- PIF has transferred its food and agricultural shares in Almarai, the National Agricultural Development Company (“NADEC”); and the Saudi Fisheries Company to the Saudi Agricultural and Livestock Investment Company (“SALIC”)
- The transfer aims to develop and support SALIC’s mission as PIF’s investment arm in the food and agriculture sector
- The transfer is in line with PIF’s investment strategy 2021-2025, which focuses on unlocking capabilities of promising non-oil sectors including contributing to Saudi Arabia’s food security strategy
Riyadh: 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.
More information about PIF can be found at www.pif.gov.sa
Media Contact: firstname.lastname@example.org
About the Public Investment Fund
The Public Investment Fund is one of the largest and most impactful sovereign wealth funds in the world, driving the economic transformation of Saudi Arabia for the benefit of its people while helping shape the future global economy. PIF is building a world-class portfolio through investments in attractive, long-term opportunities across diverse industries and asset classes internationally, while unlocking new sectors at home. PIF works alongside global strategic partners and renowned investment managers, and acts as the Kingdom of Saudi Arabia’s primary investment arm aiming toward generating long-term value for the Kingdom of Saudi Arabia in line with Vision 2030. More information can be found at www.pif.gov.sa
The Saudi Agricultural and Livestock Investment Company (SALIC) was established by Royal Decree in 2009 as a wholly owned company of the Public Investment Fund (PIF). SALIC began its investment operations in 2012 with a wide variety of international companies specialized in the agricultural field and in the field of trade of grains, rice, and meat, spanning across the Ukraine, Canada, India, Brazil, Australia, and Britain. Locally, SALIC established the National Grain Company through a strategic partnership with Saudi Arabia’s National Shipping Company (Bahri) to build the Yanbu grains station at the Yanbu Commercial Port. SALIC intends to grow its local and global investment portfolio, raise the operational efficiency of existing investments, and develop its relationships with global leading companies in the same field.
© Press Release 2021