Food industry investments are a constant goal of the Kingdom of Saudi Arabia.
As the most recent example, an area in Sudair City measuring 124 thousand square metres was set aside for this purpose by the Saudi Authority for Industrial Cities and Technology Zones.
Increasing Food Products in Saudi Arabia
With an annual growth rate of 3%, the new initiative seeks to boost the market share of national food goods by $57 billion by 2030 and provide 745 new job opportunities.
The authority also aims to boost consumer expenditure on food and drinks and promote Saudi exports.
Today, one of the most well-known industrial cities for investments in the food and beverage sector is Sudair City of Industry and Business, connected with Modon; it has 24 factories and an 83% occupancy rate.
The industrial, logistical, and investment contracts grew by 63% in the previous year, indicating a notable increase in the authority for investments at the Saudi Authority for Industrial Cities and Technology Zones, Modon.
Massive Areas to Create an Investment Environment
To establish the perfect investment environment for industrial investors, the developed areas went up to 209 million square metres. It is also interesting that Modon has been successful in promoting industrial privatisation in industrial cities.
There were 6,443 sector-specific industries to draw in investors and provide assistance to business owners of small and medium-sized firms, the “Modon” oasis emerged between Yanbu and the industrial city of Asir.
Without a doubt, one of the key industries that plays a significant role in the Kingdom of Saudi Arabia’s national industrial policy is the food business. It makes a major contribution to both creating economic diversity and attaining food security.
By 2030, Saudi Arabia hopes to localise eighty-five per cent of the food industry when the yearly cost of imports from these sectors hits seventy billion Saudi riyals.
What Attracts Saudi Arabia to the Food Sector?
Saudi Vision 2030 gives the food industry sector a lot of attention by offering a suitable environment for development and investment.
It seems likely that this industry will grow over the next several years, supporting the objective of economic diversification and boosting Saudi exports to international markets. As a result, a growth of more than 12% will come in its GDP contribution.
