RIYADH: The Saudi Agricultural and Livestock Investment Co., known as SALIC, met 30 percent of Saudi Arabia’s demand for wheat in 2022, it has announced. Wholly owned by the Public Investment Fund, SALIC supplied more than 1 million tons of wheat through direct and indirect contracts and exceeded 1.2 million tons in strategic commodities last year. “We are proud to supply 30 percent of the Kingdom’s wheat needs through direct and indirect contracts, in addition to a number of other essential food commodities,” SALIC CEO Sulaiman Al-Rumaih said. The company managed to directly supply 720,000 tons of wheat, which represents 20 percent of the Kingdom’s annual purchase, and more than 300,000 tons of indirectly supplied wheat. SALIC achieved this by winning tenders launched by the General Food Security Authority as part of a program to encourage and support Saudi investors abroad in diversifying sources of wheat to enhance food security in the Kingdom. “These efforts contribute to the company’s goal of achieving the national objective of reaching food security by providing strategic commodities through SALIC’s investments in countries with competitive advantages around the world,” Al-Rumaih explained. SALIC also supplied 120,000 tons of barley, 70,000 tons of soybeans, 12,000 tons of red meat and 11,000 tons of rice through its subsidiaries. Al-Rumaih pointed out that “one of the supply contracts, for 60,000 tons of barley, is unprecedented in the process of ensuring local food security, as efforts between the government and private sectors have been integrated across all stages of the supply chain, in line with the goals of Saudi Arabia’s Vision 2030 to ensure food security.” He added: “SALIC has contracted to supply barley for Mansour Al Mosaid Co., which was funded by the Agricultural Development Fund, and the shipment was delivered from Australia through one of Bahri’s vessels.” The company aims to achieve its strategic goals through investments in the sector. It has completed the acquisition of 35.43 percent of Olam Agricultural Holding and 100 percent of the Australian Lamb Co. along with Minerva Foods. It also acquired 9.2 percent of LT Foods, which trades in Basmati rice.