RIYADH: The Ministry of Industry and Mineral Resources of Saudi Arabia announced on Monday that it was targeting to attract investments worth 20 billion dollars in the food industry by 2035.
The investment would be used to help development of the food industry in the country, including the bakery, sweets, dairy, and beverages sectors.
The ministry aims to maximize the value of multiple agricultural crops in which Saudi Arabia has comparative advantages. It also wants to double the value of exports from 3.7 billion dollars in 2022 to 10.9 billion dollars in 2035.
These targets are in line with the objectives of the National Industrial Strategy (NIS), which seeks to expedite the sustainable growth of food industries, SPA reported.
Bandar Al-Khorayef, Minister of Industry and Mineral Resources, said that the ministry was currently working on a number of projects, including a 1.2 billion dollars expansion project by Almarai Company to boost its poultry production capacity; a 120 million dollars poultry products factory by Arab Seara Food Industries, a Brazilian GBS group’s subsidiary in North Africa and Middle East; and a 133 million dollars canned tuna project, which is the first of its kind in Saudi Arabia.
Investment to generate more employment opportunities in Saudi Arabia
Al-Khorayef said the new investments would generate more than 4,000 new employment opportunities in the sector.
He added that the investments would also assist develop the local content in the food industry and promote Saudi food products’ exports to regional and global markets.
