SALIC acquires 35% of Australia's Minerva Foods

SALIC headquarters

The Saudi Company for Agricultural Investment and Livestock Production (SALIC), wholly owned by the Public Investment Fund (PIF), announced the acquisition of two factories for skinning and processing red meat in Australia, in partnership with the Brazilian company, Minerva Foods, Saudi Press Agency reported.

Minerva Foods has more than one million livestock annually.

The company aims to produce and market red meat to international markets, especially the GCC region and the Middle East.

Sulaiman Al-Rumaih, CEO of SALIC, said the project comes within the framework of SALIC’s contribution to achieving the food security strategy in the Kingdom through creating a series of sustainable agricultural investments in multiple geographical areas around the world, especially as the Kingdom imports more than 550,000 tons of red meat annually, representing 70% of its needs.

Minerva Foods, in which SALIC holds a 31% stake, operates more than 25 skinning factories in South America and exports red meat to more than 100 countries worldwide, including the Saudi market. It has been listed on the Brazilian stock market since 2007.