Saudi Ministry of Investment and Nestle signed an agreement to invest $1.86 billion over 10 years. Image Credit: MISA/Twitter

Cairo: Nestle will invest 7 billion Saudi riyals ($1.86 billion) in Saudi Arabia over 10 years, the Kingdom's investment ministry said on Twitter on Wednesday.

The ministry added it signed a memorandum of understanding with Nestle in the field of food industries saying it includes establishing a factory and a research and development centre.

The company plans an initial investment of 375 million riyals in Saudi Arabia, it said.