Saudi invests in WA grain and sheep country

WA cropping country sold to Saudi investment interests

Property
Photo by Al Mabin.

Photo by Al Mabin.

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Western Australia's largest grain-growing aggregations has been sold to Saudi investment interests.

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Western Australia's largest grain-growing aggregations has been sold to Saudi investment interests.

Saudi Agricultural and Livestock Investment Company (SALIC) Australia has announced the purchase of Baladjie Pty Ltd an aggregation of over 200,000 hectares of wheatbelt country that also carries a 40,000-head Merino sheep flock.

The aggregation, sold for a reported $60-million, comprised John and Julie Nicoletti's farming interests and other third-party options.

The transaction was completed last week after long-winded approval process spanning seven months by Australia's Foreign Investment Review Board (FIRB).

"The acquisition of Baladjie is an important step for SALIC as we continue to build our global footprint in a meaningful way," SALIC KSA chief executive Matthew Jansen said.

"It is our first acquisition in Australia as well as our first investment in sheep production."

SALIC head of production agriculture investments William England said that the local team will build on the legacy of John Nicoletti with plans to manage the livestock and grain production enterprise for the long term with a focus on sustainability, profitability, environmental responsibility and support for the local rural community.

SALIC Australia is a wholly owned subsidiary of SALIC KSA, a Riyadh-based investment company 100 per cent owned by sovereign wealth fund, the Public Investment Fund.

The story Saudi invests in WA grain and sheep country first appeared on Stock & Land.

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