Saudi Arabia’s sovereign wealth fund PIF launches coffee company
- May 15, 2022
- FMCG HORECA BUSINESS
Saudi Arabia’s sovereign wealth fund said it launched a coffee company to develop the national industry, boost production capacity and promote Saudi coffee beans as a global product, in line with the kingdom’s focus on the priority sector of food and agriculture.
The new Saudi Coffee Company, in partnership with the private sector, will support the kingdom’s coffee industry along its entire value chain, from bean to cup, the Public Investment Fund (PIF) said in a statement on Sunday.
It will also play a “vital role” in developing sustainable coffee production in the southern Jazan region, home to the coffee Arabica, the fund said.
“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,” it said.
The Saudi Coffee Company plans over the next 10 years to invest nearly 1.2 billion Saudi riyals ($320m) in the national coffee industry, with the goal of boosting the country’s production from 300 tonnes per year to 2,500 tonnes per year.
The company also aims to establish a dedicated academy to train local talent, entrepreneurs, coffee plantation owners and farmers as part of PIF’s focus on creating opportunities for small businesses and start-ups, the fund said.
It will also introduce the latest technologies across the planting, harvesting, roasting and marketing aspects of the coffee industry in Saudi Arabia.
The dedicated academy will open in various locations in the country, where Saudi Arabian professionals, entrepreneurs, coffee plantation owners and farmers can get training and knowledge to help them start their own businesses.
The academy will also help locals in the region to contribute to the industry’s growth and benefit from the opportunities that arise, the fund said.