ICEC

Unilever Mashreq to establish $59mn-food factory in Alexandria in 2016

Unilever Mashreq eyes injecting investments estimated at 460 million Egyptian pounds (US$58.7 million)  into the Egyptian market during 2016, Ashraf Bakry -managing director- told Amwal Al Ghad Monday.

Those investments are set to be allocated for establishing large food factory in Alexandria governorate, the official stated, adding that 40 percent of its products will be exported.

The new investments comes among company’s strategic plan to boost its investments in Egypt to around 2 billion pounds at the end of 2017 opposed to the current investments that worth 1.1 billion pounds.

Bakry noted that Unilever Mashreq is still completing the construction works at its factory for home care products in 6th of October City with investments worth 200 million pounds. The factory is to start operation at the middle of 2016 and 80 percent of the production will be exported.

Unilever Mashreq has recently succeeded to upgrade its market share through competing in hair care field to be the first producer of hair care product in the Egyptian market.

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