Saudi’s Public Investment Fund (PIF) launched the “Saudi Coffee Company”, which is expected to invest 1.2 billion riyals over the next 10 years, to help boost annual coffee beans production from 300 to 2,500 tons, according to a statement issued by the Fund.
The launch of the “Saudi Coffee Company” comes in line with the strategy of the PIF, which focuses on developing 13 strategic sectors and enabling promising sectors in Saudi, including the food and agricultural industry, and strengthening the country’s efforts to diversify sources of income.
It will also play a key role in developing production in the southern Jazan region, home to the Coffea Arabica. Saudi Arabians are thought to spend over one billion riyals on coffee each year.
Saudi’s coffee industry is expanding rapidly
The coffee industry in Saudi has grown significantly in recent years, with studies indicating a 4-percent yearly increase in local coffee consumption from 2016 to 2021. According to Bloomberg, research shows that this consumption would increase by 5 percent in the coming years, hitting 28.7 thousand tons by the end of 2026, which could provide attractive investment opportunities to the industry.