RIYADH: Saudi Arabia’s sovereign wealth fund announced the launch of Saudi Coffee Co., aimed at turning Saudi coffee beans into a global product, PIF said in a statement.
In the statement the Public Investment Fund revealed that the company intends to invest SR1.2 billion ($320 million) in the next 10 years.
The statement added that the launch of Saudi Coffee Co. will play a crucial role in developing sustainable coffee production in the southern Jazan region, home to the world-famous Coffea Arabica.
“The launch of the Saudi Coffee Company aligns with PIF’s strategy, which focuses on developing and enabling 13 promising sectors, including food and agriculture, as part of broader efforts to diversify sources of income for the local economy,” the statement added.
The launch of the Saudi Coffee Co. comes at a time when Saudi Arabia is showing considerable growth in the coffee market.
Citing a Euromonitor International report, PIF revealed that coffee consumption in Saudi Arabia grew by approximately 4 percent a year between 2016 and 2021 and is forecast to increase by a further 5 percent per annum up to 2026, reaching an expected annual consumption of 28,700 tons.