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According to the Saudi Arabia General Investment Authority (SAGIA), the Kingdom is expected to see around $59 billion worth of investment in its food

Published 2020-02-16 09:24:20

The General Authority for Investment confirmed that the volume of food consumption in Saudi Arabia will reach 221 billion riyals ($ 59 billion) until 2021, amid expectations that the volume of these investments will grow by 6 percent annually. Eng. Mohamed Al-Jenini, Director General of the Industry and Manufacturing Sector at the General Investment Authority, said that the Kingdom enjoys competitive advantages in the field of food industries related to dates, seafood and halal foods, in addition to the Kingdom's strategic location, which makes it a good source of seafood in the region.

Eng. Al-Jinini identified four main reasons for investing in the food industry in the Kingdom, which was the presence of growing food and beverage markets, competitive advantage, government support in developing the sector, and an environment suitable for the food industry. In addition to an appropriate environment for the food industry represented in the availability of reliable transportation, the infrastructure, a developed cold chain, the presence of national talent, as well as the presence of 27 air airports, ten major seaports, land routes that span more than 200,000 km, and railways of more than 1700 km. Al-Jenini predicted that seafood consumption in the Kingdom would grow by 7.4 percent annually, to reach 600,000 tons in 2030.

 

 

He pointed out that the coastline of the Kingdom, which extends for a distance of 1,800 km on the Red Sea, will provide many opportunities for investors, in addition to groups of fisheries with advanced infrastructure covering the entire value chain.

 

Source: المصدر

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