https://arab.news/vgaz5
RIYADH: Jordan’s Alyoum Bakery is set to scale operations and introduce additional product categories following an agreement with the Saudi Jordanian Investment Co.
The wholly owned Public Investment Fund firm will indirectly invest in the industrial-scale baked goods producer to help it augment existing operations and support a longer-term growth strategy, according to a statement.
This falls in line with SJIC’s strategy to identify new investment opportunities in Jordan that foster long-term economic partnerships and sustainable returns.
It also aligns with the growth in trade between Jordan and Saudi Arabia, which reached $29.7 billion from 2018 to 2024, according to the Amman Chamber of Commerce. In 2018, the total trade volume stood at 2.89 billion Jordanian dinars ($4.07 billion). By the first 11 months of 2024, this figure grew to 3.74 billion dinars.
“We are delighted to mark this milestone cooperation with this well-established firm, and we look forward to working with Alyoum Bakery and contributing to the company’s growth. This transaction is part of SJIC’s strategy to focus on key promising sectors which are important for economic development,” Muteb Al-Shathri, acting CEO of SJIC, said.
“The partnerships that SJIC is establishing with leading Jordanian companies are fundamental elements of success for the future,” Al-Shathri added.
From his side, Mahmoud Khalil, co-founder of Alyoum Bakery, said: “Today marks a significant milestone for Alyoum Bakery and the beginning of a new phase in the company’s journey.”
He added: “We are very excited by SJIC’s investment into the company, reflecting a commitment that will enable us to implement the key pillars of our organic strategy, which centers around enhancing production efficiency and product availability, in addition to expanding the distribution network both within Jordan and across neighboring markets.”
Established in 2017, the Saudi Jordanian Investment Fund is a public limited firm wholly owned by SJIC, specializing in investing in Jordan’s infrastructure and high-growth sectors.
With a capital commitment of $3 billion, SJIF focuses on strategic, sustainable, and economically viable investments in Jordan’s key sectors.
The fund aims to invest in long-term projects that generate a significant socio-economic impact in Jordan while aligning its goals with the strategic investment direction of the Kingdom’s PIF.
In February, the Saudi-Jordanian Business Council discussed expediting customs procedures and simplifying trade transactions. The body also discussed enhancing cooperation in logistics infrastructure, renewable energy, and food security, the Saudi Press Agency reported at the time.