Officials during the agreement signing ceremony
The Public Investment Fund (PIF) wholly-owned subsidiary Saudi Agricultural and Livestock Investment Co. (SALIC) signed an agreement to acquire 42.4% of National Aquaculture Group (NAQUA).
The Minister of Environment, Water and Agriculture (MEWA) and Chairman of the board of directors of SALIC, Abdulrahman AlFadley, said that the strategic partnership with NAQUA comes within the framework to achieve the objectives of the Kingdom's Vision 2030 in the field of ensuring the sustainability of vital resources.
This is in addition to achieving SALIC's strategic goals of attaining national objectives for food security and empowering the agri-food sector by enhancing local production, which will be reflected in narrowing the trade balance deficit.
In a statement issued by SALIC today, June 11, AlFadley said that this step is in line with the directions of PIF and its portfolio companies, as a key driver for the growth of the local economy, to build long-term partnerships with the private sector. This implies that SALIC will develop the local aquaculture sector through a partnership with NAQUA to empower the aquaculture sector, which will increase production and create direct and indirect job opportunities.
NAQUA is SALIC's second investment in the field of fisheries after taking over PIF’s 39.99% stake in Saudi Fisheries Co. in March 2021 to strengthen and develop SALIC's role as an investment arm of the Saudi sovereign fund in the food and agriculture sector and stimulating the sector’s growth.
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