CAIRO: Saudi Almarai Company for Milk and Juices will establish a dairy plant in Egypt, the Ministry of Investment announced Thursday.
“Such new investments will provide many of job opportunities, encourage the economic growth and help meeting the citizens’ growing demand of milk and dairy products,” Trade Minister Fakry Abdel Nour said.
During his meeting with Abdel Nour, Abdel Rahman al-Fadly, chairman of Almarai’s Board of Directors, expressed his willingness to carry out large industrial edifice in Egypt as fast as possible, the ministry statement said.
Abdel Nour said the Ministry of Investment in coordination with the concerned parties would provide the piece of land needed for establishing the project as “soon as possible.”
Almarai, founded in 1977, is one of the world’s largest dairy enterprises. During the last year, Almarai Egypt has achieved 38 percent growth rate, according to its corporate website. The existing factory in 10 of Ramadan industrial region exports to a number of regional and neighboring countries.
Relations between Cairo and Riyadh have improved since the events of June 30; following the ouster of Mohamed Morsi the kingdom gave $5 billion in aid to Egypt, which included a $2 billion deposit to boost foreign reserves.
In January, the Egyptian-Saudi Association announced a goal to attract 200 companies to invest a total of 2 billion EGP ($280 million) in Egypt in 2014, the Ministry of Investment reported.
In April, the Ministry of Endowments reported that two Saudi businessmen, Naser Al Thaqil and Ossam Nas, are planning to invest approximately 5 billion EGP in 2014 to construct housing units in Alexandria and Giza.