Tissue and sanitary products manufacturer Fine is planning to almost double its investments in Egypt through 2021, The company would invest up to $40 million into the Egyptian market during 2020.
Lafferty stressed that the COVID-19 crisis has had no effect on the investments in Egypt by the company, which manufactures hygienic paper products.
Fine Hygienic Holding (FHH) is set to invest $35 to $40 million in the Egyptian market over 2020, with total current investments reaching about EGP 1 billion (about $63 million), FHH’s CEO James Michael Lafferty told Ahram Online.
In a virtual press conference held on Wednesday, FHH unveiled the company’s new business prospects for the Egyptian market amid the coronavirus outbreak.
Lafferty revealed that new products, including wipes, sanitisers, facemasks and detergents will be made available in the Egyptian market during 2020.
General Manager and Chief Commercial of Egypt at FHH Ahmed El-Fakharany said the company has successfully managed to maintain its 33 percent market share in Egypt during the first half of 2020, accounting for sales of 1/3 of the market’s hygienic paper products, 50 percent of adult diapers, and 12 percent of baby diapers.
“Leading the market with such remarkable shares along with being one of the most dynamic markets in the MENA region, FHH is currently pursuing the transformation of Egypt into an export hub. Our exports have successfully reached 28 countries worldwide, and we are currently working on expanding to a number of African and European countries that have inked trade agreements with Egypt,” El-Fakharany said.
Lafferty said that FHH has also been committed to supporting Egypt’s efforts in fighting coronavirus by establishing a $2 million COVID-19 Relief Fund to provide aid to the communities encompassing FHH’s operations across the MENA region.