Almarai inks 2 strategic deals to localize fish, seafood processing sector

Logo of Almarai Co.

Almarai Co. signed today, April 15, two strategic agreements with the Ministry of Investment and the Private Sector Partnership Program (Shareek) to support the localization of the fish and seafood processing sector.

The agreements define the eligibility criteria applicable to Almarai and the potential to apply for enablement programs in the fish and seafood processing sector, according to a statement to Tadawul.

Under these agreements, Almarai will be eligible to apply for enablement programs in accordance with the terms and conditions set forth therein.

According to the statement, the eligibility ends on Dec. 31 2030.

The seafood segment represents part of Almarai’s strategy to diversify protein sources and support national food security, in line with the National Food Security Program and the objectives of Saudi Vision 2030.

Almarai also stated that there is no material financial impact on its current operations or ongoing commercial projects at this stage.

The company said it will announce any material financial impact in due course, if and when it materializes. There are no related parties to the deals, it noted.