The Ministers of Environment and Investment witness the signing of two agreements to localize the processing of fish and seafood products
His Excellency the Minister of Environment, Water and Agriculture, Engineer Abdulrahman bin Abdulmohsen Al-Fadhli, and His Excellency the Minister of Investment, Mr. Fahad bin Abduljalil Al-Saif, witnessed today the signing of two agreements between the Saudi Ministry of Investment, the Shareek Program Center, and Almarai Company, to support the localization of processing and seafood
The signing ceremony took place in the presence of His Royal Highness Prince Nayef bin Sultan bin Mohammed bin Saud Al-Kabeer, Chairman of the Board of Directors of Almarai Company, and His Excellency the Secretary-General of the Localization and Balance of Payments Committee, Dr. Hamad Al-Sheikh. This partnership comes within the efforts of the three entities to enable investments by major companies and enhance the diversification of the national economy in line with the objectives of Saudi Vision 2030.
The Ministry of Investment was represented by the Assistant Minister of Investment for Investment Development, Dr. Abdullah Al-Dubaikhi, while the Shareek Program Center was represented by Mr. Hisham bin Mishari Al-Mishari, in the presence of the Acting CEO, Mr. Fahad bin Abdulaziz Al-Abdulqader. Almarai Company was represented by its CEO, Mr. Fawaz bin Mohammed Al-Jasser.
Increase domestic production
The project aims to enhance food security by increasing local production of seafood products, improving the efficiency of supply chains, and expanding product availability in the local market. It represents a strategic step towards localizing a portion of the seafood supply chain and supporting the growth of the Kingdom's fisheries sector. The project
also seeks to support the National Food Security Strategy and the National Agriculture Strategy, ensuring resource sustainability, and achieving the objectives of the National Localization Strategy by replacing imports with locally produced goods. It aims to contribute to localizing 85% of food industries and reducing reliance on imports by 2030.
Furthermore, the project aims to empower the Kingdom to become a leading food manufacturing powerhouse by promoting private sector investment and innovation, enhancing the efficiency of value chains, and expanding the range of seafood products available in the local market. This will contribute to diversifying the national economy and achieving the goals of Saudi Vision 2030.
