Egypt: New Sina to invest $32mln in food, beverage market in 1Q 2024

New Sina for Food Investment and Beverage announced that it plans to invest EGP 1bn in the food and beverage market in the first quarter (1Q) of 2024.

The company said that the new investments were motivated by the measures and decisions taken by the Egyptian government to encourage investors and open new investment horizons to enhance Egypt’s economic capabilities and achieve its Vision 2030.

The company’s Managing Director Ahmed Hammouda said that the new investments would be used to restart factories and develop production lines in Gamasa Industrial City and Sadat City, and to develop new food and drink products that meet the needs of the Egyptian market. 

He added that the company would also work on offering high-quality products in attractive packaging and expanding the marketing process to cover all of the country, with a focus on the southern governorates and the northern delta governorates.

He said that the company’s goal was to enter the export market of the Arab countries with the first 100% Egyptian national product in the food and beverage sector.

Hammouda said that the company had hired a selected group of the best food and beverage industry and production experts in Egypt and the Middle East to create an unprecedented breakthrough in Egypt.