Saudi Arabia’s Ministry of Investment has signed a Memorandum of Understanding (MoU) with Nestlé, a company with over 270,000 employees, more than 2,000 brands, and a presence in 186 countries, to invest in the Kingdom’s food industry.
Nestlé will invest SAR 7 billion in the Kingdom over 10 years, with an initial SAR 375 million investment, the ministry declared in a tweet. The company intends to build a cutting-edge manufacturing facility, a research and development center, and Nestlé’s first business incubator and talent development program for Saudi talent.
The company intends to build a cutting-edge manufacturing facility
According to the government, the strategic plan between the Ministry of Investment and Nestlé will contribute to food security, local industry development, food industry innovation, and employment creation in line with Vision 2030.
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