Strategic decisions at the general assembly of "Saudi Fisheries"
The Saudi Fisheries Company announced the results of its Ordinary General Assembly meeting, which saw shareholders approve important strategic decisions, most notably the sale of a controlling stake in one of its subsidiaries and the appointment of a new board member, reflecting a new direction for the company that aligns with growth and expansion plans in the Kingdom’s aquaculture sector.
Details of the sale of a stake in “Al-Haridah Aquaculture”
According to the official statement published on the Saudi Stock Exchange (Tadawul), shareholders approved the sale of a 51% stake in Al-Haridah National Aquaculture Company, a wholly-owned subsidiary of Saudi Fisheries. The transaction, valued at SAR 33.15 million, was completed in favor of Sara National Company. This stake represents 5,100 shares and is part of a total valuation of the Al-Haridah project, which amounts to SAR 65 million. This move is pivotal, bringing in a strategic partner to contribute to the development of the subsidiary's operations and enhance its competitiveness.
Strategic context and its importance to the national economy
This move is not isolated from the broader economic directions of the Kingdom of Saudi Arabia. The aquaculture sector is a key pillar of Vision 2030 and the National Industrial Development and Logistics Program, aimed at achieving food security and diversifying national income sources. Through the National Fisheries Development Program, the Kingdom seeks to increase its seafood production to more than 600,000 tons annually by 2030, and strategic partnerships like this, along with attracting high-quality investments, are essential drivers for achieving this ambitious goal.
Expected impact of the new partnership
This partnership with Sara National Company is expected to accelerate the growth of Al-Haridah Aquaculture through new investments and the implementation of advanced aquaculture technologies. The sale of this stake will provide the Saudi Fisheries Company with liquidity that can be directed towards strengthening its core operations or investing in other value-added projects. Domestically, this transaction will enhance the Kingdom's fisheries production capacity, create new job opportunities, and meet the growing demand for high-quality seafood products, thereby supporting price stability for the end consumer and reinforcing the Kingdom's position as a leading regional hub for the food industry.
Changes in the Board of Directors
In addition to the investment deal, the General Assembly approved the Board of Directors' decision to appoint Engineer Rayan bin Mohammed Al Mansour as a new Executive Member, effective from his appointment date of July 23, 2025, succeeding the former independent member, Engineer Saeed bin Abdullah Al Muaidher. Engineer Al Mansour will complete the current Board term, which ends on October 24, 2026. This change aims to strengthen the executive capabilities within the Board to support the company's next phase of growth and achieve its strategic objectives.
