Saudi Arabia: Nestle to Invest $1.86bn in food industry over 10 years

FMCG multinational Nestle has announce the investment of SAR 7 billion (1.86 billion) over the next decade to support business growth.

The company will initially invest SAR 375 million ($99.8 million) to build a manufacturing plant which is expected to be opened by 2025. The facility will make infant nutrition products and ready-to-drink coffee, exporting to countries in the Middle East and North Africa.

“Nestle’s investments will contribute to food security and the development of local businesses, fuel local innovation, and create jobs for youth and professionals,” commented Khalid Al-Falih, Saudi Arabia’s Minister of Investment in Saudi Arabia.

According to the company, the investments over the next 10 years are expected to generate 3,500 direct and indirect employments opportunities in the area. Nestle is also planning to open a regional centre with a research and development program, and its first business incubator for small and medium-sized companies and start-ups.

Source: Arab News