Saudi’s Savola says investments in Egypt reach 28 bln pounds

Savola Group, Saudi Arabia’s largest food products company, says its investments in Egypt currently amount to around 28 billion Egyptian pounds ($1.6 billion).

The Saudi firm has five giant food-stuff factories in addition to large logistics network across the North African country, said Badr Al Aujan, chief executive of Savola Foods, on Sunday.

Al Aujan made these remarks during a meeting in Cairo with Egyptian Trade Minister Tarek Qabil and Supply Minister Ali Moselhy, aimed to review Savola’s projects in the North African country.

Savola offers around 23,250 direct and indirect jobs in Egypt, the Saudi official further told the two ministers, according to the Ministry of Trade statement.

The Saudi group is seeking to boost its investments in Egypt in the coming period, Al Aujan said.

Egypt has the largest share of Savola’s investments in the Middle East region, the Saudi official noted.