RIYADH — The Ministry of Industry and Mineral Resources announced on Monday that it was targeting to attract investments worth $20 billion in the food industry by 2035. The investment will be used to support the development of the food industry in the Kingdom, including the dairy, bakery, sweets, and beverages sectors.

The ministry plans to maximize the value of a number of agricultural crops in which the Kingdom has comparative advantages. The ministry also aims to double the value of exports from $3.7 billion in 2022 to $10.9 billion in 2035.

These goals are in line with the objectives of the National Industrial Strategy, which seeks to increase the sustainable growth of food industries.

Minister of Industry and Mineral Resources Bandar Al-Khorayef said the ministry was currently working on a number of projects, including a $1.2 billion expansion project by Almarai Company to increase its poultry production capacity; a $120 million poultry products factory by Arab Seara Food Industries, a subsidiary of Brazilian GBS group in the Middle East and North Africa; and a $133 million canned tuna project, which is the first of its kind in the Kingdom.

Al-Khorayef said the new investments would create more than 4,000 new job opportunities in the sector. He added that the investments would also help develop the local content in the food industry and promote exports of Saudi food products to regional and global markets. — SPA