SJIC inks deal to invest in Al Youm Bakery

The signing ceremony

Saudi Jordanian Investment Co. (SJIC), a subsidiary of the Saudi Public Investment Fund of Saudi Arabia (PIF), signed an agreement with Al Youm Bakery Co. to indirectly invest in the Jordan-based bakery.

In a statement obtained by Argaam, SJIC said the deal includes the issuance of new shares by Al Youm Bakery and aims to enhance its capacity to implement a long-term growth strategy. This includes expanding its business by introducing new product categories in Jordan and neighboring markets.

The PIF-owned firm added that the transaction is subject to conditions outlined in the agreements, including obtaining necessary regulatory approvals.

The investment aligns with SJIC’s strategy to explore promising opportunities in Jordan and establish long-term economic partnerships that support economic growth and generate sustainable returns, it said.

Muteb Al Shathri, Acting CEO of SJIC, said the partnership with Al Youm Bakery supports the company’s growth and expansion. He added that the deal aligns with SJIC’s strategy to forge extensive partnerships with the private sector and focus on high-potential sectors in the Jordanian market, including food, by investing in opportunities and projects that generate sustainable returns.

Al Youm Bakery is one of the largest companies specializing in fresh bakery products and related manufacturing in the Jordanian market. It operates one of the country’s most extensive infrastructures in this sector, including a manufacturing unit with a processing capacity of 300 tons of flour per day, seven production lines, as well as packaging and storage facilities. The company also has a wide and advanced distribution network, enabling it to cover several areas through many points of sale.

According to data available on Argaam, SJIC was established in 2017 as a limited public joint stock company in Amman by Saudi Arabia’s PIF in partnership with 16 Jordanian commercial and Islamic banks, with a $3 billion capital.

The company aims to invest in sustainable, strategic economic projects across key growth sectors in Jordan. It also seeks to create a positive economic and social impact, supporting Jordan’s economic development in line with PIF’s strategic investment goals and directions.