“SALIC” one of the Public Investment Fund’s subsidiaries, announced on Monday, September 18, 2023, that it has raised its stake in the National Agricultural Development Company “Nadec” from 32.46% to 38.65% as it aligns its strategic objectives, and contributes to the ambition and growth of the local agricultural food sector. This marks the second increase after SALIC’s initial stake was 20%.
“Nadec” is one of the leading National companies in the food and agriculture industries. Its strategic appraoch on investing in local food commodities, aligns with that of SALIC. It is also keen on playing a bigger role in both the local and regional Food Security ecosystems and transitioning into a comprehensive food company as to increase self-sufficiency in certain targeted commodities as well as supporting supply chains within the Kingdom.