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The plant, scheduled to open in 2025, will serve Saudi Arabia and export markets in the Middle East and North Africa.
Nestle will invest SAR 7 billion ($1. 86 billion) in Saudi Arabia over the next 10 years, starting with a factory producing baby products and ready-to-drink coffee, as the kingdom seeks to attract more foreign investment to diversify its oil-dependent economy. .
The plant, which is expected to open in 2025 with an initial investment of 375 million rials, will serve Saudi Arabia and export markets in the Middle East and North Africa, Swiss Food said in a statement. Investments over the next decade are expected to increase. Create 3,500 direct and oblique jobs.
“Nestlé’s investments will contribute to food security and the progress of local businesses, boost local innovation and create jobs for other young people and professionals,” Khalid Al-Falih, Saudi Arabia’s Minister of Investment, said in the statement.
Saudi Arabia has set a goal of attracting around $100 billion a year in foreign direct investment through 2030 as it seeks to diversify its economy. However, most of the foreign investment in the country has been in the oil industry.
Of the nearly $20 billion in FDI last year, about $12 billion tied to a pipeline deal through state-owned oil manufacturer Saudi Aramco.
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