SAUDI ARABIA – PepsiCo, a multinational food and beverage conglomerate, has announced plans to invest over 200 million Saudi Riyals (US$53.3m) on expanding a snacks facility in its Dammam plant, Saudi Arabia.
The investment news was revealed and shared with the Minister of Industry and Mineral Resources His Excellency Mr. Bandar Ibrahim AlKhorayef on the sidelines of the Future Investment Initiative conference, which took place in Riyadh at the end of October.
According to Doritos brands owner, the investment aimed at boosting the plant’s production capacity in line with the company’s commitment to supporting sustainable agricultural practices in Saudi Arabia and contributing to the Kingdom’s food production goals, as outlined in Vision 2030.
Expected to be finished next year, the investment marks the latest step taken by the global F&B company to enhance the Saudi agricultural sector and boost sustainable food production in the Kingdom.
The snacks plant was opened in 2014 as a 5,000 sq m manufacturing facility to service Middle Eastern markets.
Brands manufactured in Saudi Arabia by PepsiCo include Lay’s, Doritos and Quaker Oats, as well as the local crisp brand Tasali.
The capital expenditure plan, comes soon after the company revealed on expansion to its snaking plant in Brazil town of Cabode Santo Agostinho.
It is to install a new production line at the site, which produces Cheetos and Cebolitos snacks for the local market.
PepsiCo’s decision to allocate substantial funds to expand its Dammam facility underscores its dedication to promoting sustainable agricultural practices across the Kingdom.
The investment, which includes the introduction of the latest equipment and facilities, is set to increase the plant’s production capacity, thereby reinforcing the company’s broader strategy of promoting sustainability within its operations.
This move not only fortifies PepsiCo’s position as a leading player in the food and beverage industry but also signifies its commitment to advancing sustainable agricultural practices across Saudi Arabia.
Last month, PepsiCo released its third-quarter results. Net revenue increased by 8.9% year-on-year to US$23.45bn while operating profit jumped to US$4.02bn.