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Saudi's Almarai Co. buys farm land in California
(MENAFN) Saudi Arabia's Almarai Co, the hugest Co in the Gulf, spent USD 31.8mn to buy land in California in order to supply its business with alfalfa hay.
Moreover, the 1,790 acres of land, developed through Almarai's Fondmonte California LLC process, was financed through its own resources.
Saudi Arabia is phasing out the increasing of corps and fodders due to the strain like cultivation places on scarce water resources in the desert kingdom.
In addition, Almarai's costs will grow by USD 53mn this year because of the ban on green fodder, with the amount increasing yearly until the Co. imports all its green fodder by 2019.
Moreover, the 1,790 acres of land, developed through Almarai's Fondmonte California LLC process, was financed through its own resources.
Saudi Arabia is phasing out the increasing of corps and fodders due to the strain like cultivation places on scarce water resources in the desert kingdom.
In addition, Almarai's costs will grow by USD 53mn this year because of the ban on green fodder, with the amount increasing yearly until the Co. imports all its green fodder by 2019.
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