PIF ANNOUNCES TRANSFER OF FOOD AND AGRICULTURAL SHARES TO THE PORTFOLIO OF THE SAUDI AGRICULTURAL AND LIVESTOCK INVESTMENT COMPANY (SALIC)

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.

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

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.