Saudi Arabia is accelerating plans to privatize key infrastructure in an effort to modernize the economy DUBAI: Saudi Arabia"s National Agricultural Development Company (NADEC) is part of a consortium that has bid for a privatized flour mill in the Kingdom. It has teamed up with OLAM International Limited, Al Rajhi International for Investment and Abdulaziz Alajlan & Sons Company for Commercial and Real Estate Investment, to bid for one of two mills being privatized, the company said in a stock exchange filing. The two mills are being offered for privatization by the Saudi Grains Organization. NADEC said it has agreed a "term sheet" relating to the creation of a limited liability company to acquire the mill should its bid be successful. The potential acquisition would be financed through a combination of self-financing by the consortium members and borrowing from local banks, it said. Saudi Arabia is accelerating plans to privatize key infrastructure in an effort to modernize the economy, speed major infrastructure works and develop its financial services sector.