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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)

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