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FINANCIAL NEWS
Nestle expects Saudi sales to grow 20% in 2013
19 Dec 2012
(MENAFN) Swiss food producer Nestle expected its sales in Saudi Arabia to grow by 20 percent in 2013, Bloomberg reported.
Nestle Middle East CEO Yves Manghardt said that the firm’s sales in the Gulf Kingdom reached USD700 million so far this year.
He added that the GCC’s most populous country contributes roughly 30 percent of Nestle’s business in the Middle East.
The world’s largest food company also expected its Middle East regional sales to hit USD3.3 billion in 2017 from USD1.4 billion in 2009.
Nestle has entered the Middle East in 1997 and invested more than USD400 million so far.
The company, which currently owns and operates 17 factories and employs 7,000 staff in the region, has added bottling facilities and distribution centres in Saudi Arabia in the past two years.
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