The Saudi Public Investment Fund announced today the transfer of ownership of its shares in Almarai Company (16.32%), the National Agricultural Development Company "Nadec" (20.00%), and the Saudi Fish Company (39.99%) to fall under the umbrella of the Saudi Agricultural Investment and Animal Production Company "Salik" , Wholly owned by the fund, and the shares were transferred after the fund obtained the necessary approvals.

The transfer process aims to enhance and develop the role of Salik as an investment arm for the Public Investment Fund 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 Salik and the fund portfolio companies.

Salik has extensive experience in managing investments in the food and agricultural sector, which contributes to enhancing food security in the Kingdom, especially in light of the Corona pandemic, which revealed the strategic importance of supporting the stability of food supply chains. The transportation operation is expected to leverage the strategic, technological, and logistical partnerships of Salik to achieve this stability.

The announcement of the transfer comes in line with the PIF strategy 2021-2025, which focuses on unleashing the capabilities of promising non-oil sectors to enhance efforts to diversify sources of income, and contribute to achieving the food security strategy.

The fund and its subsidiaries aim to contribute to the non-oil GDP of 1.2 trillion Saudi riyals, cumulatively by the end of 2025, by activating growth opportunities for the strategic and vital sectors in the Kingdom.