EGYPT – An Egyptian prominent player in the beverage industry, New Sina, has announced an ambitious plan to invest US$32.4 million in expanding its operations during the first quarter of 2024.
Ahmed Hammouda, the company’s General Director, unveiled this strategic move on September 13, charting a new course for the company’s growth trajectory.
The substantial investment injection is earmarked to bolster New Sina’s processing facilities located in Gamasa and Sadat City, with an eye on scaling up production and introducing new product lines to meet growing market demand.
The company’s core expertise lies in the production of non-alcoholic beverages, fruit juices, and dairy products, and this funding will facilitate the enhancement of its capabilities in these sectors.
Mr. Hammouda emphasized that this forward-looking initiative is not only aimed at reinforcing New Sina’s presence within Egypt but also at expanding its market reach across the nation.
Furthermore, the company aspires to tap into export opportunities within North and Middle East Africa, aligning its goals with Egypt’s broader economic aspirations.
In Egypt’s thriving beverage industry, non-alcoholic drinks have emerged as the dominant revenue source, contributing a significant 75% of the sector’s total earnings.
In 2022, Egypt’s beverage industry reported substantial growth, with revenues surging by 7.4% to exceed US$116 million, as per data compiled on the Statista platform.
The robust performance underscored the sector’s resilience and potential, making it an attractive destination for investments by companies like New Sina.
New Sina’s investment is expected to have far-reaching impacts, not only on the company itself but also on Egypt’s food and beverage landscape.
As the beverage industry continues to expand, the injection of US$32.4 million is poised to stimulate job creation, technological advancements, and increased economic activity in the region.
The development of processing plants and the introduction of new production lines will not only boost the company’s capacity but also contribute to the overall competitiveness of Egypt’s food industry.
In light of New Sina’s investment commitment, industry experts and stakeholders are optimistic about the growth prospects of the Egyptian beverage sector.
The company’s strategic vision aligns with the nation’s economic goals of promoting industrial growth, increasing exports, and creating employment opportunities.
As Egypt’s beverage industry evolves and diversifies, New Sina’s substantial investment during the first quarter of 2024 stands as a testament to the sector’s resilience and potential.
With a strategic focus on both local and export markets, the company aims to become a key player in Egypt’s journey towards economic prosperity.