agency SPA reported on Monday.

Speaker Nograles pushed for Saudi-Philippines partnership to develop some 26,000 ha of government property in Central Mindanao into a major agri-industrial production and processing complex.

Countries struggling to secure credit have resorted to barter and secretive government-to-government deals to buy food, with some contracts worth hundreds of millions of dollars.I

Speaker Prosopero Nograles expressed optimism that the Philippines will be able to provide the food requirements of the Kingdom through possible Saudi investments in Mindanao.