Riyadh, (Business News Report)|| Saudi Grains Organization has awarded a contract to supply the first batch of wheat purchase to the Saudi Agricultural and Livestock Investment Company (SALIC).
The Saudi Grains Organization said that SALIC will import a quantity of 240,000 tons, distributed among four ships, to reach the Kingdom’s ports during the period from August to October 2022.
The organization explained that the awarding of the following payments will take place during the period specified for them until the end of next July.
Meanwhile, Engineer Ahmed bin Abdulaziz Al-Faris, Governor of the Saudi Grains Organization, explained that the amount that was awarded represents the first batch of the organization’s purchases from Saudi investors abroad, which is equivalent to 20 percent of the total amount allocated to investors abroad, i.e. about 700,000 tons.
This also comes within the framework of plans to support strategic stocks and diversify sources of wheat purchase by increasing reliance on Saudi investments abroad and linking them to local consumption.
He indicated that this year represents the third year in a row that wheat is purchased from Saudi investors abroad.
Meanwhile, the Saudi Grains Organization called on Saudi investors to apply to be eligible to compete in the tenders designated for this initiative.
In a separate context, consumer spending increased in April, by 11.7%, compared to the same month last year, 2021.
The Saudi Central Bank said that consumer spending last April amounted to 107.3 billion riyals. Consumer spending saw point-of-sale sales outpace cash withdrawals for the first time.
Point-of-sale sales amounted to 49.4 billion riyals, a growth of 26.2%, while cash withdrawals fell by 7.3% to 47.58 billion riyals.
E-commerce sales through mada cards amounted to about 10.26 billion riyals, with a growth of 84.8%, after it was 5.55 billion riyals.
Whereas, consumer spending from points of sale represented 46.1%, while cash withdrawals accounted for 44.3% and about 9.6% via e-commerce.
Compared to March 2022, spending fell by 5.7%, as spending fell by 6.52 billion riyals, after spending at that time amounted to about 113.8 billion riyals.