Saudi Arabia’s investment in food sector hits $23bn

Saudi Arabia’s Ministry of Industry and Mineral Resources said that investment in food products industry in the Kingdom amount to SR87 billion ($23 billion), around 8 percent of the total volume of investments in the industrial sector.

Food products factories constitute 11 percent of the total number of factories in the Kingdom, and contribute to the creation of job opportunities by 82,000 vacancies, reported Saudi Press Agency (SPA), citing a ministry statement.

A report issued by the National Center for Industrial Information showed that the number of food factories in the Kingdom stood at 1,121 by the first quarter of 2021, registering a growth of 61% in the number of industrial licenses issued during the year 2020 with 114 licenses compared to the same period in 2109 and 9% increase during the first quarter of this year 2021 compared to the same period last year.

The report added that local investment in food industry has largely accounted for the majority of investments in this sector by up to 90 percent, while the remaining 10 percent were divided between foreign and joint investments.

The report pointed out that small and medium enterprises operating in the production and industry of foodstuffs constitute the largest part of the total number of factories in the Kingdom by 88 percent.

Source: http://www.tradearabia.com/news/MISC_383537.html