Riyadh: Minister of Environment, Water, and Agriculture and Chairman of Saudi Agricultural and Livestock Investment Company (SALIC) Eng. Abdulrahman bin Abdulmohsen Al-Fadley was present at the signing ceremony of SALIC's acquisition of a 42.4% stake in the National Aquaculture Group (Naqua), at the ministry's headquarters today. Attending the event were officials from the two companies.

Al-Fadley said that the strategic partnership between SALIC and Naqua will contribute to achieving the country’s Vision 2030 goals, which include ensuring the sustainability of the country’s vital resources. The partnership aligns with the objectives of the Public Investment Fund and its portfolio companies, which are a key driver of local economic growth, through building long-term partnerships with the private sector. SALIC will leverage its partnership with Naqua to develop the local aquaculture sector and boost its production, which will contribute to both direct and indirect job creation.

The minister also said that the acquisition is in line with SALIC's strategic objectives, which include achieving national food security targets and increasing the local agricultural food sector production, to improve the nation’s food balance deficit.

Chairman of Naqua Dr. Ziad bin Othman Al-Hogail said that this SALIC investment represents a strategic alliance that will re-enforce the quality and sustainability of Naqua's aquaculture, which is at the core of its institutional culture and brand.

"We will work together to achieve our common goals in the field of food security and create added economic value for our partners and customers within and outside the Kingdom.

Since its inception, Naqua has consistently applied the latest technologies and practices for its activities in shrimp, fish, sea cucumber, and fish feed," said Al-Hogail.

Naqua is SALIC's second investment in the aquaculture sector, following the ownership transfer of Saudi Fisheries Company's 39.99% stake from the Public Investment Fund to SALIC in March 2021, with the objective of driving aquaculture growth as well as enabling and advancing SALIC's role as the investment arm of the Public Investment Fund in the food and agriculture sector. Given its experience in investment management across the food and agriculture sector, SALIC is considered one of the main contributors to the re-enforcement of the Kingdom’s food security drive.