Riyadh: Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), said on Sunday it had launched a coffee company to promote the kingdom’s coffee beans.
The Saudi Coffee Company will provide support to the national coffee industry through the entire supply chain, from bean to cup, the PIF said.
It will also play a key role in developing production in the southern Jazan region, home to the Coffea Arabica, it said.
The Saudi Coffee Company is expected to invest nearly 1.2 billion riyals ($319 million) over the next 10 years in the national coffee industry, to help boost annual production from 300 tonnes to 2,500 tonnes.
The coffee market in Saudi Arabia has grown considerably in recent years, and domestic market statistics demonstrate the attractive opportunity presented by the coffee sector. Market data shows that coffee consumption in Saudi Arabia grew by approximately 4 per cent a year between 2016 and 2021 and is forecast to increase by a further 5 per cent per annum up to 2026, reaching an expected annual consumption of 28,700 tonnes.
According to the latest statistics, the national production of the Saudi Khawlani coffee beans comes from the mountainous regions of Jazan, Al Baha, and Aseer. Across the three regions, there are more than 2,500 coffee plantations with a combined total of around 400,000 coffee trees.
With inputs from Reuters