Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF) has launched the Saudi Coffee Company, which intends to invest nearly $320 million (SR1.2 billion) in the national coffee industry over the next ten years.
The company has been established to enable Saudi Arabia’s coffee bean to be a global product in the future and will play a key role in developing sustainable coffee production in the southern Jazan region, which is home to the world-renowned Coffea Arabica.
The launch of the Saudi Coffee Company is in line 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.
According to the statement, “The company will have a strong focus on achieving sustainability across the production, distribution, and marketing aspects of the coffee supply chain, implementing the highest standards and global best practices to empower the national industry’s growth, create new jobs, and promote Saudi Arabia’s capabilities to export the highest-quality coffee beans to the global markets.”
The coffee market in Saudi Arabia has grown considerably in recent years, and domestic market statistics demonstrate the attractive opportunity presented by the coffee sector.
“The Saudi Coffee Company plans over the next 10 years to invest nearly $320 million in the national coffee industry, to boost the country’s production from 300 tons per year to 2,500 tons per year,” as per the statement.
Furthermore, the company intends to establish a dedicated academy in various locations in the country, where Saudi Arabian professionals, entrepreneurs, coffee plantation owners, and farmers can receive the training and knowledge they need to help them start their own businesses.
“The academy will also help locals in the region to contribute to the industry’s growth and take advantage of the opportunities this creates,” the fund said.