Pinsent Masons advised SALIC on Strategic Partnership to Empower Saudi Aquaculture Sector
Pinsent Masons, a multinational law firm, provided legal counsel to the Saudi Agricultural and Livestock Investment Company (SALIC) regarding its purchase of a 42.4 per cent stake in the National Aquaculture Group CJSC (Naqua). Naqua is a Saudi Arabian company focused on aquaculture operations.
This investment establishes a strategic partnership between SALIC and Naqua, aimed at supporting the goals of Saudi Arabia's Vision 2030 and ensuring the long-term sustainability of the nation's essential resources. Through this collaboration, SALIC plans to enhance the growth of the domestic aquaculture industry and increase its production capacity. This initiative will have a positive impact on job creation, both directly and indirectly.
The transaction was overseen by the corporate partner Mohammad Tbaishat at Pinsent Masons, who led the advisory team. Assisting Tbaishat was senior associate Christopher Neal, as well as associates Dyala Ali and Kate Iliff. Together, this team provided comprehensive support throughout the process.
“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,” Mohammad Tbaishat said about the deal.
Following the transfer of Saudi Fisheries Company's 39.99 per cent stake from the Public Investment Fund to SALIC in March 2021, the investment in Naqua marks SALIC's second venture into the aquaculture sector.