A strategic partnership contract was signed between NAQUA and the Saudi Agricultural and Livestock Investment Company (SALIC), one of the companies owned by the Public Investment Fund. The signing ceremony was attended by His Excellency the Minister of Environment, Water and Agriculture, and the Chairman of the Board of Directors of SALIC, Eng. Abdulrahman bin Abdulmohsen Al-Fadley. The signing took place at the Ministry of Environment, Water and Agriculture headquarters on Sunday, June 11, 2023, in the presence of representatives from both companies.
As part of this deal, it was agreed to raise the capital of NAQUA through a primary investment from SALIC, resulting in SALIC owning 42.4% of the total shares of NAQUA.
On this occasion, His Excellency the Minister of Environment, Water and Agriculture and Chairman of the Board of SALIC, Eng. Abdulrahman bin Abdulmohsen Al-Fadley, said: "The strategic partnership between SALIC and NAQUA aims to achieve the goals of Vision 2030 in the field of ensuring the sustainability of vital resources, and it aligns with SALIC's strategic objectives in achieving national food security goals and enabling the agricultural food sector by enhancing local production, which will reflect positively on improving the trade balance deficit."
His Excellency added, "This approach aligns with the objectives of the Public Investment Fund and its portfolio companies as a primary driver of local economic growth. Through long-term partnerships with the private sector, SALIC will work on developing and growing the local aquaculture sector through its partnership with NAQUA. This aims to empower the aquaculture sector, which will contribute to increasing production and creating direct and indirect job opportunities."
For his part, the Chairman of the Board of NAQUA, Dr. Ziad bin Othman Al-Hogail, affirmed: "SALIC's investment represents a strategic alliance that will enhance the quality and sustainability of NAQUA's operations in the field of aquaculture, which is the core of its corporate culture and brand. We will work together to achieve our shared goals in the field of food security and create added economic value for our partners and customers, both within and outside the Kingdom."
This strategic partnership comes as part of cooperation and integration to develop the aquaculture sector and contribute to achieving the goals of the Vision 2030 in ensuring food security and increasing the per capita consumption of seafood in the Kingdom. SALIC, being the agricultural arm of the Public Investment Fund in the food sector and a stimulator of sector growth, coupled with its vast experience in managing investments in the food and agriculture sector, will play a crucial role in enhancing food security in the Kingdom.
It's worth noting that NAQUA is a leader in the aquaculture sector. It is one of the largest producers of Vannamei shrimp and Seabass globally, with a production capacity reaching more than 60,000 tons annually, exporting to more than 30 countries worldwide.