L’Oréal opens its €50 million cosmetics Plant in Egypt Today
The French Cosmetics giant L’Oreal SA (OREP.PA) inaugurates today its newest plant in Egypt.
Egyptian Investment Minister Ashraf Salman has inaugurated this morning the new cosmetic factory for L’Oreal in Cairo.
The inauguration ceremony was in the presence of the French ambassador in Cairo. With investment cost of €50 million, L’Oreal’s newest factory locates in the 10th of Ramadan City.
From his part, minister Salman asserted that Egypt has become more capable of attracting foreign investments backed by the government’s recent economic reforms.
L’Oreal has around 43 factors around the globe, with total sales estimated at €32 billion approximately, the minister noted, saying the new factory in Egypt is the first of its kind in the Middle East and North Africa regions.
The new factory is set to serve the Middle East area, marking its first attempt to break into the African market.
