Saudi Fund Transfers $2.7 Bilion Stake in Three Firms to Unit
(Bloomberg) -- Saudi Arabia’s sovereign wealth fund transferred stakes worth about $2.7 billion in three companies to its wholly-owned unit as part of plans to streamline efforts to secure food security for the mostly desert kingdom.
The Public Investment Fund shifted its 16.3% stake in Almarai Co., 20% in National Agricultural Development Co., and 40% in Saudi Fisheries Co. to Saudi Agricultural & Livestock Investment Co., according to a statement.
Supply disruptions during the coronavirus pandemic have highlighted the potential food security risks for countries in the Middle East, whose desert climate with soaring summer temperatures means they have to import most of its food from abroad.
Saudi Agricultural & Livestock, also known as Salic, invests in agriculture, livestock production, and sources supplies like wheat, barley and corn for the country. “The transfer aims to develop and support Salic’s mission as PIF’s investment arm in the food and agriculture sector,” according to the statement.
Link to statement
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