Nestlé intends to invest 7 billion riyals in Saudi Arabia in 10 years

On Wednesday, the Saudi Investment Ministry signed a memorandum of understanding with Nestle, which provides for the company’s investment of 7 billion riyals in the Kingdom in a period of 10 years, with an initial investment of 375 million riyals.

The ministry said, in a tweet on the site “Twitter”, that Nestlé will invest in the food industry sector in Saudi Arabia, to create an advanced factory with the latest technology, an R&D center, the first business incubator for Nestlé in Middle East and North Africa and an educational academy for capacity building and Saudi cadre development.

The ministry added that the strategic plan between the investment ministry and Nestlé contributes to the achievement of food security, the development of local industries and innovation in the food sector and the creation of job opportunities in line with Saudi Vision 2030.

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