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Nestle to invest $1.86bn in Saudi Arabia over 10 years

People, Person, Man Ministry of Investment
The ministry signed an agreement with Nestle, which includes establishing a factory

Food giant Nestle will invest SAR 7 billion ($1.86 billion) in Saudi Arabia over the next ten years, the kingdom’s investment ministry announced in a tweet.

The ministry signed a memorandum of understanding with Nestle to establish a factory and a research and development centre.

The Swiss headquartered company plans an initial investment of SAR 375 million in the kingdom.

In its Investment Highlights Q3 2022 report, the ministry announced the signing of 53 investment deals with investors across several sectors, such as communications, energy, and health industries.

The country recently launched the global supply chain resilience initiative to become an industrial powerhouse and global logistics hub.

According to the ministry’s data, the number of new investment licenses recorded a growth by 8.8 percent, or 928 licenses in Q3 2022, compared to 853 licenses in the same quarter last year.

Up until the third quarter of 2022, the number of investment licenses increased by 527.4 percent, or 15,000 licenses, compared to the same period last year.