DUBAI, UNITED ARAB EMIRATES — Saudi Arabia-based AlRajhi Holding Group is partnering with Dubai-based Al Ghurair to put together a bid to acquire four flour milling companies operated by Saudi Grains Organization (SAGO), according to a report from Reuters.

Citing three sources familiar with the situation, Reuters said AlRajhi and Al Ghuriar are seeking an adviser to help raise financing for the purchase.

The reports come a little less than a year after Saudi Arabi’s Council of Economic and Development Affairs approved a privatization program that paved the way for the potential sale of the four flour milling companies by SAGO. The privatization is one of the 12 key elements of Saudi Arabia’s Vision 2030, which is focused on creating jobs and supporting economic development

The flour mills have a combined daily milling capacity of 12,630 tonnes (wheat equivalent) and process 3.3 million tonnes of wheat annually.

SAGO, the state grain purchaser for Saudi Arabia, is one of the world’s largest wheat and barley buyers. Saudi Arabia has been a major wheat importer since 2008 when it abandoned its plans for self-sufficiency.