Saudi Sovereign Fund PIF Launches Coffee Company
Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), has said that it has 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.