L’Oréal to Open $150 mln New Plant In Egypt Next Oct

French cosmetics giant L’Oreal SA (OREP.PA) will be opening its new cosmetic factory in Egypt by the beginning of next October.

The Egyptian Minister of Industry and Foreign Trade Mounir Fakhry Abdel-Nour announced that he will participate in the inauguration ceremony of L’Oreal’s new factory in the North African country. He said the investment cost of L’Oreal’s new factory amounts to US$ 150 million.

H.E. Abdel-Nour further told to Amwal Al Ghad that the French Industry Minister Arnaud Montebourg will attend the opening ceremony of L’Oreal’s new factory in Egypt.

The new factory is set to serve the Middle East area, marking its first attempt to break into the African market.

Minister Montebourg’s visit to Egypt also comes for the purpose of resuming the negotiations – which have been started with the former minister Hatem Saleh – over injecting new projects in the country.

The French-Egypt investment talks have been halted in the aftermath of June 30 uprising.

Abdel-Nour further referred that his ministry has received multiple EU requests, notably from France and Italy, aiming to make new investments in Egypt in sectors of automotives, agro-processing, mining, new and renewable energy as well as leather industry.