The company plans to create 3,500 jobs in Saudi Arabia.
To diversify the kingdom’s oil-dependent economy, Nestle SA is investing 7 billion reais ($1.86 billion) in Saudi Arabia over the next ten years, beginning with a factory producing baby products and ready-to-drink coffee.
Saudi Arabia is looking for foreign investors to diversify its economy.
The plant, which is slated to begin operations in 2025 with an initial investment of R$375 million, will supply export markets in Saudi Arabia, the Middle East, and North Africa. Over the course of the next ten years, it is anticipated that the investment will generate 3,500 direct and indirect jobs.
In a statement, Saudi Arabia’s Minister of Investment, Khalid Al-Falih, claimed that Nestlé’s investment “would contribute to food security and local business development, promote local innovation, and create jobs for youth and professionals.”
Saudi Arabia hopes to diversify its heavily reliant oil economy by 2030 by attracting approximately $100 billion in foreign direct investment per year.