Saudi sovereign wealth fund sets up national coffee company

Riyadh
Riyadh, Saudi Arabia

Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), announced the establishment of a new coffee production venture.

The Saudi Coffee Company, which will also draw on private funding, will invest 1.2 billion riyals ($320 million) in the kingdom’s coffee sector over the next decade. By then, Saudi Arabia would be producing 2,500 tons of coffee annually, up from 300 tons now, according to the fund’s press release. The company will also set up a dedicated academy to train

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