Saudi Agricultural Livestock Investment Co. (SALIC), an agricultural investment firm, will acquire a parcel of broadacre farming land in the Wheatbelt, Australia for more than $70 million.
The land, which consists of 76,000 hectares (ha) of freehold and 127,000 ha leasehold land around Merredin and Southern Cross, will be used for broadacre grain cropping.
The land has 30 original farms at locations including Merredin, Bodallin, Moorine Rock, Westonia, Southern Cross, Mukinbudin, Bullfinch and Marvel Loch, plus Daisy Downs at Mullewa.
The acquisition is subject to Foreign Investment Review Board approval.