PIF’s stake transfer boosts SALIC’s position as fund’s investment arm in food sector: AlRumaih

SALIC Chief Executive Officer (CEO), Sulaiman AlRumaih

The Public Investment Fund’s (PIF) transfer of stakes in Almarai Co., National Agricultural Development Co. (NADEC) and Saudi Fisheries Co. to its wholly-owned subsidiary, Saudi Agricultural and Livestock Investment Co. (SALIC), will boost its position as the fund’s investment arm in the food and agriculture sector, stated SALIC chief executive officer (CEO) Sulaiman AlRumaih.

“The step will also leverage synergies within PIF’s portfolio,” Al Rumaih added.

The transfer will additionally help SALIC bolster the development of the agriculture sector through capitalizing on the potential growth across the Kingdom, while consolidating the state-owned investments under a sustainable investment portfolio with efficient contribution in the agriculture and food sectors locally and internationally.

SALIC strategy aims at fulfilling Saudi Arabia’s food security, in addition to securing a number of sustainable agriculture investments via takeover agreements, new projects or partnerships in outstanding entities.

The company’s contributions are especially significant in the wake of the COVID-19 pandemic, which reemphasized the strategic importance of supporting the stability of food supply chains, Al Rumaih noted.

SALIC’s foreign investments played a role in providing basic products and maintaining the local market stability. Earlier this year, SALIC won a tender to supply 355,000 tons of wheat from Saudi Arabian-owned farms in Australia, Canada and Ukraine, which came within the framework of the Kingdom’s agricultural investment program abroad, representing one of the multiple food security programs, aimed at diversifying sources of foreign food supplies.

SALIC was set up in 2009 by the Saudi Cabinet with SAR 3 billion in capital with the aim of improving the Kingdom’s food security, according to data available on Argaam.

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