Saudi Arabia seeks $20 bln investment in food industry, aims to double exports

Saudi Arabia seeks $20 bln investment in food industry, aims to double exports

Saudi Arabia is seeking $20 billion in investments in the food industry by 2035, the Minister of Industry and Mineral Resources announced Monday.

The Kingdom also aims to double the value of exports from $3.7 billion in 2022 to $10.9 billion in 2035, the official Saudi Press Agency (SPA) reported.

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The investment will be used to develop the food industry in the Kingdom, including the dairy, bakery, sweets, and beverages sectors, SPA reported citing Minister Bandar al-Khorayef.

The ministry also plans to “maximize the value of a number of agricultural crops in which the Kingdom has comparative advantages,” the SPA report said.

“These goals are in line with the objectives of the National Industrial Strategy, which seeks to increase the sustainable growth of the food industries,” it added.

Citing the al-Khorayef, SPA reported that the ministry is working on several projects, including a $1.2 billion expansion project by Almarai Company to increase its poultry production capacity, a $120 million poultry products factory by Arab Seara Food Industries, and a $133 million canned tuna project, which is the first of its kind in Saudi Arabia.

Al-Khorayef reportedly said that these investments will create