PIF-backed Saudi Agricultural and Livestock Investment Company, an investment company, and Minerva Foods, a firm that produces and markets beef and other meat products, agreed to acquire Australian Lamb Company, an operator of meat company, for $250m. "The acquisition of ALC in partnership with Minerva Foods is in-line with SALIC’s strategy to contribute to the national food security objectives through global diversified investments in countries with competitive advantage such as Australia, which accounts for 42% of global red meat exports, taking into consideration that sheep meat represents 49% of red meat consumption in the Kingdom of Saudi Arabia. The acquisition is another successful expansion in Australia, following the acquisition of Merredin Farms in 2018 and the establishment of Minerva Foods Australia in partnership with Minerva Foods in 2021 which own and operates two processing facilities Western Australia," Sulaiman Al-Rumaih, SALIC CEO.