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Nestlé’s SAR 7 bn investments in Saudi Arabia to its Vision 2030
Nestlé’s plans to invest seven billion Saudi Riyals in the Kingdom of Saudi Arabia in the coming ten years will contribute to attaining all goals of the kingdom’s Vision 2030.
“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,” said Saudi Investment Minister Khalid Al-Falih. “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 will begin with investing up to SAR 375 million to establish a cutting-edge manufacturing plant – which is set to open in 2025. The site will start by producing Nestlé infant nutrition products and the first regionally-manufactured ready to drink coffee, supplying the needs of the Kingdom and exporting to countries in the Middle East and North Africa.
Nestlé’s investments in Saudi Arabia over the next decade are slated to generate 3,500 direct and indirect employment opportunities in the Kingdom, and be implemented in collaboration and partnerships with local authorities and other entities. They also cover the establishment of the company’s first regional center with a research and development program, and its first business incubator for small and medium-sized companies and start-ups, as well as the expansion of the Nestlé Center of Excellence which provides capability building and uplift programs for Saudi talent.
“Saudi Arabia is a sizeable market with major potential for growth,” said Yasser Abdul Malak, Nestlé Chairman & Chief Executive Officer, Middle East and North Africa. “We look forward to further expanding our presence in the country in ways that align with the Kingdom’s Vision 2030 and create shared value for its people, communities, and our company.”
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