Saudi Arabia Signs Deals to Localize Fish and Seafood Processing Sector
Saudi Arabia has signed two strategic agreements aimed at localizing the fish and seafood processing sector, a move designed to boost domestic investment and support economic diversification under Vision 2030. The deals were executed between the Ministry of Investment, the Shareek Program Center, and Almarai Co., with the attendance of key government officials including the Minister of Environment, Water and Agriculture Abdulrahman Al-Fadley and Minister of Investment Fahad Al-Saif. This initiative aligns with the National Food Security Strategy and the National Agriculture Strategy, seeking to enhance resource sustainability, reduce reliance on imports, and expand local manufacturing capacity. The project aims to strengthen food security by improving supply chains and increasing domestic seafood availability. It supports broader efforts to localize up to 85 percent of food industries, positioning the Kingdom as a regional hub for food production. Almarai Co. stated that while there is no immediate material financial impact, the agreements make it eligible for enablement programs until December 31, 2030. This development underscores the private sector's role in driving innovation and achieving national strategic objectives.
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Saudi Arabia Signs Deals to Localize Fish and Seafood Processing Sector
Saudi Arabia has signed two strategic agreements aimed at localizing the fish and seafood processing sector, a move designed to boost domestic investment and support economic diversification under Vision 2030. The deals were executed between the Ministry of Investment, the Shareek Program Center, and Almarai Co., with the attendance of key government officials including the Minister of Environment, Water and Agriculture Abdulrahman Al-Fadley and Minister of Investment Fahad Al-Saif. This initiative aligns with the National Food Security Strategy and the National Agriculture Strategy, seeking to enhance resource sustainability, reduce reliance on imports, and expand local manufacturing capacity. The project aims to strengthen food security by improving supply chains and increasing domestic seafood availability. It supports broader efforts to localize up to 85 percent of food industries, positioning the Kingdom as a regional hub for food production. Almarai Co. stated that while there is no immediate material financial impact, the agreements make it eligible for enablement programs until December 31, 2030. This development underscores the private sector's role in driving innovation and achieving national strategic objectives.
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