Saudi Arabia’s Public Investment Fund (PIF) said Thursday that it has transferred its stakes in Almarai, the National Agricultural Development Co and the Saudi Fisheries Co to Saudi Agricultural and Livestock Investment Co (SALIC), a wholly-owned subsidiary of the PIF.
The transfer is aimed at leveraging synergies within its food and agriculture portfolio and enabling SALIC to stimulate growth in the sector, the PIF said in a statement on Thursday.
SALIC has extensive experience in managing food and agriculture investments, which contributes to food security in the kingdom.
The transfer is also expected to enable PIF to utilize SALIC’s strategic partnerships, technological and logistical capabilities to attain this stability.
The transfer announcement 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 SAR1.2 trillion to non-oil GDP cumulatively by the end of 2025, through growth opportunities for strategic and vital sectors in the Kingdom.
Earlier this month, the PIF signed a $15 billion multi-currency revolving credit facility with a group of 17 banks, which it said gives it access to extra capital that can be deployed quickly when needed.
The new loan was provided by 17 banks from Asia, the Middle East, Europe, the United Kingdom and the United States, the PIF said in a statement.
