EXPANSION-

Edita Food Industries is planning its entry into a Gulf market this year while ramping up plans to use Morocco as an export base for West African markets, initially targeting Mauritania, Chief Investment Officer and head of Corporate Affairs Menna Shams El Din told Al Mal.

The local snackmaker has been expanding across the region this year already, after making an entrance into the Iraqi market earlier this year through the acquisition of 49% — the maximum allowed for foreign companies under Iraqi law — of Iraq’s Tuama Jebur Abbas in a USD 8 mn transaction, with plans to invest over USD 27 mn over the next three years. The move is set to build on its existing exports to the country.

Edita is earmarking funds to expand in Egypt as well, with EGP 1 bn set aside to expand its local production capacity to meet rising demand, the company said in an EGX disclosure (pdf).

HOSPITALITY-

Samco Holding inked an agreement with the UAE’s Ishraq Hospitality to develop two hospitality projects in the new capital, according to a statement. The projects include the 125-key Holiday Inn Express Cairo New Capital and the Five Hotel Apartments, which will house 100 serviced apartments for long-term stays.

Tags: