Saudi’s Savola targets expanding in Egyptian market

CAIRO – 1 October 2017: Saudi’s food and retail firm, Savola Group, is planning to increase or expand their investment in Egypt, their officials announced Sunday.

In a meeting with the company officials, Minister of Supply Ali Moselhy and Minister of Industry Tarek Kabil reviewed Savola’s projects in Egypt, according to an official statement.

“Savola’s investments in the country represent the most important Saudi investment as it meets the food needs of the domestic market, in addition to exporting to external markets from their Egypt-based factories,” Kabil said.

Savola’s investments in Egypt surpassed LE 28 million ($1.59 million), distributed over five food stuff factories, in addition to carrier networks for transporting those products.

The Saudi company offers 3,250 direct job opportunities and 20,000 indirect jobs.

Moselhy said the company is giving priority to the Egyptian market through offering products at reasonable prices, “which contributes in closing the gap between the industrial capacity and the market needs,” he said.

The Supply Ministry is welcoming Savola’s participation in sugar and cooking oil tenders recently issued by the ministry; “as long as it meets the set standards and regulations,” he said.