عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Saudi PIF Transfers Stakes in Food, Farm Companies to SALIC

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

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.

Most Viewed

 
 
Business

Presidential Election: A Crucial First Step toward Saving Lebanon from Economic Crisis

The vacant presidential seat at Baabda Palace after President Michel Aoun's term ended (Reuters)
The vacant presidential seat at Baabda Palace after President Michel Aoun's term ended (Reuters)
TT
TT

Presidential Election: A Crucial First Step toward Saving Lebanon from Economic Crisis

The vacant presidential seat at Baabda Palace after President Michel Aoun's term ended (Reuters)
The vacant presidential seat at Baabda Palace after President Michel Aoun's term ended (Reuters)

Since 2019, Lebanon has faced one of its worst economic crises in modern history, affecting all aspects of life. The local currency has lost over 95% of its value, driving inflation to record levels and making goods and services unaffordable. Poverty and unemployment have surged.
Amid this, political divisions have paralyzed government action, preventing any effective response to the crisis.
The recent war with Israel added to the burden, causing huge human and material losses estimated by the World Bank at $8.5 billion. This has made Lebanon’s economic and social struggles even harder to resolve, with no president in place to lead the country.
The presidential post in Lebanon has been vacant since President Michel Aoun's term ended in October 2022, leaving the country without a leader to address growing economic and financial issues.
This vacancy has stalled government formation, making it difficult for Lebanon to negotiate with international donors like the International Monetary Fund (IMF), which demands major reforms in exchange for aid.
Choosing a new president is now a critical priority, not only to regain local and international confidence but also to begin the long-needed reforms.
One major challenge the new president will face is the reconstruction effort, which is estimated to cost over $6 billion. This is a huge financial burden that will require significant resources and effort to secure funding.
Reconstruction in Lebanon is not just about fixing infrastructure or repairing damage; it is a key test of the country’s ability to restore its role on the regional and international arena.
To achieve this, Lebanon needs a president with a clear vision and strong international connections, able to engage effectively with donor countries and major financial institutions.
Without credible and unified political leadership, Lebanon’s chances of gaining external support will remain limited, especially as international trust has been shaken by years of mismanagement and lack of reforms.
Keeping Lebanon’s deepening crises in mind, the people are hoping that electing a new president will offer a chance for economic and political recovery.
The new president, along with a strong government, is expected to rebuild trust both locally and internationally and restore political stability—key factors for stopping the economic decline and encouraging growth.
For instance, reviving Lebanon’s vital tourism sector will require better security and restoring confidence in the country as a safe place for investment.
This can only happen with political leadership that has a clear plan for reconstruction and necessary reforms.
Given Lebanon’s ongoing financial struggles, the new president’s ability to address these challenges will be critical to rescuing the country and guiding the economy toward recovery and sustainable growth.