Saudi Arabia’s wealth fund launches coffee company
It will invest $320m over the next decade to develop kingdom’s coffee industry
Saudi Arabia’s sovereign wealth fund has launched a coffee company to develop the industry and promote Saudi coffee beans as a global product.
The Saudi Coffee Company, in partnership with the private sector, will support the kingdom’s coffee industry along its entire value chain, from bean to cup, the Public Investment Fund said yesterday.
It will also play a “vital role” in developing sustainable coffee production in the south-western Jazan region, where arabica coffee is grown, the fund said.
“The launch of the Saudi Coffee Company aligns with PIF’s strategy, which focuses on developing and enabling 13 promising sectors, including food and agriculture, as part of broader efforts to diversify sources of income for the local economy,” it said.
The company plans to invest nearly 1.2 billion Saudi riyals ($320 million) in the national coffee industry over the next 10 years, with the goal of boosting the country’s annual production to 2,500 tonnes, from 300 tonnes a year currently.
The company aims to establish a training academy as part of PIF’s focus on creating opportunities for small businesses and start-ups, the fund said.
It will also introduce the latest technologies across the planting, harvesting, roasting and marketing aspects of the coffee industry.
The academy will train Saudi Arabian professionals, entrepreneurs, coffee plantation owners and farmers seeking to start their own businesses.
The academy will also help Saudis contribute to the industry’s growth and benefit from the opportunities that arise, the fund said.