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Nestle to invest $1.86 billion in Saudi Arabia over 10 years -ministry

Reuters
FILE PHOTO: Swiss national flag flies beside a flag of the canton of Bern in front of the logo of Nestle in Konolfingen

CAIRO (Reuters) - Nestle will invest 7 billion Saudi riyals ($1.86 billion) in Saudi Arabia over 10 years, the kingdom's investment ministry said on Twitter on Wednesday.

The ministry added it signed a memorandum of understanding with Nestle in the field of food industries saying it includes establishing a factory and a research and development centre.

The company plans an initial investment of 375 million riyals in Saudi Arabia, it said.

($1 = 3.7582 riyals)

(Reporting by Yasmin Hussein; Editing by Chris Reese)