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Saudi sovereign fund PIF launches coffee company
Saudi Coffee Company will provide support to the national coffee industry through the entire supply chain, from bean to cup
The Saudi Coffee Company is expected to invest nearly SR1.2 billion ($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 Public Investment Fund (PIF), said on Sunday it had launched a coffee company to promote the Saudi coffee beans.
In a statement on Sunday, the Saudi sovereign wealth fund said the Saudi Coffee Company will provide support to the national coffee industry through the entire supply chain, from bean to cup. It will also play a key role in developing production in the southern Jazan region, home to the Coffea Arabica, the PIF said.
The Saudi Coffee Company is expected to invest nearly SR1.2 billion ($319 million) over the next 10 years in the national coffee industry, to help boost annual production from 300 tonnes to 2,500 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.
PIF’s strategy
The launch of the Saudi Coffee Company aligns with PIF’s strategy, which focuses on developing and enabling 13 promising sectors, including food and agriculture, as part of broader efforts to diversify sources of income for the local economy.
In partnership with the private sector, the Saudi Coffee Company’s primary goal is to ensure that the national coffee industry is enabled along its entire value chain, from bean to cup. The company will have a strong focus on achieving sustainability across the production, distribution, and marketing aspects of the coffee supply chain, implementing the highest standards and global best practices to empower the national industry’s growth, create new jobs, and promote Saudi Arabia’s capabilities to export the highest-quality coffee beans to the global markets.
Growing market
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 four per cent a year between 2016 and 2021 and is forecast to increase by a further five per cent per annum up to 2026, reaching an expected annual consumption of 28,700 tonnes.
As part of its role to build expertise across the industry, the company will also localise knowledge and introduce the latest technologies across the planting, harvesting, roasting, and marketing sides of the coffee industry in Saudi Arabia. With these goals in mind, the company plans to establish a dedicated academy in various locations in the country, where Saudi Arabian professionals, entrepreneurs, coffee plantation owners, and farmers can receive the training and knowledge they need to help them start their own businesses. The academy will also help locals in the region to contribute to the industry’s growth and take advantage of the opportunities this creates.
— muzaffarrizvi@khaleejtimes.com
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