PIF transfers shares in food, farm firms to SALIC

March 26, 2021

Saudi Gazette report

The Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fund, announced on Thursday that it has transferred its shares in Almarai (16.32% stake), the National Agricultural Development Company (20% 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 PIF said in a statement carried by the Saudi Press Agency.

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 statement read.

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 PIF and its subsidiaries aim to contribute SR1.2 trillion to non-oil GDP cumulatively, by the end of 2025, through growth opportunities for strategic and vital sectors in Saudi Arabia, the statement added.

March 26, 2021
2 hours ago

Interior ministry’s panel brings about qualitative change in ministerial system

4 hours ago

99 women security personnel deployed at Prophet’s Mosque serving worshipers during Ramadan

5 hours ago

Al-Towaim Mosque in Al-Majma’ah is open for worshipers after renovation