RIYADH: Restaurant owners in Saudi Arabia will be looking to secure investment from global firms during a special conference set to be held in Riyadh from May 7-9.
The Global Restaurant Investment Forum will take place on the sidelines of the Future Hospitality Summit, and is set to help promote the expansion and development of the sector in the Kingdom.
High-level industry executives, investors, franchisors, and restaurant owners are set to attend the forum, and will exchange practices, trends, insights, and innovations as the Kingdom steadily evolves as a cultural destination, in line with the goals outlined in Vision 2030.
Jennifer Pettinger, managing director - Middle East of The Bench and founder of GRIF, said: “It is fascinating to watch the rapid development of the F&B (food and beverage) scene in Saudi Arabia and the enthusiasm of those driving it forward.
“The focus on developing Saudi-led talent, concepts, and cuisine, as well as showcasing the country's culture and people, is a positive step towards shifting the global narrative around the country.
“It is also interesting to note the desire to incorporate ‘Saudi Hospitality’ even in imported concepts, indicating a commitment to adapting to and evolving the local market.
“The opportunity in the premium casual and casual dining sector is a promising area for growth, and it will be exciting to see how the restaurant scene in Saudi Arabia continues to evolve in the coming years.”
According to the Kingdom’s Small and Medium Enterprises Authority Monsha’at, Saudi Arabia’s food and beverage sector increased by 6.3 percent in the first half of 2022.
Saudi Arabia also invested $187 million in F&B startups in that period, according to research firm MAGNiTT’s Saudi Arabia Venture Capital report.
A study conducted by Mingora Foodservice Consumer Confidence for Saudi Arabia reveals figures that indicate a strong potential for the Kingdom’s hospitality sector.
The poll found that 58 percent of respondents anticipate major or marginally better financial situations in the upcoming years. It also showed that respondents are quite optimistic about Saudi’s future in the run-up to 2030, in accordance with the goals of the Kingdom’s Vision 2030.
