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Thursday, 1 October 2020

Amazon mulls Egypt as manufacturing and export hub, Fine says it will double its investment in Egypt

INVESTMENT WATCH- Amazon might be looking to set up shop in Egypt: Amazon is looking at whether Egypt could be a hub for the manufacture of its own-brand products — and for exports to the wider region, Amazon MENA Head of Public Policy Dalia Seif El Nasr said during a meeting with Trade Minister Nevine Gamea, according to a cabinet statement. Amazon contracts for the manufacture of goods include apparel and houseware under brands including Amazon Basics as well as electronics such as its Kindle readers and Alexa smart speaker. The company is also looking to have more local manufacturers sell their products via Amazon’s marketplace, according to Seif El Nasr. Amazon currently operates in Egypt under the Souq brand, which it acquired in early 2017.

OTHER INVESTMENT NEWS- Tissue and sanitary products manufacturer Fine is planning to almost double its investments in Egypt through 2021. The company is earmarking USD 35 mn to “diversify its portfolio of hygienic products in Egypt,” the company said in a statement (pdf) yesterday, which CEO James Michael Lafferty told Ahram Online would bring its total investments to USD 63 mn.

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