Minister of Trade and Industry: Political leadership support in Egypt and Saudi Arabia is a golden opportunity to enhance the investment partnership between the private sector in the two countries.
GAFI CEO: Egypt represents an active market for investment between economic entities in Egypt and Saudi Arabia, and we are keen to facilitate all procedures to increase FDI.
Ms. Nevin Gamea, Minister of Trade and Industry, and Counselor Mohamed Abdel Wahab, Chief Executive Officer of the General Authority for Investment and Free Zones, witnessed the signing of an asset purchase agreement worth EGP 630 million between the Egyptian Belgian for Industrial Investment Company and Savola Foods Egypt Company. This agreement comes as part Savola's expansion plans in the Egyptian market. By singing the agreement Savola confirms that it has entered a new food industry to be added to the various products that the company has been offering in the Egyptian market for more than 30 years. The agreement was signed in the presence of Mr. Mohamed Tamimi, Economic Adviser to the Saudi Embassy in Cairo, along with a number of senior public figures, at GAFI's headquarters.
Minister of Trade and Industry stressed that Egypt and Saudi Arabia have strategic economic relations based on a large number of joint investment projects that benefit the peoples of the two brotherly countries. She noted that the political leadership in the two countries supports promoting investments in both countries, which represents an excellent opportunity for establishing investment partnerships between private sector in the two pan-Arab countries.
Gamea pointed out that the signing of this agreement, despite the exceptional circumstances witnessed by the global economy, reflects the confidence of investors in the Egyptian market as one of the most promising markets in the Middle East and Africa.For his part, GAFI CEO indicated that Egypt represents an active market for investment and commercial cooperation between economic entities in Egypt and Saudi Arabia, which considered one of the main pillars to support economic relations and promote the movement of joint investments. He stressed GAFI's keenness to support large investments implemented by Savola Group and other Arab companies, and its work to facilitate all procedures to increase its investments in Egypt.
Abdel-Wahab explained that this agreement would open new areas to attract more Saudi investments to Egypt. He confirmed the ability of the Egyptian and Saudi business community to find positive manners for joint investment cooperation.
For his part, Mr. Mohamed Tamimi, Economic Adviser to Saudi Embassy in Cairo, praised the well-established historical relations and common ties between the two brotherly countries in all fields and at various levels. He pointed out that his country continues to make more unremitting efforts in order to enhance cooperation with Egypt, through initiatives and signing agreements that enhance cooperation in the interest of both countries.
From his side, Mr. Sameh Hassan, CEO of Savola Food Company, explained that Egypt is one of the most promising economies in the region, which supports Savola’s strategic growth plans, which aim to expand into new food industries in one of the largest markets in which the company spreads outside the Kingdom of Saudi Arabia. He stressed that the company seeks to expand into new food industries to serve consumers in the region, especially the younger generations, focusing on global trends to provide innovative, high-
quality products, taking into account distinctive packaging, and building an exceptional brand, in line withthe healthiest choices for the consumer.
Hassan added that "Savola Foods" seeks to offer diverse and innovative products while maintaining high quality through expanding the snack food market in Egypt. It plans to launch a campaign that includes research and development, as well as marketing and communication with the consumer. In addition to its intention to pump more investments to increase production capacity and raise efficiency of the distribution infrastructure with an additional value of EGP 730 million to ensure excellence in manufacturing and
geographical spread throughout the Republic.
In this context, Chief Strategy Officer at "Savola Foods" Mr. Mohamed Badran indicated that this acquisition is a part of the company’s expansion strategy. He pointed out that "Savola Foods" is present in Egypt and Saudi Arabia, in addition to many North African countries, Asia and Turkey. He added that it is one of the largest investors in the food industry in Egypt, where the volume of its investments in the Egyptian market amounted to more than EGP 5.5 billion, in addition to the company’s extensive experience
spanning more than 30 years that is evident in many well-known products. "Savola Foods" seeks through its various products to go to new markets, which leads to further expansion by increasing production lines and providing job opportunities.
It is worth noting that "Savola Foods" Company is one of the leading companies owned by the Saudi "Savola" Group, which, thanks to its professional practices, has succeeded in managing a large portfolio of high-quality food products brands, which include edible oils, vegetable ghee, sugar, pasta, seafood, margarine, cooking fats, baked goods and frozen vegetables. The Company owns a group of the most famous brands in the food commodities market in Egypt, which have won the trust of customers. "Savola Foods" has expanded with its exceptional products to cover with its products and services more than 30 countries around the world.
