Saudi Arabia’s Zadna to invest EGP 2 bn in Egyptian dates production

INVESTMENT WATCH- Saudi Arabia’s Zadna is planning to invest EGP 2 bn to produce and sell Egyptian dates and olives, Trade and Industry Minister Tarek Kabil said in a statement. The company has already begun planting palm trees on a 1,000 feddan plot in the Bahariya Oasis and will soon begin building a facility to process and store the cultivated dates. The UAE is also helping fund the establishment of refrigerated units with a storage capacity of 4,000 tonnes in the Bahariya Oasis to help the area improve the quality of its produce and ready it for export. Egypt is already the world’s largest producer and exporter of dates, with 18% of the total global production.