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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Saudi Arabia buying up farmland in US Southwest

    Lobo
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    • Post n°1

    Saudi Arabia buying up farmland in US Southwest Empty Saudi Arabia buying up farmland in US Southwest

    Post by Lobo Sat 16 Jan 2016, 2:10 pm

    Saudi Arabia buying up farmland in US Southwest
    Jeff Daniels | @jeffdanielsca
    Friday, 15 Jan 2016 | 11:40 AM ETCNBC.com
    Saudi Arabia and other Persian Gulf countries are scooping up farmland in drought-afflicted regions of the U.S. Southwest, and that has some people in California and Arizona seeing red.



    Saudi Arabia buying up farmland in US Southwest 103308398-GettyImages-967338-002.530x298
    Andy Sacks | Getty Images
    Harvesting alfalfa crop
    Saudi Arabia grows alfalfa hay in both states for shipment back to its domestic dairy herds. In another real-life example of the world's interconnected economy, the Saudis increasingly look to produce animal feed overseas in order to save water in their own territory, most of which is desert.
    Privately held Fondomonte California on Sunday announced that it bought 1,790 acres of farmland in Blythe, California — an agricultural town along the Colorado River — for nearly $32 million. Two years ago, Fondomont's parent company, Saudi food giant Almarai, purchased another 10,000 acres of farmland about 50 miles away in Vicksburg, Arizona, for around $48 million.

    "They will continue to come over here and buy properties where they can grow good-quality alfalfa hay and ship it back to the Middle East. It makes logical sense for them to do that because they're not going to be able to grow it in Saudi Arabia, especially for milk production." -Joseph Dutra, President, Westec

    But not everyone likes the trend. The alfalfa exports are tantamount to "exporting water," because in Saudi Arabia, "they have decided that it's better to bring feed in rather than to empty their water reserves," said Keith Murfield, CEO of United Dairymen of Arizona, a Tempe-based dairy cooperative whose members also buy alfalfa. "This will continue unless there's regulations put on it."

    In a statement announcing the California farmland purchase, the Saudi company said the deal "forms part of Almarai's continuous efforts to improve and secure its supply of the highest quality alfalfa hay from outside the (Kingdom of Saudi Arabia) to support its dairy business. It is also in line with the Saudi government direction toward conserving local resources."

    Alamarai did not respond to CNBC requests for an interview.

    http://www.cnbc.com/2016/01/15/saudi-arabia-buying-up-farmland-in-us-southwest.html
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