RIYADH: Saudi Arabia has signed two agreements aimed at localizing the fish and seafood processing sector, in a move to boost domestic investment and support economic diversification under Vision 2030.
The deals were inked between the Ministry of Investment, the Shareek Program Center and Almarai Co., in the presence of Minister of Environment, Water and Agriculture Abdulrahman Al-Fadley and Minister of Investment Fahad Al-Saif.
The signing ceremony was also attended by the Chairman of the Board of Almarai Co., Prince Naif bin Sultan bin Mohammed bin Saud Al-Kabeer, and Secretary-General of the Localization and Balance of Payments Committee, Hamad Al-Sheikh.
The project aims to strengthen food security by boosting local seafood production, improving supply chains and expanding domestic availability. It also marks a strategic step toward localizing key segments of the seafood value chain and supporting the fisheries sector.
Aligned with the National Food Security Strategy and the National Agriculture Strategy, the initiative seeks to enhance resource sustainability, reduce import reliance and expand local manufacturing capacity.
The undertaking supports broader efforts to localize up to 85 percent of food industries and position the Kingdom as a regional hub for food production through private sector investment and innovation.
The agreements are expected to enhance the efficiency of value chains, diversify economic resources, and contribute to the objectives of Vision 2030.
According to a filing by Almarai Co. on the Saudi stock exchange, Tadawul, the company will be eligible to apply for enablement programs under the terms of the agreements.
Regarding the contract value, the company said: “The agreements define the eligibility criteria applicable to Almarai and the potential to apply for enablement programs in the fish and seafood processing sector.”
The company said there is no material financial impact on its current operations or ongoing commercial projects at this stage, adding that any such impact will be disclosed in due course if and when it arises. It also noted that the eligibility period extends until 31 December 2030.
The integrated food and beverage company stressed that the seafood segment represents part of its strategy to diversify protein sources and support national food security, in line with the National Food Security Program and the objectives of Saudi Vision 2030.
