Slow start to Egypt’s home-grown budget solution

A recent purchasing managers’ index showed Egyptian output expanding for the first time in eight months – and for only the second time since 2012.

International investors are also showing signs of making a cautious return.

Bisco Misr, an Egyptian biscuit manufacturer, has attracted interest from a queue of corporate suitors weighing stakes in the company.

The private equity firm Abraaj Capital, the Saudi Arabian firms Savola Group and Halwani Brothers, the Egyptian diary firms Food Industries and Juhayna Food, and, most recently, Kellogg’s, the US breakfast giant, have all expressed interest.

And with PepsiCo and Almari announcing a US$345 million joint venture in the country, it looks like major international companies are keen to do business in Egypt once again.

Maya Senussi, an economist at the consultancy Roubini Global Economics, said that “anecdotal evidence would suggest some recovery in business confidence, and there’s definitely more talk of public share sales”.