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The announcement comes as Turkish Finance Minister Kemal Unakitan called on Arab nations to expand assets in the nation, Hurriyet reported Friday.

Saudi officials said the plan is aimed at stabilizing food sources and they are negotiating with Turkey, Ukraine, Pakistan, Sudan and Egypt.

"The Saudi government plans to set up projects of at least 100,000 hectares (250,000 acres) in several countries to grow crops such as wheat, corn, rice, soybeans and alfalfa, a feed for livestock", said Abdullah al-Obaid, Saudi Arabian deputy agriculture minister.

Obaid mentioned the rising cost of food as a factor in the new plan.

"The plan to set up new agricultural projects is driven by the rise in food prices, the need to secure future food sources and the desire to offer opportunities to the Saudi private sector", he added.

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