The Public Investment Fund (‘PIF’) has announced today that it has transferred its shares in Almarai (16.32% stake), the National Agricultural Development Company (NADEC; 20.00% stake); and the Saudi Fisheries Company (39.99% stake) to the Saudi Agricultural and Livestock Investment Company (SALIC), a wholly-owned subsidiary of PIF. The transfer of ownership has been approved by all the relevant stakeholders.
The transfer is envisaged to enable SALIC’s mission as PIF’s investment arm in the food and agriculture sector, stimulate growth in the sector, and leverage synergies within PIF’s portfolio.
SALIC has extensive experience in managing food and agriculture investments, which contributes to food security in the Kingdom. The company’s contributions will be especially significant in the wake of the Covid-19 pandemic, which re-emphasized the strategic importance of supporting the stability of food supply chains. The transfer is also expected to enable PIF to utilize SALIC’s strategic partnerships, technological and logistical capabilities.
The announcement of the transfer comes in line with PIF’s Strategy 2021-2025, which focuses on unlocking the capabilities of promising non-oil sectors to enhance the Kingdom’s efforts to diversify revenue sources, including in the food and agriculture sector. The Fund and its subsidiaries aim to contribute SAR 1.2 trillion to non-oil GDP cumulatively, by the end of 2025, through growth opportunities for strategic and vital sectors in the Kingdom.
Source: Saudi Press Agency