Saudi Arabia's SALIC Ups Stake in Brazil's Minerva Foods

The Saudi Agricultural and Livestock Investment Company (SALIC) is fully owned by the Public Investment Fund. Asharq Al-Awsat
The Saudi Agricultural and Livestock Investment Company (SALIC) is fully owned by the Public Investment Fund. Asharq Al-Awsat
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Saudi Arabia's SALIC Ups Stake in Brazil's Minerva Foods

The Saudi Agricultural and Livestock Investment Company (SALIC) is fully owned by the Public Investment Fund. Asharq Al-Awsat
The Saudi Agricultural and Livestock Investment Company (SALIC) is fully owned by the Public Investment Fund. Asharq Al-Awsat

Saudi investment firm SALIC said on Wednesday it had increased its stake in Brazilian meat company Minerva Foods to 33.83% from 25.5%.

SALIC, the Saudi Agricultural and Livestock Investment Co, fully owned by the Public Investment Fund, was launched in 2012 to secure food supplies for Saudi Arabia through mass production and investment.

"Minerva Foods is one of the largest meat production companies in South America and the second-largest exporter in Brazil as it produces more than one million tons of meat annually. Minerva Foods mainly serves the demands of foreign markets and during this year, it has already exported 750,000 tons of red meat to more than 100 countries around the globe," the Saudi-based Company said in statement.

This comes as Saudi Arabia consumes 550,000 tonnes of red meat a year, of which 70% is imported.

Since its formation in 2012, SALIC has been operating in the agricultural and livestock investment sector and working in countries that have comparative advantages, enabling it to meet the objectives set by the food security program through foreign investments, the provision of food products, and working with relevant government agencies to stabilize food commodity prices in the Kingdom.

In 1992, the Brazilian Group began to invest in the industrialization of beef and beef products, offering high quality meat. It currently operates 25 factories in South America.

In addition to its operational units in South America, Minerva Foods also has commercial offices in 9 countries to provide differentiated service in these regions.



Saudi King Salman Inaugurates Riyadh Metro

Saudi King Salman viewed on Wednesday an introductory video about the Riyadh Metro. SPA
Saudi King Salman viewed on Wednesday an introductory video about the Riyadh Metro. SPA
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Saudi King Salman Inaugurates Riyadh Metro

Saudi King Salman viewed on Wednesday an introductory video about the Riyadh Metro. SPA
Saudi King Salman viewed on Wednesday an introductory video about the Riyadh Metro. SPA

Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud has inaugurated the Riyadh Metro, the backbone of the capital’s public transport network.

King Salman viewed on Wednesday an introductory video about the Riyadh Metro — one of the Kingdom’s major projects during his prosperous reign — distinguished by its standout design and technological features, with a network that spans 176 kilometers across 6 lines and 85 stations, including 4 iconic ones.

Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, Prime Minister, and Chairman of the Royal Commission for Riyadh City (RCRC), expressed his sincere gratitude to the Custodian of the Two Holy Mosques for his generous support and patronage of the Riyadh Public Transport Project – which includes the metro and bus systems – from its concept to execution, and for his invaluable steering during the implementation of the project according to the highest global standards.

“The Riyadh Public Transport Project, which spans metro and bus networks, is the culmination of concerted efforts made by Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, and the outcome of his visionary leadership, while serving as the Chairman of the High Commission for the Development of Arriyadh, the predecessor of RCRC,” said the Crown Prince.

The Riyadh Public Transport Project was launched following studies conducted back then by the High Commission for the Development of Arriyadh (now RCRC) on the capital city’s current and future public transport needs, and outlined the best solutions for a sustainable public transit system that reflects the city’s unique urban, population, and traffic characteristics.

These studies resulted in the comprehensive Public Transport Plan for Riyadh City, which included a metro system and a parallel bus network that would meet Riyadh’s current and projected mobility needs. The plan culminated with the Council of Ministers adopting a resolution to “approve the execution of the Riyadh Public Transport Project – Metro and Buses.” RCRC then launched a bidding process that saw the participation of several global consortia. Finally, a Royal Decree awarded the Riyadh Metro contracts to three consortia, comprising over 19 major global companies from 13 countries.

Thanks to the support of the Crown Prince, RCRC successfully implemented the project. Considered one of the world’s largest public transport projects conducted in a single phase, the Riyadh Public Transport stands out for its meticulous planning and exceptional design and technology, and is tailored to meet Riyadh’s social, environmental, and urban requirements. It is also poised to significantly contribute to the capital city’s urban mobility needs, enhancing the quality of life of its residents and visitors alike, in line with the objectives of Vision 2030.

Minister of State, Member of the Council of Ministers, and RCRC Chief Executive Eng. Ibrahim bin Muhammad Al-Sultan extended his gratitude to the Custodian of the Two Holy Mosques and the Crown Prince for the Riyadh Metro project inauguration.
Al-Sultan highlighted that Riyadh is now enjoying the benefits of this transformative project, which will redefine the capital's image and revolutionize transportation for both residents and visitors. The metro's extensive six-line network will gradually begin operations.
He elaborated that the project aims to deliver an efficient and sustainable public transport system that meets the current and future mobility demands of Riyadh. The initiative is in line with the rapid population growth, urban expansion, and the increasing use of private vehicles in the city.