Saudi Arabia is expected to import around 2 million tonnes of wheat in 2011, 51 per cent more than in 2009, organisers of an agricultural event in the country have said.
The country accounts for as much as 63 per cent of the Gulf Cooperation Council’s (GCC) $9 billion food and beverage market, easily establishing the country as a major business and investment destination for key players in the food production value chain.
Food and groceries account for almost half of total annual retail sales in the kingdom, home to some of the Gulf’s largest food, drink and grocery companies.
Saudi Arabia, also one of the biggest markets for grain and flour products, is the largest importer of barley in the world.
Saudi Agriculture 2011, described as the country’s largest business-to-business and agro-food event, opened in Riyadh on Monday. The event, which is being attended by high-ranking agriculture officials, major producers, manufacturers, dealers, agents and distributors, is on till Thursday.