The Public Investment Fund, Saudi Arabia’s wealth fund, has transferred its stakes in Almarai, the National Agricultural Development Co and the Saudi Fisheries Co to Saudi Agricultural and Livestock Investment Co (SALIC).

The transfer is aimed at leveraging synergies within its food and agriculture portfolio and enabling SALIC to stimulate growth in the sector, the PIF said in a statement on Thursday.

PIF transferred its 16.32 percent stake in dairy products firm Almarai, 20 percent stake in the National Agricultural Development Company and nearly 40 percent stake in the Saudi Fisheries Company to its wholly-owned unit SALIC.

“The company’s (SALIC) contributions will be especially significant in the wake of the Covid-19 pandemic, which re-emphasized the strategic importance of supporting the stability of food supply chain,” PIF said.

The move it said is in line with PIF’s Strategy 2021-2025, which focuses on unlocking the capabilities of promising non-oil sectors to enhance the kingdom’s efforts to diversify revenue sources, including in the food and agriculture sector.

Neighboring Abu Dhabi has also been consolidating its farming sector under state-owned ADQ, which has built up a portfolio of food and agriculture businesses and last year agreed to acquire an indirect 45 percent equity stake in commodities trader Louis Dreyfus Co.