PIF to invest $320 million in Saudi Coffee Company; India bans wheat exports; EBRD to bolster food storage capacities and developed food security plans in the MENA; Nigeria’s BUA Foods buys new ships to bolster sugar exports; Pakistan-Turkey-Kazakhstan biotech forum to be held.
PIF to invest $320 million in Saudi Coffee Company
The Public Investment Fund (PIF), the kingdom’s sovereign wealth fund, has launched the Saudi Coffee Company, intending to invest SAR1.2 billion ($320 million) over the next decade, reported the Saudi Press Agency (SPA). The aim is to bolster production from 300 tonnes per year to 2,500 tonnes, and develop the whole value chain “from bean to cup”. Coffee consumption in the kingdom grew by 4% a year between 2016-2021 and is forecast to rise by 5% a year to 2026, to 28,700 tonnes, according to data cited by the SPA. In the three mountainous regions of Jazan, Al Baha, and Aseer there are more than 2,500 coffee plantations with a combined total of around 400,000 coffee trees.
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