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Tuesday, 21 May 2024
PepsiCo Ups Investments in Saudi Arabia to $1.6 Billion
PepsiCo Ups Investments in Saudi Arabia to $1.6 Billion

PepsiCo has said that it seeks to invest over six billion riyals ($1.6 billion) in Saudi Arabia over the next five years.

The governor of the Saudi Arabia General Investment Authority (SAGIA), Ibrahim al-Omar, and Ramon Laguarta, chairman and chief executive officer of PepsiCo, met in Riyadh on Wednesday to discuss the Kingdom’s investment climate.

Among the topics of discussions were the reforms implemented by Saudi Arabia.

During the meeting, Laguarta stressed the historic relationship between PepsiCo and its partners in Saudi Arabia, saying that the company and its local partners have invested in the Kingdom 11.4 billion riyals ($3 billion) in the past seven years.

He revealed plans to increase these investments by more than six billion riyals ($1.6 billion) in the coming five years.

Laguarta said that his company has created jobs for 8,000 employees in Saudi Arabia.

Al-Omar said that Saudi Arabia continues to present an attractive climate for international investors by implementing a comprehensive economic transformation program.

“PepsiCo represents a prime example of a close and reciprocal partnership founded on values of innovation, diversification and sustainable growth,” he said.

The PepsiCo Foundation, the company’s philanthropic arm, will invest nearly 16 million riyals ($4.27 million) in social impact programs focusing on women and youth empowerment. The fund will focus on sustainability projects including water conservation and plastic waste management.