The Public Investment Fund (PIF) announced today that the ownership of its shares in Almarai Company (16.32%), the National Agricultural Development Company "Nadec" (20.00%), and the Saudi Fish Company (39.99%) will transfer under the umbrella of the Saudi Agriculture and Livestock Investment Company (SALIC), which is fully owned by the PIF, after obtaining the necessary approvals. The transfer process aims to enhance and develop SALIC's role as an investment arm for the PIF in the food and agricultural sector and a catalyst for the sector's growth, in addition to developing and supporting the various aspects of cooperation between SALIC and the fund's portfolio companies. SALIC has extensive experience in managing investments in the food and agricultural sector, which contributes to enhancing food security in the Kingdom, particularly in light of the novel Corona virus (COVID-19) pandemic. The transfer process comes in line with the PIF's strategy 2021-2025, which focuses on unleashing the capabilities of promising non-oil sectors to enhance efforts in order to diversify sources of income and contribute to achieving the food security strategy. The PIF and its subsidiaries aim to contribute to the non-oil GDP of SR1.2 trillion, cumulatively by the end of 2025.
