Saudi wealth fund transfers stakes in food, agri companies to SALIC

Saudi Arabia's wealth fund has transferred its shares in three food and agricultural companies to a wholly-owned subsidiary to streamline efforts as part of the Kingdom's food security strategy.

The Public Investment Fund moved its 16.32% shares in Almarai, 20% stake in the National Agricultural Development Company and 39.99% hold in the Saudi Fisheries Company to the Saudi Agricultural and Livestock Investment Company.

PIF said in a statement on Thursday (March 25) the move supports SALIC as its investment arm in the food and agriculture sector.

SALIC's domestic and international investments are geared towards food security in the Kingdom by providing food products and stabilising their prices. 

Its recent investments include building the first grain terminal at the port of Yanbu that will have a capacity of 5 million tons annually, and the acquisition of Australian company Baladjie for its 200,000 hectares of farming land that includes a 40,000-head sheep flock.

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