Saudi wealth fund transfers stakes in food and agriculture firms

Saudi wealth fund transfers stakes in food and agriculture firms

Saudi Arabia's Public Investment Fund (PIF) has announced that it has transferred its shares in Almarai, the National Agricultural Development Company and the Saudi Fisheries Company to the Saudi Agricultural and Livestock Investment Company (SALIC), a wholly-owned subsidiary of PIF.

The transfer of ownership, which has been approved by all the relevant stakeholders, aims to stimulate growth in the food and agriculture sector.

Multi-currency revolving credit facility has been agreed with banks from Asia, the Middle East, Europe, the UK and US

SALIC said it has extensive experience in managing food and agriculture investments, which contributes to food security in the kingdom.

It added that its contributions will be especially significant in the wake of the Covid-19 pandemic, which has re-emphasised the importance of supporting the stability of food supply chains.

The announcement of the transfer comes in line with PIF's strategy for 2021-2025, which focuses on unlocking the capabilities of promising non-oil sectors to enhance the kingdom's efforts to diversify revenue sources.

PIF and its subsidiaries aim to contribute SR1.2 trillion to non-oil GDP cumulatively by the end of 2025.

Earlier this month, PIF signed a $15 billion loan from a group of 17 global financial institutions.

The kingdom's sovereign wealth fund has more than doubled the