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Saudi PIF Transfers Stakes in Food, Farm Companies to SALIC

Saudi PIF Transfers Stakes in Food, Farm Companies to SALIC
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Saudi PIF Transfers Stakes in Food, Farm Companies to SALIC

Saudi PIF Transfers Stakes in Food, Farm Companies to SALIC

Saudi Arabia’s Public Investment Fund (PIF) said Thursday that it has transferred its stakes in Almarai, the National Agricultural Development Co and the Saudi Fisheries Co to Saudi Agricultural and Livestock Investment Co (SALIC), a wholly-owned subsidiary of the PIF.

The transfer is aimed at leveraging synergies within its food and agriculture portfolio and enabling SALIC to stimulate growth in the sector, the PIF said in a statement on Thursday.

SALIC has extensive experience in managing food and agriculture investments, which contributes to food security in the kingdom.

The transfer is also expected to enable PIF to utilize SALIC’s strategic partnerships, technological and logistical capabilities to attain this stability.

The transfer announcement comes in line with PIF’s Strategy 2021-2025, which focuses on unlocking the capabilities of promising non-oil sectors to enhance the Kingdom's efforts to diversify revenue sources, including in the food and agriculture sector.

The Fund and its subsidiaries aim to contribute SAR1.2 trillion to non-oil GDP cumulatively by the end of 2025, through growth opportunities for strategic and vital sectors in the Kingdom.

Earlier this month, the PIF signed a $15 billion multi-currency revolving credit facility with a group of 17 banks, which it said gives it access to extra capital that can be deployed quickly when needed.

The new loan was provided by 17 banks from Asia, the Middle East, Europe, the United Kingdom and the United States, the PIF said in a statement.

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Egyptian Inflation Climbs to 13.9% in April

Cotton candy vendors walk during a dusty weather, before expected sandstorm, in Cairo, Egypt, Wednesday, April 30, 2025. (AP)
Cotton candy vendors walk during a dusty weather, before expected sandstorm, in Cairo, Egypt, Wednesday, April 30, 2025. (AP)
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Egyptian Inflation Climbs to 13.9% in April

Cotton candy vendors walk during a dusty weather, before expected sandstorm, in Cairo, Egypt, Wednesday, April 30, 2025. (AP)
Cotton candy vendors walk during a dusty weather, before expected sandstorm, in Cairo, Egypt, Wednesday, April 30, 2025. (AP)

Egypt's annual urban consumer price inflation accelerated to 13.9% in April from 13.6% in March, matching analyst expectations, data from statistics agency CAPMAS showed on Saturday.

Month on month, prices were 1.5% higher at the end of April than at end-March. Food and beverage prices decelerated by 1.5%. Annually, food and beverage prices rose by 6.0%.

The median forecast of analysts polled by Reuters was for annual inflation to have climbed to 13.9%. They cited an increase in the official price of fuel as the main cause.

Inflation soared following Russia's full-scale invasion of Ukraine in early 2022, which prompted foreign investors to withdraw billions of dollars from Egyptian treasuries. Headline inflation rose by a record 38.0% in September 2023.

M2 money supply expanded in the year to end-March, but at a slower rate, dropping to 25.8% from an all-time high of 33.9% at the end of February, central bank data showed.

Egypt devalued its currency, raised interest rates by 600 basis points and signed an $8 billion financial support package with the International Monetary Fund in March last year, helping to bring its finances under control.