A new Saudi company, Agricultural Investment in East Asia Company, established by a member of the wealthy banking family Al-Rajihi with a capital of $26 million, will enter into partnership with farmers in the targeted countries under which the company will provide agriculturalists, seeds, expertise and the construction of storage facilities.

The targeted countries are Pakistan, Viet Nam, Philippines and Cambodia.

The company expects an initial production of 240,000 tons of rice for consumption in the Kingdom as part of a food security program.

Source: Al-Sharq Al-Awsat, London, June 15, 2010