Ministry of Investment says Nestle to invest SAR 7 bln in food industry over 10 years

24/11/2022 Argaam
Officials during the MoU signing ceremony

Officials during the MoU signing ceremony 

Saudi Arabia’s Ministry of Investment signed a memorandum of understanding (MoU) with Nestle to invest in the food industry. 

 

Nestle will invest SAR 7 billion in the Kingdom over 10 years with an initial investment of SAR 375 million, the ministry announced in a tweet. 

 

The company aims to establish a cutting-edge manufacturing site, a research and development center and Nestle's first business incubator and upliftment program for Saudi talent. 

 

The strategic plan between the Ministry of Investment and Nestle will contribute to achieving food security, developing local industries, innovation in food industries, and creating job opportunities in line with Vision 2030, the ministry noted. 

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