Cyprus Mail
BusinessInternationalMiddle East

Nestle to invest $1.86 bln in Saudi Arabia over 10 years

A Swiss national flag flies beside a flag of the canton of Bern in front of the logo of Nestle at a plant in Konolfingen, Switzerland September 28, 2020. REUTERS/Arnd Wiegmann

Nestle (NESN.S) will invest 7 billion Saudi riyals ($1.86 billion) in Saudi Arabia over 10 years, the kingdom’s investment ministry said on Twitter on Wednesday.

The ministry added it signed a memorandum of understanding with Nestle in the field of food industries saying it includes establishing a factory and a research and development centre.

The company plans an initial investment of 375 million riyals in Saudi Arabia, it said.

($1 = 3.7582 riyals)

Related Posts

Investors look to emerging markets as planets align for end of dollar bull market

Reuters News Service

Factbox: What does Elon Musk’s brain chip company Neuralink do?

Reuters News Service

Cyprus Airways boosts Christmas period capacity as demand soars

Kyriacos Nicolaou

Oil prices climb after Russian crude sanctions kick in

Reuters News Service

Moody’s sees ‘very high’ foreign exchange risk for banks in Ukraine, Turkey

Reuters News Service

Report Shows 70% of crypto investors are buying during the world cup: Orbeon Protocol (ORBN) sees 525% price increase while Solana (SOL) and Fantom (FTM) dropped by holders

Reuters News Service