Naif Alrajhi Investment plans on doubling its investments in the food and beverage (F&B) sector in the coming years to reach SR200 million ($53.2 million) through the addition of fine-dining restaurants to its current portfolio. At present, its portfolio includes: Chocolate and sweets, a chain of fast-food restaurants, bakeries and ethnic restaurants with a modern twist. The objective is to vary the offerings from casual to five-star to suit all tastes and segments.
Naif Saleh Alrajhi, chairman and chief executive officer of Naif Alrajhi Investment, said that the food and beverage sector is “an important and promising sector in Saudi Arabia due to the large youth base and the increasing and constant demand for unique restaurants.”
The spending on food and beverage averaged 18 percent of the total household spending in Saudi Arabia and is expected to reach SR18.2 billion by 2020.
