$1.9 billion
Nestle to invest in Saudi Arabia over next decade; first plant to open in 2025
Nestle SA will invest 7 billion Saudi riyals ($1.86 billion) in Saudi Arabia in the coming 10 years, starting with a plant to make infant products and ready-to-drink coffee, as the kingdom looks to attract more foreign investments to diversify its oil-dependent economy.
The plant, set to open in 2025 with an initial investment of 375 million riyals, will serve Saudi Arabia and export markets in the Middle East and North Africa, the Swiss food giant said in a statement. The investments over the next decade are expected to create 3,500 direct and indirect jobs. Saudi Arabia has set a target of attracting around $100 billion a year of foreign direct investment by 2030.