Riyadh – Mubasher: Saudi Agricultural and Livestock Investment Company (SALIC) has acquired a 42.40% stake in the National Aquaculture Group (Naqua), as part of their commitment to empowering the aquaculture sector which is a primary pillar of national food security.

Chairman of SALIC, Abdulrahman bin Abdulmohsen Al Fadley, who is also the Saudi Minister of Environment, Water, and Agriculture witnessed the signing ceremony of the takeover deal, noting that the strategic partnership will contribute to achieving Saudi Arabia’s Vision 2030 goals, according to a press release.

The collaboration will further ensure the sustainability of the Kingdom’s vital resources, given its compliance with the objectives of the Public Investment Fund (PIF) and its portfolio companies as a key driver for local economic growth which relies on building long-term partnerships with the private sector.

SALIC will leverage its partnership with Naqua to further develop and enhance the local aquaculture sector in Saudi Arabia with the aim of enabling local aquaculture production, which will help in creating both direct and indirect job vacancies. Meanwhile, increasing local production will contribute to the improvement of the balance deficit in Saudi Arabia.

Ziad bin Othman Al Hogail, Chairman of Naqua, said: “We will work together to achieve our common goals in the field of Food Security and create added economic value for our partners and customers within and outside the Kingdom.”

Al Hogail added: “Naqua, since its inception, has consistently applied latest technologies and practices for its activities in shrimp, fish, sea cucumber, and fish feed.”

Naqua is SALIC’s second investment in the aquaculture sector, which followed the ownership transfer of Saudi Fisheries Company’s 39.99% equity from the PIF to SALIC in March 2021.

It is worth noting that in 2020, the PIF-owned SALIC increased its equity ownership in Brazil’s Minerva Foods to 33.83% from 25.5%.