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UAE-based IFFCO, which specializes in edible oil production and refining as well as soap manufacturing, is looking to expand its projects in Egypt in the coming period.
The company sees the Egyptian market as offering attractive investment opportunities.
Kareem Hassan, the company’s chief executive, said IFFCO wants to diversify its activity by producing food products in Egypt for export.
The company owns two factories in Egypt.
The first factory is located in Suez Governorate on an area of 175,000 square meters. It specializes in oils and fats production, with total annual output of 360,000 tonnes.
The second factory covers 20,000 square meters and specializes in personal-care products, with total annual output of 160,000 tonnes.
The remarks came during a meeting between Hassan El-Khatib, Egypt’s Minister of Investment and Foreign Trade, and an IFFCO delegation to discuss expanding the company’s activities and future projects in Egypt.
The meeting was held as part of Egypt’s efforts to attract more foreign investment and encourage companies already operating in the country to expand their investment projects.
Hassan said IFFCO’s investments in Egypt amount to EGP6 billion, while total exports reached EGP647 million during 2023–2024.
He added that the company exports its products to 18 countries worldwide and provides job opportunities for local workers.
He said IFFCO has projects in 50 countries around the world and has been operating in the Egyptian market since 1999.
The company is a leading producer and refiner of edible oils, natural ghee, and soap.
Minister El-Khatib said the Egyptian government is keen to provide all forms of support to the UAE company to expand its projects, inject further investments, diversify production, and remove obstacles facing the company.
He noted that the Egyptian market offers many promising investment opportunities and is well positioned to attract more foreign investment.
El-Khatib added that the government is implementing further fiscal, monetary, and trade policy reforms.
These include reducing customs release times for goods and easing tax burdens, which should help attract local and foreign investment, increase Egyptian exports, and facilitate foreign trade.
He said Egypt aims to become a regional export hub, supported by its strategic geographic location and trade competitiveness.
Source: Economy Plus