Saudi Arabia Eyes $20bn Investments in Food Industry by 2035, Minister says
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The poultry, dairy, bakery and sweets sectors will benefit the most from the new funds, as well as the beverages and juices industries, reported the Saudi Press Agency.
The report further noted that these investments would also maximize the value of agricultural produce, bringing in comparative advantages for the Kingdom.
The decision is also in line with the country’s aim to double agricultural exports from $3.7 billion in 2022 to $10.9 billion in 2035, as per the objectives of the National Industry Strategy.
The National Industrial Strategy aims to promote food security and economic diversification measures outlined in the Vision 2030 blueprint.
The minister noted that poultry sector projects such as Almarai Co.’s $1.2 billion plan to expand poultry production and Seara Arabia Food Industries Co.’s $120 million investment were the most important initiatives in developing the sector.
Alkhorayef added that a $133 million canned tuna project which is expected to offer 4,000 new job opportunities in the Kingdom is another major initiative in the food industry.
The minister projected that the sector in the Kingdom is expected to grow from $41 billion in 2019 to $57 billion by 2030, with an estimated annual growth rate of 3 percent.
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