The move to buy EGP 630 million worth
of assets comes within Savola’s expansion plans in Egypt especially in the
field of baked snacks.
Cairo- June 9, 2022
Minister of Trade and Industry
Nevine Gamea and CEO of the General Authority for Investment and Free Zones
(GAFI) Mohamed Abdel-Wahab have witnessed the signing of an asset purchase
agreement by Saudi industrial food manufacturer Savola from the Egyptian
Belgian for Industrial Investments (Egybelg).
The move to buy EGP 630 million worth
of assets comes within Savola’s expansion plans in Egypt especially in the
field of baked snacks.
“Signing the agreement amid such an
exceptional global economic situation attests to Saudi investors’ confidence in
Egypt as a promising market in the MENA region,” Gamea said.