UAE manufacturing giant Agthia Group to acquire majority stake in Egyptian meat processor Atyab

EGYPT – Abu Dhabi-listed food and beverage company Agthia Group has announced that its Board of Directors has approved a strategic acquisition of a majority stake in Ismailia Investments (Atyab), Egyptian producer of frozen processed chicken and beef products. The acquisition would see Agthia acquiring 75.02% in Ismailia Investments, giving it an enterprise value of 3.22 billion Egyptian pounds (US$205.6 million). Ismailia Investments has a portfolio of four brands – Atyab, Meatland, Shiketita and Furat – catering to the value, economy and premium segments of the Egyptian market, Agthia noted…

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Egypt’s local production of edible oil, meal to rise following expansion of crushing capacity

EGYPT – Egypt to continue relying on oil seed imports as a result of expansion of its crushing industry and local production being far below demand levels. The main oil seeds utilized in the country for production of both edible oils and animal feeds are soybeans and sunflower seeds. In marketing year (MY) 2021/22, production of soybeans is expected to be 25,000 metric tons (MT), against local demand of 4.64 million metric tons (MMT), according USDA Foreign Agricultural Services in a GAIN report. The consumption rate is 2.2 percent up…

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Global ingredient manufacturer Kemin becomes majority shareholder in Egyptian animal vaccine company MEVAC

EGYPT – Kemin Industries, a global ingredient manufacturer has expanded its presence in the global vaccine market by becoming a majority shareholder in MEVAC, an animal vaccine manufacturer based in Cairo, Egypt, and a shareholder in MEVAC’s sister company, UVAC. UVAC was established to produce foot-and-mouth disease and tissue-culture vaccines for animals, as well as human vaccines. As part of its investment in the two companies, Kemin will have access to a modern vaccine plant with production and R&D capabilities to support future growth. “We entered into a partnership with…

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Edita Food Industries expands portfolio with launch of new wafer and cream products

EGYPT – Edita Food Industries, a leader in the Egyptian packaged snack food market, has launched new wafer and cream products as the company seeks to expand its products portfolio and premiumise its offerings. The snack major has introduced Freska Block, which is a filled wafer bar with a double-layer chocolate coating that will be retailing for EGP 3 (US$0.19) per pack. The new product is available in three flavours: hazelnut cream, peanut butter, and cappuccino cream. The company has also introduced its new Molto Mini Magnum SKU, retailing at…

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Egyptian snacks manufacturer Edita Food receives US$5.725m financing from NBK

EGYPT – Edita Food Industries, Egyptian leader in packaged snack food market has inked a medium-term financing contract worth EGP 90m (US$5.725m) with the National Bank of Kuwait (NBK), to finance its capital expenditures. The loan which is part of the Central Bank of Egypt (CBE) initiative to support Egyptian companies navigate the current tough economic environment triggered by the pandemic, comes with a seven-year term, reports Daily News Egypt. Menna Shams El Din, Director of Investor Relations at Edita Food Industries, said that the loan will be used to…

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Majid Al Futtaim provides Egyptians with a seamless online experience with launch of new service

EGYPT – Majid Al Futtaim, the shopping mall, communities, retail and leisure pioneer across the Middle East, Africa and Asia, has launched its free “Click and Collect” service across its four shopping malls in Egypt. The newly launched “click and collect” service is aimed to reinvent shopping experiences in the country by offering customers more convenience and choice, further addressing the rise in demand for online services. The service enables customers to shop online and collect their purchases from select stores at any of Majid Al Futtaim’s shopping malls in…

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Egypt’s grain production to stabilize as wheat registers marginal growth, corn and rice remain unchanged

EGYPT – Grain production in Egypt is forecasted to marginally rise in the marketing year (MY) 2021/22 with wheat expected to increase by 1.12% to reach 9.0 million metric tons (MMT), from 8.9 MMT of MY 2020/21. The rise is attributed to the increase in total area harvested; set to come in at 1.4 million HA compared to 1.39 million HA the previous year. Meanwhile, corn and rice production according to Foreign Agriculture Service (FAS) Cairo forecast, are expected to remain unchanged from previous year’s out-put of 6.4 MMT for…

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FrieslandCampina enters fast growing Africa cheese market, forms JV with Egyptian Domty

EGYPT – The Dutch dairy co-operative, FrieslandCampina has partnered with the Arabian Food Industries Company, popularly known as Domty to establish a joint venture that will focus on the export of cheese. Both cheese majors are combining their efforts in a new company that will export and sell affordable cheese propositions to markets in Africa and the Middle East from Egypt. Talks of the agreement began in 2020, with the two parties signing a Memorandum of Understanding (MoU) in September 2020. Under the agreement, FrieslandCampina will hold a 51 per…

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IFC to save Egyptian farmers US$875m annually by fostering transition to solar irrigation systems

EGYPT – IFC, a member of the World Bank Group has partnered with ALEXBANK, an Egyptian private bank to provide financing to farmers to enable them transition to use of sustainable irrigation systems. Under the partnership, the financial institutions will design new funding packages to enable farmers to purchase and install solar powered irrigation pumps. This targets farmers who may lack direct access to electricity grid and aims to reduce their reliance on diesel-powered generators by switching to clean energy options which have reduced impact on the environment. “This new…

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Egypt based restaurant platform Koinz raise US$4.8m led by Tinder app founder

EGYPT – Koinz, an Egyptian restaurant engagement platform, has raised US$4.8 million in a seed round led by Justin Mateen, the founder and former CMO of leading global dating app Tinder. The round also saw participation of Africa-focused VC 4DX Ventures and angel investors from Egypt, Turkey, and Saudi. According to our data, it is the second-largest seed round raised by a startup in Egypt. Founded in 2018 by Hussein Momtaz, Ahmed Said, and Abdullah Al Khalidi, Koinz is a customer acquisition and retention platform for restaurants. “Koinz is offering…

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