INVESTMENT WATCH- Hero Middle East & Africa targets sales of EGP 1 bn, may open baby food plant: We sat down with Hero Middle East & Africa Managing Director Mahmoud Bazan yesterday, who tells us that the company is targeting 2017 sales of EGP 1 bn, up from EGP 720 mn last year. He also revealed that the company is studying the possible opening here of a baby foods factory. The company has increased its production capacity to 70,000 tonnes annually in the past year after restructuring its 20-feddan Qalyubia plant’s production lines.

On the export font, Bazan added that Hero expects its exports to the US, which started this year, would grow to USD 10 mn annually within three years. The company is looking to increase exports to African countries as well. Hero stopped exporting to Qatar following the decision by Egypt and GCC countries to cut diplomatic ties with the Gulf country. Bazan said sales to Qatar only accounted for 2% of the company’s total export receipts. He also made a point to note that Hero’s profits in Egypt will not be repatriated, but will instead be reinvested in growing the company’s business here.