The Ministers of Environment, Water and Agriculture and Investment witness the signing of two agreements to localize seafood processing sector in the Kingdom.

His Excellency the Minister of Environment, Water and Agriculture, Eng. Abdulrahman bin Abdulmohsen Al Fadley, and His Excellency the Minister of Investment,Mr. Fahad Abduljalil AlSaif, witnessed today the signing of two agreements between the Ministry of Investment, Shareek Program and Almarai Company, to support the localization of seafood processing sector in the Kingdom.
The signing ceremony took place in the presence of His Highness Prince Nayef bin Sultan bin Mohammed bin Saud Al Kabeer, Chairman of the Board of Directors of Almarai Company, and His Excellency Dr. Hamad Al Sheikh, Secretary General of the Localization and Balance of Payments office.

This partnership comes within the framework of the efforts of the three parties to enable the investments of large companies and enhance the diversification of the national economy in order to achieve the objectives of Saudi Vision 2030.

The Ministry of Investment was represented by the Assistant Minister of Investment for Investment Development, Dr. Abdullah AlDubaikhi, while Shareek Program was represented by Mr. Hesham bin Mis
hari Almeshary and with the presence of the Acting CEO, Mr. Fahad Abdulaziz Alabdulkader, while Almarai Company was represented by the CEO, Mr. Fawaz bin Mohammed AlJasser.

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 Kingdom's seafood supply chains and supporting the growth of the seafood sector.

The project also seeks to contribute to the National Food Security Strategy and the National Agriculture Strategy to ensure resource sustainability and achieve the objectives of the National Localization Strategy by replacing imports with locally produced goods. Furthermore, it aims to contribute to localizing 85% of food industries and reducing reliance on foreign sources by 2030.
In addition, the project aims to enable the Kingdom to become a leading force in food manufacturing through private sector investments and innovation, raise the efficiency of diverse value chains, expand the availability of marine products in the local market, diversify the resources of the national economy, and achieve the objectives of Saudi Vision 2030.