EBRD funds Saudi Almarai’s business in Egypt, Jordan

The Tadawul-listed company operates in Egypt and Jordan through its respective subsidiaries Beyti and Teeba.

  
Almarai dairy products Head Office is seen in Riyadh, Saudi Arabia July 12, 2018. Image used for illustrative purpose.

Almarai dairy products Head Office is seen in Riyadh, Saudi Arabia July 12, 2018. Image used for illustrative purpose.

REUTERS/Faisal Al Nasser

Riyadh –  The European Bank for Reconstruction and Development (EBRD) has announced that it will provide a $100 million loan to food and beverages producer Almarai Company for new investments in Egypt and Jordan, according to a statement released on Wednesday.

The Tadawul-listed company operates in Egypt and Jordan through its respective subsidiaries Beyti and Teeba.

In Egypt, the finance will help Beyti fund additional dairy and juice production capacity to address the increasing demand for its products, and associated growing working capital needs.

“This transaction marks another step in the expanded cooperation across common economies of operations. We are looking forward to continuing our strategic partnership with Almarai,” head of agribusiness for the southern and eastern Mediterranean at the EBRD, Tarek El Sherbini, commented.

Moreover, EBRD’s loan will enable Almarai’s Jordanian unit Teeba to strengthen its capital base and provide fresh funding to support the company’s permanent working capital needs.

Since the beginning of its investments in Egypt and Jordan after 2012, EBRD has invested over EUR 7.6 billion in more than 165 projects in the two Arab countries.

It is worth noting that Almarai reported a 9.95% decline in net profits after zakat and tax last year to a total of SAR 1.811 billion in 2019, compared with SAR 2.012 billion in 2018.

Source: Mubasher

All Rights Reserved - Mubasher Info © 2005 - 2020 Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Financial Services