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Tuesday, 21 December 2021

Nestlé ups investment, packaging manufacturer Uflex opening here

Nestlé Egypt is investing EGP 700 mn in new production lines at its Sixth of October factory between 2021 and 2025, CEO Moataz El Hout said during Prime Minister Moustafa Madbouly’s visit to the facility yesterday, according to a cabinet statement. The company has already invested EGP 100 mn of the allotted amount in a new production line that Madbouly inaugurated yesterday.

IN OTHER INVESTMENT NEWS-

Indian plastic packaging manufacturer Uflex is planning a new USD 30 mn chemicals plant in Egypt, according to a cabinet statement. The announcement came during Madbouly’s inauguration of a new plastic films production line yesterday at the company’s USD 100 mn Sixth of October factory, which the cabinet says is the first of its kind in the MENA region.

The factory is operated by Uflex’s global film manufacturing arm Flex Films, which has so far invested USD 200 mn in its Egypt operations, the statement says. The company produces 125 tons of plastics per year from its Sixth of October factory, and exports 60% of its production to 60 countries, bringing in USD 190 mn per year.

Misr Life Ins. Company and the National Bank of Egypt have launched (pdf) an EGP 50 mn equity fund to be managed by the bank’s investment arm Al Ahly Financial Investment Management. Subscription to the Al Ahly Life fund started on Sunday through NBE branches nationwide and will run for two months.

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