The SR 500 million contract recently signed between the French Danone Group and the Saudi Al-Safi Foods Company has enhanced the total French investments in the kingdom by 67 percent.
According to Al-Watan newspaper, as a result of this agreement, the value of the French investments in Saudi Arabia grew to SR 1.24 billion ($331 million) up from SR 743.6 million ($199 million). Consequently, France has become the kingdom’s third largest investor, following the USA and Japan.
The Al-Safi Food Company is one of the major dairy product manufacturing and marketing subsidiaries owned by the Saudi Dairy Farm, the biggest dairy farm in the world. As of next year, this company will be known as the Al-Safi/ Danone Company. –(Albawaba-MEBG)
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