Saudi Arabian Savola plans to expand in Egypt: Industry Minister

Savola is engaged in the production of foodstuffs, such as sugar and oils

02/10/2017 07:52 AST

Minister of Trade and Industry Tarek Kabil held a meeting on Sunday with officials of Saudi Arabia's Savola Group. The meeting discussed the company's future plans and investments in Egypt. Minister of Supply and Internal Trading Aly Meselhi also attended the meeting.

In a press release, Kabil said Savola Group's investment in Egypt represents one of the most important of Saudi Arabia and contributes to meeting the needs of the Egyptian market in terms of food products.

He added that the meeting with Savola officials discussed the company's production in Egypt, whether in sugar, vegetable oil, or pasta, which are among the most important strategic commodities in the Egyptian market.

He explained that company officials are considering expansion of the company's activities in Egypt, especially in view of the positive results of the economic reform plan in Egypt.

Savola is a Saudi company operating in Egypt in the field of food production, such as sugar and oils.

CEO of Savola, Bader Al Aujan, said that the group is keen to strengthen its presence in the Egyptian market during the next stage, especially that the volume of the group's investments in Egypt is higher than the other countries in which the company invests in the Middle East.

He added that the total investment of the company in Egypt is about EGP 28bn, distributed over five plants, next to a huge transport and logistics network covering all parts of Egypt.

The statement quoted Al Aujan saying the company plans to expand its business in Egypt.

Daily News Egypt