{"id":653710,"date":"2024-10-21T00:00:00","date_gmt":"2024-10-21T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/21\/raya-foods-eyes-usd-20-mn-factory-to-boost-exports\/"},"modified":"2024-10-21T00:00:00","modified_gmt":"2024-10-21T00:00:00","slug":"raya-foods-eyes-usd-20-mn-factory-to-boost-exports","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/21\/raya-foods-eyes-usd-20-mn-factory-to-boost-exports\/","title":{"rendered":"Raya Foods eyes USD 20 mn factory to boost exports"},"content":{"rendered":"

Good afternoon, folks<\/strong>, and a happy Monday to you all.<\/p>\n

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THE BIG STORY TODAY<\/p>\n

Half of Helios\u2019 USD 40 mn acquisition bid for Raya Foods will go towards building<\/strong> a new factory:<\/strong> Raya Food\u2019s parent company Raya Holding will direct USD 20 mn of Helios Investment Partners\u2019<\/a> USD 40 mn bid for 49% of the subsidiary<\/a> towards building a second factory partly dedicated to freeze-dried fruits and vegetables, Raya Holding CEO Ahmed Khalil told Al Arabiya (watch, runtime: 4:07<\/a>)<\/p>\n

(Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n

All part of a bigger plan to increase exports \u2014 and in turn FX revenues: <\/strong>The plan is to turn the company from the country\u2019s second largest frozen produce exporter \u2014 with an annual production capacity of 50k tons \u2014 to the country\u2019s largest, the company said in a statement (pdf)<\/a> released earlier this week. The new factory \u2014 most likely to be set up next to its existing factory in Sadat City, according to Khalil \u2014 and its use of freeze drying produce will play an important role in reorientating the company more towards exports.<\/p>\n

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THE BIG STORY ABROAD<\/p>\n

The US presidential election \u2014 now just over 14 days away \u2014 and Israel\u2019s indiscriminate<\/strong> attacks in Gaza continue to compete for the day\u2019s top story. <\/strong>Israel\u2019s ramping up of operations<\/a> following the killing of Hamas leader Yahya Sinwar has continued, with Israeli forces storming shelters housing displaced families, burning schools, besieging schools, and killing at least 26 in airstrikes already today. While over in the states, the global press focusing in on<\/a> the two competing presidential campaigns to get their candidate across the line in the too-close-to-call election.<\/p>\n

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