Saudi Almarai, PepsiCo to invest USD345m in Egypt

(MENAFN) Saudi Arabia's Almarai, the Gulf's biggest dairy company, said it plans to cooperate with the US soft drinks giant PepsiCo in a USD345 million investment in Egypt in the coming five years, according to Khaleej Times. The investment is expected to open the doors to foreign investors to invest in Egypt after the long political instability in the country. The Almarai investment would be conducted through Egyptian dairy and juice products firm International Company for Agro-Industrial Projects (Beyti), a subsidiary of International Dairy & Juice Ltd, which is owned 52 percent by Almarai and the remainder by Pepsico.