Wednesday, November 23, 2022

Nestle to take a position $1.86 bln in Saudi Arabia over 10 years -ministry

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CAIRO, Nov 23 (Reuters) – Nestle (NESN.S) will make investments 7 billion Saudi riyals ($1.86 billion) in Saudi Arabia over 10 years, the dominion’s funding ministry mentioned on Twitter on Wednesday.

The ministry added it signed a memorandum of understanding with Nestle within the area of meals industries saying it consists of establishing a manufacturing unit and a analysis and growth centre.

The corporate plans an preliminary funding of 375 million riyals in Saudi Arabia, it mentioned.

($1 = 3.7582 riyals)

Reporting by Yasmin Hussein
Enhancing by Chris Reese

Our Requirements: The Thomson Reuters Belief Rules.

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