Saudi food giant Savola to invest over $52m to develop Egyptian bakery unit 

RIYADH: Savola Foods Ltd. plans to invest over 1 billion Egyptian pounds ($52 million) to develop its recently acquired bakery unit Egybelg, its CEO revealed.

With the latest acquisition of Egybelg, “the company’s investment in Egypt currently exceeds 6 billion Egyptian pounds,” Sameh Hassan told CNBC Arabia.  

Savola Foods, a subsidiary of Saudi-listed Savola Group, had recently bought the Cairo-based firm for 622 million Egyptian pounds, to be revamped with the new 1 billion Egyptian pound investment.