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Nestlé is investing $1.86B in the food business in Saudi Arabia
Nestlé is investing in Saudi Arabia for food business and signed a deal with the kingdom’s investment ministry. The Swiss food and beverage manufacturer is putting in $1.86 billion or about SAR7 billion over 10 years.
The deal between Saudi Arabia and Nestlé is expected to create 3,500 new jobs as well. The ministry signed the memorandum of understanding (MOU) agreement this week as it seeks foreign investors in an effort to diversify the nation’s economy. The food company’s first installment of investment is worth SAR375 million.
The cooperation with Nestlé was announced by Saudi’s investment ministry through social media on Thursday, Nov. 24. It stated that the company is setting up a factory and research and development (R&D) center for food industries.
The Ministry of Investment of Saudi Arabia (MISA) tweeted that the deal is in line with the Saudi Vision 2030 expansion strategy, MISA and Nesté Middle East’s strategic plan that will contribute to food security, the development of local businesses, and job creation.
Using the initial investment, Nestlé will establish its manufacturing plant which is expected to open by 2025. The food giant explained that this facility would serve the kingdom and the export markets in the Middle East and North Africa, Bloomberg reported.
Once the factory is in operation, the company will build a regional facility with a research and development program next. This place would be the first breeding ground for both small and medium-sized businesses and start-ups.
“This strategic plan was developed together with the Saudi Ministry of Investment’s food department, reflecting solid investor confidence in the Kingdom and its long-term prospects,” Arab News quoted the Minister of Investment, Khalid Al-Falih, as saying in a statement. “We more than welcome Nestlé’s investments which will contribute to food security and the development of local businesses, fuel local innovation, and create jobs for youth and professionals – all objectives of Saudi Arabia’s Vision 2030 which the Kingdom is rapidly progressing with.”
Nestlé is viewed as the world’s largest food and beverage company. It was established more than 150 years ago and continues to provide more than 2,000 brand products to millions of customers in 186 countries. It first landed in the Kingdom in 1955 through distribution and agency contracts that were signed in Saudi Arabia.
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