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    Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

    Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

    Egypt’s food industries contribute 24.5% of GDP

    Egypt’s food industries contribute 24.5% of GDP

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    $36mln contract for construction of Duqm fisheries complex

    Ministry signs agreement to support Oman’s honey industry

    Ministry signs agreement to support Oman’s honey industry

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    Local, Italian companies partner up to establish food retail chain in Egypt

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    Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

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      Profits at top Saudi banks jump 17.6% in Q1

      Profits at top Saudi banks jump 17.6% in Q1

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      Egypt’s Trade minister, Hungarian ambassador discuss economic relations

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      Oman Construction Equipment Industry to 2028

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      $36mln contract for construction of Duqm fisheries complex

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      What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

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      Madayn working on major Oman industrial city projects

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      Foundation stone laid for new 700-bed hospital is Salalah, Oman

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        Fitch revises Saudi Aramco’s outlook to positive from stable

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        Egypt signs 8 gas exploration contracts worth $934mn over 15 months

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          Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

          Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

          Egypt’s food industries contribute 24.5% of GDP

          Egypt’s food industries contribute 24.5% of GDP

          $36mln contract for construction of Duqm fisheries complex

          $36mln contract for construction of Duqm fisheries complex

          Ministry signs agreement to support Oman’s honey industry

          Ministry signs agreement to support Oman’s honey industry

          Local, Italian companies partner up to establish food retail chain in Egypt

          Local, Italian companies partner up to establish food retail chain in Egypt

          Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

          Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

          Trending Tags

          • Business & Economy
            • All
            • Business
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            • Digital
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            Profits at top Saudi banks jump 17.6% in Q1

            Profits at top Saudi banks jump 17.6% in Q1

            GCC can create 600,000 tech jobs and add US$255 billion to GDP by 2030

            GCC can create 600,000 tech jobs and add US$255 billion to GDP by 2030

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            New study reveals that UAE is most competitive economy in the Arab world

            New study reveals that UAE is most competitive economy in the Arab world

            Top 10 listed companies in the Middle East

            Egypt’s Trade minister, Hungarian ambassador discuss economic relations

            Egypt’s Trade minister, Hungarian ambassador discuss economic relations

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            • CES 2017
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            Oman Construction Equipment Industry to 2028

            Oman Construction Equipment Industry to 2028

            $36mln contract for construction of Duqm fisheries complex

            $36mln contract for construction of Duqm fisheries complex

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            Madayn working on major Oman industrial city projects

            Madayn working on major Oman industrial city projects

            Foundation stone laid for new 700-bed hospital is Salalah, Oman

            Foundation stone laid for new 700-bed hospital is Salalah, Oman

            Iraq set to award new Faw Port deals

            Iraq set to award new Faw Port deals

            Trending Tags

            • Energy
              • All
              • Oil & Gas
              • Power & Electricity
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              Suez Canal expects US$3.5 billion in revenues in H1

              Suez Canal expects US$3.5 billion in revenues in H1

              UAE and Egypt’s consortium to buy African renewables firm Lekela Power

              UAE and Egypt’s consortium to buy African renewables firm Lekela Power

              Fitch revises Saudi Aramco’s outlook to positive from stable

              Fitch revises Saudi Aramco’s outlook to positive from stable

              Investments in renewables in Egypt reach LE6 bn: Official

              Investments in renewables in Egypt reach LE6 bn: Official

              Egypt signs 8 gas exploration contracts worth $934mn over 15 months

              Egypt signs 8 gas exploration contracts worth $934mn over 15 months

              JGC lands $3.7bn Iraq refinery upgradation project deal

              JGC lands $3.7bn Iraq refinery upgradation project deal

              Trending Tags

              • Healthcare
                Coronavirus: UAE conducting human trials for Covid-19 vaccine

                Coronavirus: UAE conducting human trials for Covid-19 vaccine

                COVID-19 vaccine could be available by autumn: Oxford University

                GSK to develop plant-based COVID-19 vaccine with Canada’s Medicago

                Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

                Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

                UAE sends medical aid to Iraq to fight COVID-19

                UAE sends medical aid to Iraq to fight COVID-19

                UAE launches phase III trial of inactivated Covid vaccine

                UAE launches phase III trial of inactivated Covid vaccine

                COVID-19 vaccine could be available by autumn: Oxford University

                COVID-19 vaccine could be available by autumn: Oxford University

              • Hospitality
                Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

                Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

                Saudi to be among world’s big leisure tourism hubs by 2030

                Saudi to be among world’s big leisure tourism hubs by 2030

                Qatar’s hospitality sector peaks despite turbulent 2020

                Qatar’s hospitality sector peaks despite turbulent 2020

                Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

                Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

                Staycations to stimulate Qatar’s hospitality sector

                Staycations to stimulate Qatar’s hospitality sector

                Quarantine rule to give a boost to Qatar’s hospitality industry in Q3: CWQ report

                Quarantine rule to give a boost to Qatar’s hospitality industry in Q3: CWQ report

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              Egyptian food company targets expansion in Africa

              Daily News Egypt

              July 31, 2017
              in Agriculture, Food
              0

              Hero Food Industries is considering expanding in new markets as the company plans to increase its exports from local production by almost 50% in 2017, the company’s managing director Mohamed Bazan told Daily News Egypt.

              “We need to hit EGP 500m exports in 2017, compared to EGP 250m last year,” Bazan explained.

              He estimated the size of the company’s exports last year accounted for 34% of the total sales worth EGP 720m.
              Hero owns the largest factory for the production of jam in the Middle East and North Africa (MENA) region, with exports to 30 countries. Hero also accounts for 55% of the jam market in Egypt.

              When he was asked about his company’s exports to Qatar, Bazan confirmed that his company won’t be affected by the current crisis.

              “Our exports to Qatar are not more than 2% from our total in the MENA region; it is not a heavily populated market,” he explained.

              Bazan said that his sales volumes were badly affected by the pound’s flotation last November.

              “The only thing that was affected is the volume, but the value is on the rise. The volume drop is due to a big drop in customer’s purchasing power in the wake of the flotation,” he explained.

              But he also pointed out that the depreciation of the local currency’s value contributes to increasing the competitiveness of Egyptian products in external markets.

              The Central Bank of Egypt (CBE) had issued a decision in November 2016 to float the pound, which brought down the currency’s value from EGP 8.88 to EGP 18 against the US dollar.

              Hero had lifted the price of jam by 30% and that of baby food between 17% and 43%.
              Bazan said that the company exports to 30 markets worldwide, with plans to enter ten new ones in 2017.

              He pointed out that Arab countries account for the largest share (70%) of the company’s total exports. Of those, Saudi Arabia, the United Arab Emirates (UAE), Kuwait, Jordan, Tunisia, and Algeria had been the largest importers of the company’s products.

              Moreover, Japan acquires 10% of the exports, while the remaining amount goes to South and North America.

              He said that African countries—most prominently Sudan, Kenya, Ethiopia, and Nigeria—obtain a relatively small share of the company’s export volume.

              He pointed out that Hero invested $5m to develop its plant, adding that new investments contribute to raising capacity.

              Bazan said that the company had restructured the plant entirely and upgraded the machinery to improve the quality of final products, save energy, and protect the environment.

              He stated that the company also aims to register growth rates of 10% per year over the coming five years.

              Bazan stressed that the company does not intend to make any acquisitions in the coming period. He also refuted the rumours about listing the company’s shares on the Egyptian Exchange.

              Hero had acquired 65% of Vitrac’s shares in 2002, and in 2005 it acquired the remaining shares before it changed the name to Hero.

              Bazan said that the Swiss Hero achieved sales of CHF 1.2bn in 2016, noting that Egypt represents 4% of total worldwide sales.

              He added that the company does not repatriate profits abroad, but reinvests them in the local market.
              Daily News Egypt
              31 July
               

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