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Saudi company invests $271 million in new factories in Egypt

Abdullah Al-Obeikan, the chairman of Combibloc, part of the Saudi Obeikan Group, has announced that his company is negotiating with the Egyptian government for land to build five packaging factories. The total investment envisaged is $271.5 million.

Speaking to the Anatolia news agency, Al-Obeikan said, "We have discussed this with Minister of Commerce and Industry Hatem Saleh, who suggested a number of sites for the project; we will choose one which is close to most of our Egyptian customers."

He pointed out that this is a long-term investment, having decided to invest in Egypt despite the current troubles. "We had sales in Egypt totalling $125 million last year, which was 12 per cent of the company's total global sales." It is a strategic market, Al-Obeikan added, which is why his company is investing in the country. The factories will produce packaging for medicines, milk and fruit juices.

Middle EastNews
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