Saudi Savola buys $33.67mln assets in Egyptian Belgium for Industrial Investment

PHOTO

Saudi Arabian Savola Group has signed an agreement with the Egyptian Belgium for Industrial Investment (EgyBelg) to purchase assets worth EGP 630 million in the latter, according to an official statement on June 9th.

The signed agreement is part of Savola Group’s expansion plan in the Egyptian market.

The Saudi company aims to enter new food industries that could be added to the various products it offers in Egypt in over 30 years.

Savola Group seeks to extend its footprint in Egypt, particularly in the snacks market, and to launch new products while maintaining high quality, the group’s CEO Sameh Hassan said.

The company also plans to invest EGP 730 million to boost production capacity and bolster the efficiency of distribution infrastructure to ensure product differentiation and geographic expansion across the North African country.

For his part, Chief Strategy Officer Mohamed Badran said that Savola’s investment in the Egyptian market has exceeded EGP 5.5 billion.