Saudi Arabia to have $59 bln in food investments by 2021: SAGIA

Saudi Arabia is expected to have a SAR 221 billion ($59 billion approx.) worth of food industries investments until 2021, said Mohammed Al Juniny, head of manufacturing at the Saudi Arabian General Investment Authority (SAGIA) in a statement.

These investments are forecast to increase by 6 percent per annum (pa)

“The Kingdom is a top regional exporter of sea food products thanks to its regional strategic position and other competitive factors,” he added.

Al Juniny highlighted that investors may access the Saudi Arabian food industries segment due to the segment’s underpenetrated as well as competitive nature, government’s support, and the favourable business environment.

The sea food consumption is estimated to grow by 7.4 percent p.a. to 600,000 tons in 2030, he noted, adding that the 1,800-km-coastline would help provide numerous investment opportunities.