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Nofoth is set to acquire a 65% stake in Plenty Food
Nofoth Food Products agreed to acquire a 65% stake in Plenty Food for SAR 52.7 mn through a sales and purchase agreement, with an additional contingent consideration of up to SAR 3.25 mn, taking the total potential value of the transaction to SAR 56 mn, according to a Tadawul disclosure. The acquisition is aimed at expanding Nofoth’s food brand portfolio, strengthening its position in healthy food, and creating operational and commercial synergies.
More in the pipeline: The company, which transitioned to Tadawul in January, previously inked a non-binding MoU to acquire a 70% stake in Al Waal Al Bari Beverages. The transaction remains subject to the outcome of due diligence, required regulatory and contractual approvals, and final binding agreements.
No more salary floors for Saudi project managers
The government removed the Saudization salary requirement for project management jobs. Saudi Arabia lifted the SAR 6k minimum salary regulation for locals to count toward Saudization quotas in project management professions, the Human Resources Ministry’s Director General of Business Sectors Localization Ayman Shokr told Asharq Business (watch, runtime: 6:09).
Saudi Arabia aims to give employers more freedom to set their own standards. The salaries for these roles have already surpassed the threshold, with the intention of letting employers set their compensation in line with market conditions, he added.
The Kingdom also just raised the Saudization rate for project management roles to 70%, effective February 2027. Private sector employers have been given a six-month grace period to recruit and complete hiring before the new rate takes effect. This applies to private sector entities employing three or more workers working as a project management manager, project management engineer, or project management specialist.
Why it matters: The change gives private employers more flexibility to set pay based on skills and market conditions, while easing compliance for firms employing three or more project management professionals. It will also allow Saudization to reflect an actual headcount instead of relying on outdated salary measures, helping implement better recruitment strategies to reach the 70% target.
