Saudi Arabia-based Savola Group’s total investments in Egypt currently exceed $800 million, its chief executive Rayan Fayez said Wednesday.
Egypt captures the lion’s share of Savola’s investments outside Saudi Arabia, Fayez added.
Savola generates a good number of employment opportunities that hit more than 3,000 and 6,000 permanent and temporary employer, respectively in Egypt.
Saudi and Egyptian markets are looked upon as the Middle East’s main markets in terms of size, importance, and potential opportunities. The increasingly growing economies of the two countries as well as high population growth are what makes demanding for food products rise.
In his speech at Saudi-Egyptian Business Opportunities Forum kicked off in Cairo Wednesday, Fayez said Egypt is the very first country Savola Group invests in outside KSA. Savola Group started investing in Egypt in 1992 to be the only country to contain all Savola sectors including oil, sugar and pasta products besides land reclamation and retail businesses.
Fayez added that the Group’s group of companies has a significant role in the development of sectors it serves.
Savola Group is one of the most iconic foods manufacturing companies, with market capitalisation worth $6 billion. The company was founded in 1979, and employs 30,000 in more than 7 countries.