Pinsent Masons advises SALIC on its strategic partnership to empower the Saudi aquaculture sector

15 Jun 2023 | 03:28 pm |

Multinational law firm Pinsent Masons has advised Saudi Agricultural and Livestock Investment Company (SALIC) on its acquisition of 42.4% in the National Aquaculture Group CJSC (Naqua), a company incorporated in the Kingdom of Saudi Arabia (KSA) specialising in aquaculture operations.

The investment marks the strategic partnership between SALIC and Naqua, which will contribute to achieving KSA’s Vision 2030 goals and ensure the sustainability of the country’s vital resources. SALIC will leverage its partnership with Naqua to develop the local aquaculture sector and boost its production, contributing to both direct and indirect job creation. 

The Pinsent Masons team advising on the transaction was led by corporate partner Mohammad Tbaishat, and supported by senior associate Christopher Neal and associates Dyala Ali and Kate Iliff. 

Commenting on the deal, Mohammad Tbaishat said: “This latest transaction is the fourth our team has completed for Public Investment Fund subsidiaries in the last 18 months and the first for SALIC. We are delighted to have had the opportunity to support SALIC on this exciting transaction. This is a milestone for SALIC and contributes to reinforcing National Food Security targets and enablement of the local agricultural food sector through increasing local production in KSA.” 

Naqua is SALIC's second investment in the aquaculture sector, following the ownership transfer of Saudi Fisheries Company's 39.99% stake from the Public Investment Fund to SALIC in March 2021.

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